White Rocks price tag under wraps

The price being asked for the development of public land at White Rocks is being kept secret, although it is believed to be much lower than the estimated market value of at least €350 million. Other developers are keeping a close eye on the situation in the wake of the ITS deal, in which public land at St George’s Bay was given over by the government for a private, luxury high-rise at a price considerably below market value. The government is in negotiations with a private consortium over the transfer of some 450,000 square metres of land in Baħar Ic-Cagħaq – known as White Rocks – to be turned into a mixed-tourism development with an investment of €400 million. But when asked, both sides refused to divulge details about the price being offered, despite the fact that it is not private property that is at stake but a prime tract of land that belongs to the public. The Sunday Times of Malta has been advised that the site has a market value of more than €350 million, which is a conservative estimate. It has also learned that the White Rocks Development Consortium, led by entrepreneur and Malta Hotels and Restaurants Association president Tony Zarha, is offering a much lower price...