Over 70% of Palm City Residences leased

In a Company Announcement published on the Malta Stock Exchange today, Mediterranean Investment Holdings p.l.c. (MIH) reported that the Palm City Residences were completed by end of November 2010. The Company also announced that 70% of the units have been rented out with most of the remaining units already reserved in favour of corporate clients and once contracts with these tenants are concluded, the Village will be fully leased out.

The solid lessee base includes, among others, prestigious brands and global conglomerates from the construction, hospitality, oil and gas, financial services and infrastructure business segments. Tenants come from various countries, including Norway, Spain, Portugal, Germany, Brazil, Italy, the United States, the UK and Malta amongst others.

MIH reported that the profitability of the Company is secured with leases of between three to five years. Tenants who sign up, pay one year’s rent in advance and a six-month security deposit. Residents at Palm City enjoy a range of top quality services and amenities in the central piazza of the Village providing a comfortable lifestyle and a home away from home, complemented by an exclusive Club House and a private beach.

Developed by MIH on a plot of land covering 171,000 square metres along the pristine coastline of Janzour, Tripoli, Palm City is not just a home but a fully serviced private village offering a comprehensive array of facilities.

Mediterranean Investment Holdings p.l.c. (MIH) is a joint venture between the Corinthia Group and the Kuwait National Real Estate Company (NREC).

Following the favourable response to Palm City, MIH has already embarked on its second landmark development, the Medina Tower in the heart of the Libyan capital, Tripoli.  Detailed design plans have been finalized and approvals have been received for the construction of a 40-storey tower above ground level and four floors at basement level for underground parking.  

Medina Tower is a mixed-use development, and the first of its kind in Libya. With 238 apartments, most of which enjoy open sea views, 22,600 square metres  of Grade “A” office space, 10,400 square metres of retail space, 8,400 square metres of conference and health and leisure facilities and 920 car spaces, Medina Tower is set to become an iconic address synonymous with the highest living standards, quality of lifestyle, convenience retailing, and a meeting point for those seeking to do business or just enjoy the experience that Medina Tower shall offer.

MIH has joined forces with International Hotel Investments p.l.c. and EDREICO, a Libyan sovereign fund, to complete the Medina Tower project within a 40 month period, with construction set to commence in the coming weeks.

A management structure has been put in place to manage, market, sell and ultimately operate the development. Talks have been entered into with a number of world- renowned retailing brands who have already shown a keen interest in taking up space at Medina Tower.

The Company has appointed a renowned retail consultant to assist with the creation of the right mix of retail tenants. The marketing of the luxurious apartments will be done through a specially set up, on-site sales office.  Buyers will have a choice of two-, three- & four- bedroom apartments, some of which enjoy large terraces with their own private pool.  The various different sized, finished apartments will be available in a choice of modern, classic or contemporary styles. Medina Tower will also boast the city's largest and most luxuriously appointed spa and leisure facility.