Issue link: https://maltatoday.uberflip.com/i/1161926
7 maltatoday | SUNDAY • 1 SEPTEMBER 2019 NEWS Dive into the deep Marine Biology Summer Camp An introductory course to Marine Biology - no previous knowledge is necessary. Includes theory and hands-on practice. ESPLORA INTERACTIVE SCIENCE CENTRE WAS PART-FINANCED BY ERDF ESPLORA WAS DECLARED TO BE AN EMBLEMATIC PROJECT BY THE EU COMMISSION. 13+ When? Where? 16 th - 20 th September from 09:00 - 13:00 Esplora Interactive Science Centre, Kalkara For bookings Email programmes@esplora.org.mt Call 2360 2299 MATTHEW VELLA THE Zaha Hadid-designed high-rise in St Julian's – Joseph Portelli's Mercury Tower – has already had 92% of its prospec- tive apartments placed under promise-of-sale agreements. With 260 apartments to be constructed in the tower, as at end-2018 almost all of these units had been prospected to be sold by preliminary agree- ments, including Malta and international buyers – some of whom have committed to buy entire floors. Buyers enter into direct agreement with Mercury Con- tracting Projects, which is re- sponsible for the construction of the tower. Mercury Projects Finance plc, the guarantor of the bond issue under-pinning Mercury Tower, agrees the terms and conditions, but is not liable towards the buyer for defects in construction. It is estimated that the aggre- gate price of all airspaces to be sold to third parties within the Tower will amount to approxi- mately €32 million. "The fact that up till 31 De- cember 2018, 92% of the ac- commodation serviced apart- ment units on offer for sale had secured a preliminary agree- ment with prospective buyers at the desired prices, the level of interest and demand for high-end property is and will continue to be strong and grow in the foreseeable future," Mer- cury Finance said in its bond issue prospective. "A trend which continues to emerge in this segment of the property market, also due to the fact that an increasing number of high net worth indi- viduals are getting interested in investing in property in Malta, is a preference for high quality accommodation, forming part of a mixed use development which encompasses catering offerings, public spaces and other amenities." Mercury Projects Finance has issued two bonds at a total of €22.5 million to finance its project. Up until August 2018, Portelli was the sole owner of Mercury Projects Finance; Adrian Buttigieg then was is- sued with 50% of the share capital. Yet only a few months later, Portelli and Buttigieg agreed that the latter would no longer be involved in the pro- ject, and by December Portelli was once again the sole owner of MPF. Apart from the 32-storey tower, another 23-storey build- ing at Mercury House will in- clude 99 new residential units, a 240-room hotel, as well as 3,000sq.m of retail space and 4,600sq.m of offices. That will also mean the total number of apartments on the site will in- crease from 275 to 374. The study concludes that the project will create an average of 998 new car trips every day. Mercury Tower: 92% of apartments on promise-of-sale With a second 23-storey to accompany the Mercury Tower high-rise (pictured) the entire project will create an average of 998 new car trips every day