Paceville is changing before our very eyes. In as little as two years’ time, a skyscraper could be standing right in the heart of Malta’s entertainment and, at 32 floors high, it will be nine floors taller than the Portomaso tower.
The Mercury House tower was the last ever architectural project design signed off by world-famous architect Zaha Hadid before her death in 2016, and an investor told Lovin Malta that this fact has generated significant international interest in the tower.
All the apartment blocks have already been snapped up by local and foreign investors, and some are now selling them off at a profit, including the one who this website contacted after he set up a Facebook page to advertise its sale for €550,000. Other Mercury House investors include a Chinese businesswoman who bought six apartments there and a wealthy businessman who purchased two entire floors.
The investor said the tower’s developer Joseph Portelli made the project even more tantalising for investors by allowing their notaries to hold their 10% deposit on the promise of sale pending the tower’s construction, therefore buffering them in case anything goes wrong.
The first four floors of the skyscraper will house a luxury brand shopping mall with an open public piazza, while a five-star hotel will occupy floors 5 to 10, and the remaining floors will accommodate individual apartments. Underground parking will serve both the commercial centre and the residential apartments and an infinity pool will be built at the top of the building, at what will be the highest point in Malta.
The project description pledges to “take Malta to new heights” by offering a lifestyle tailored to luxury living.
“The project is set to provide a quality of living beyond all else in Malta,” its website description reads. “Crafted to offer residents an environment that is unparalleled- a fusion of extraordinary in every sense, from the stunning views, luxurious finish, amenities, to its breathtaking design.”
The Mercury House project, as well as other proposed high-rise buildings in and around Paceville, have been criticised by environmentalists for their impact on the skyline and the impact of construction on residents. Only today, the Church’s environment commission lambasted it as one of several “bizarre” decisions taken by the Planning Authority