Manoel Island Developers: Joint Venture Negotiations With Tumas Group Are Ongoing
MIDI, the consortium behind a major Manoel Island development project, remains locked in negotiations to sell some of its shares to the Tumas Group.
A spokesperson for MIDI confirmed with Lovin Malta that discussions between the two business groups remain ongoing and that it will communicate concrete updates when they arise.
MIDI announced in June 2018 that it had entered into preliminary discussions with the Tumas Group to explore the possibility of establishing a joint venture with respect to the Manoel Island development. Back then, it said the discussions were at a preliminary stage and may or may not result in a transaction.
A photomontage of the planned development of Manoel Island
Then in March 2019, the Planning Authority approved MIDI’s development plans, which will see the island converted into a luxury village and a two-lane roundabout built on the Gżira promenade to cater for cars driving to and from it.
MIDI has since submitted a number of planning applications and intends to start work on the new residential blocks in the first half of next year. The entire project is expected to take between five and seven years to complete.
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