St George's Bay tower floors on sale at €7 million to €9m each

Whole floors forming part of a planned residential tower in St George’s Bay, located on public land developers say was sold “on the cheap”, are being advertised at €7 million to €9m each. Although a permit has yet to be issued, estate agents are already promoting the sale of luxury apartments from level two to 34. One estate agent put a €7 million to €9 million price tag, while others are quoting the same figure on demand. Industry sources said the advertised price tag was for the purchase of an entire floor. “The higher you go, the higher the price tag”, the sources said. This means that even if all 33 floors on offer sell for the minimum price tag, the developers – Db Group – will net €231 million. The residential tower forms part of a wider development which includes a 17-storey Hard Rock Hotel, a casino and shopping mall. The Malta Developers’ Association last year objected to the manner in which the site where the Institute of Tourism Studies used to stand – 24,000 square metres of prime property in what is dubbed the ‘golden mile’ – was passed on to the Seabank Group for €15 million. The group has paid €5 million, with the balance being settled over the span of seven...