Government insists ITS site value to be determined by experts

The government today reaffirmed that it is not sanctioning the acceptance of deposits on possible developments on the ITS site in St Julian's in any manner.

The government reiterated that it is relying on independent experts who are assisting it in determining a fair value for the said site.

"While a memorandum of understanding does identify the consortium SD Holdings Ltd, Seabank Hotel and Catering Ltd and Seaport Franchising Ltd as preferred bidder, neither parties are bound to conclude the contract if a suitable agreement is not reached," it added.

According to a report published by the Sunday Times of Malta, the developers offered €6.5 million for the land depite the land being valued between €80 million and €100 million.

Seabank said a memorandum of understanding had already been signed with the government for the development of the ITS site.