Pembroke Tower Fact Sheet: DB Group Issues Listicle To Prove It Bought Land At Market Price

It’s so hard to stay away from a Top 10!

Developers of a controversial tower project in Pembroke have issued a 10-point press release to prove they paid a fair market price – and the highest price ever – for public land.

The press release is a reaction to the European Commission’s confirmation that the land transfer for this site was done in conformity with EU laws, as long as it was sold at a fair market price. Otherwise it could be interpreted as state aid.

In its statement, db Group has said it “warmly welcomes” the comments made by Commissioner Margrethe Vestager, while inviting everyone to scrutinise the facts printed.

Finally, the db Group has also said it is confident about having “nothing to hide and nothing to fear” in all their processes.

Last month, Malta’s Planning Authority approved plans for a 38-storey tower and 17-storey hotel on the ITS site at St. George’s Bay, St. Julian’s.

Here are the 10 facts they sent out:

1. For the first time in Maltese history, the market value of public land has been set by an auditing firm of global reputation, namely Deloitte.
2. Using the formula established by Deloitte, the db Group will be paying a total of 60 million euro for the land in question, the highest price ever paid per square meter for a comparable project in the last 20 years. This remains the case even when the increase in price index is factored in.
3. Under oath in court on 7 May, 2018, a Deloitte partner declared that they met with various promoters of similar projects in St Julians “to understand exactly the market in the area”. Following these meetings, and keeping the requirements of the RFP in view, he reconfirmed under oath that €60 million was in fact the market value of the City Centre site.
4. The Deloitte partner also testified that, to support its work, the firm had engaged the architectural services of various architects, amongst them Profs Alex Torpiano.
5. The public call for submissions for the project was in full conformity throughout with all applicable local and EU laws.
6. The db Group will be investing 300 million euro in the project.
7. This amount makes it the largest private investment by an individual in the history of Malta.
8. In total, the City Centre project will generate around €490 million of direct revenue to government over a 10 year period.
9. The project includes the creation of an underground carpark for 1,700 vehicles.
10. Once the project is completed, the contract obliges the db Group to create 1,500 jobs. If not, the Group will have to pay a penalty. This is apart from the work and jobs created during the construction phase.

What do you think of the listicle?

READ NEXT: Planning Authority Boss Speaks Out: No Pressure From db For My Private Jet Decision