Issue link: https://maltatoday.uberflip.com/i/904009
maltatoday SUNDAY 19 NOVEMBER 2017 News 17 C M Y CM MY CY CMY K Press Law Print Ads Final-MJCL.pdf 2 17/11/2017 10:37 PREMIUM PRICE In October 2013, and valued at €1.5m, apartments with views of Valletta harbour entrance were purchased first, then apartments with a view of Valletta, valued at €1m to €1.5m, and last by those with a northerly view of the Mediterranean Sea priced at €800k to €1m. The majority of apartments were sold within two weeks (Tigné Point, 2014). Since 2003, Tigné Point has been the most expensive residential and commercial location in Malta. Residential units at Tigné Point are placed in price brackets based on their view. In March 2011 the valuations for apartments were: Garden view from €388,000, Piazza view from €388,000, Sea view from €403,000, and Valletta view from €976,000. In total, 250 of the 500 apartments at Tigné Point have a view of Valletta and command this substantial premium. "A beautiful view has perceived financial 'value' and is generally considered to be a commodifi- able asset (Lange and Schaeffer, 2001). Visual quality is used as a positive attribute in property transactions, with brokers ex- tolling, for example, the 'million dollar view'. It is also reflected in the names of property and districts such as 'Bay View' and the archetypal 'Belle Vue' (Isen- stadt, 1999: 65)," Speake writes, before going on to describe how the view of Valletta from Tigne' Point ended up being yet another feather in the cap for the Tigne' Point project, whose progenitors – the MIDI consor- tium – could use to maximise the aura of prestige around the endeavour. "The use of the view to capture the attention of the (paying) viewer became a pronounced part of the commerical mix," Speake writes, adding that "[a] t all points in this development it was made clear that the key beneficiaries of the project were those who could pay their way into the increasingly expensive properties". Just how public is it? Of course, the general public can still enjoy the gorgeous – and, crucially, tourist-friendly – view of Valletta from the Tigne Point bridge and the paved walkway that frames its posh residences and restaurants. But the presence of the residen- tial and commercial complexes leave an undeniable impression on the experience – one feels as if they're encroaching on some- body else's land, even if they're technically "allowed" to do so. This is what Speake refers to as "rescripting" of the public space – and it's perhaps the most glar- ing fallout of the entire project. "In reality, part of the pano- ramic view has been commodi- fied as a commercial proposition within this intrinsically finan- cially-driven, property-led re- generation scheme, with much of the capitalised view accessible to a few wealthy residents able to buy into it." Not fit for living things Entangled as it is in the theory- speak of post-modern academia, Speake's essay nonetheless hits home – quite literally for some- one like me, who grew up right around the block while the co- lossus of Tigne' Point was be- ing shaped into existence, brick by encroaching late-capitalist brick. With the 'promise' of fur- ther high-rise development in the area now also looming on the horizon, one finds a con- cluding remark from Speake – in which she tries to encapsulate the spirit of the Tigne' Point endeavour and others like it – rather sobering. "Urban space is (re)scripted and (re)produced and, in so do- ing, the city gets closer to being a site of value extraction for cap- ital rather than a site for human living". treljic@mediatoday.com.mt A 'nice view' may be something of a self-evident perk for any development, but Speake delves into a wide array of scholarship to show that it's actually a pretty deep-rooted phenomenon