Issue link: https://maltatoday.uberflip.com/i/1133773
5 NEWS maltatoday | SUNDAY • 23 JUNE 2019 Know that you've made a healthy investment ß Minimum investment of €3,000 ß Timberland Invest Ltd is the appointed distributor of bonds issued in Malta by Timberland Securi es Investment plc. ß Investment in the bonds should be based on the full details of the Prospectus Timberland Securities Investment plc. now also listed on the Frankfurt Stock Exchange's Open Market and the Vienna Stock Exchange's ird Market Call us on 2090 8100 2 Bond issues Timberland Securi es Investment plc. (incorporated in Malta with registered office at 171, Old Bakery Street, Valle a) is the issuer of the bonds in terms of a Prospectus dated 23rd November 2018, approved by the Liechtenstein Financial Market Authority and passported into Malta. The authorised distributor of the bonds, Timberland Invest Ltd (with business office at Aragon Business Centre, Dragonara Road, St. Julian's, STJ 3140) is regulated by the MFSA, under the Investment Services Act. If you invest in these bonds, you will not have access to your money before the maturity date. However, you may transfer or sell your bonds, in accordance with the terms of the Prospectus. The value of your investment may go up as well as down and you may lose some or all of the amount that you invested. A copy of the prospectus is available free of charge, during normal business hours, from the business office of Timberland Invest Ltd or through: h ps://www. mberland-malta.com. e Frankfurt Stock Exchange's Open Market and the Vienna Stock Exchange's ird Market are exchange-regulated markets which do not take the form of regulated markets and are therefore not subject to the prospectus and transparency regimes applicable to Regulated Markets. for a 5 year period maturing in 2023 for a 10 year period maturing in 2028 A bond with yield yield Another bond with 3.75% 4.6% JAMES DEBONO THE Gasan group's down- scaled, 28-storey high-rise in Sliema is set to be approved on Thursday by the Planning Authority's board. The 100-metre development was reduced by 37m when the original 38-storey tower was downscaled following a surprise decision by the envi- ronment and planning review tribunal to revoke the original permit last year. The updated proposal will still include 159 apartments as in the original permit, but with a reduction of 638sq.m of office space and 270sq.m of retail space, and an increase of 307sq.m for a gym, health club and spa. A PricewaterhouseCoopers study says the project remains viable thanks to the average 200sq.m internal area of the 159 apartments. The PA's case officer ac- knowledged that the tall building would inevitably re- sult in visual interference. "It is difficult to mitigate the ef- fects of the proposal on the visual amenity to any greater extent than the measures al- ready incorporated into the design of the proposal." Even the Environment and Resources Authority has not objected to the proposal, de- spite reservations on the visu- al impact when seen from the Sliema and Gzira waterfronts, Valletta and Bighi. The height was reduced to address the EPRT's concerns on the previous design's visual impact from the Three Cities. The permission is subject to a €266,314 planning gain paid into the PA's planning fund for environmental improve- ment projects in Sliema. The Townsquare saga The Townsquare high-rise will be built on the former Union Club site near the scheduled Villa Drago, which will be restored. The plan dates back to 2005 with an application for a shopping hall, car park and residential units. In 2007, the Gasan Group proposed a 32-storey tower with a public square and a number of small- er blocks. In 2010, the height of the tower was slashed to 23 storeys, with a new 15-storey tower. With the approval of new high-rise rules in 2014, new plans were presented for a 38-storey tower, met with a storm of objections by resi- dents, NGOs and the Sliema local council. The PA board narrowly ap- proved the project in 2016 by seven votes to six, in a controversial meeting during which ERA chairman Vic- tor Axiak, who opposed the project as proposed, had been indisposed. PA board chair- man Vince Cassar described the project as an exaggerated high-rise. A scientific survey of 450 Sliema residents, held as part of project's Social Impact As- sessment, showed 61% were still opposed to the down- scaled project. These includ- ed 50.3% who "completely disagree" and 10.2% who "dis- agree" with the project. Only 17.4% said they agree or com- pletely agree with the project while 22% were undecided. The study found Sliema res- idents were mainly concerned by the traffic, air pollution, parking and noise pollution generated by the project. To a lesser extent, they also ex- pressed concern about the impact on the cost of living, local culture, local character and aesthetics. The SIA includes a list of mitigation measures to ad- dress social issues that were brought up by the interview- ees, which included discounts on parking rates to immedi- ate neighbours and the use of Villa Drago and the Piazza for community events. The PA's planning directo- rate is now recommending clearance from the consult- ant who carried out the SIA, to verify that the mitigation measures will be in place be- fore the start of operations on site. jdebono@mediatoday.com.mt Red letter day for Sliema as Townsquare set for approval A PricewaterhouseCoopers study says the project remains viable thanks to the average 200sq.m internal area of the 159 apartments