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Public property being undervalued – developers

Developers have complained that public property in Malta is being undervalued without the country getting a proportional benefit. In a statement this evening, the Malta Developers Association said that in its last meeting the council discussed reports that parcels of land within Smart City were being offered for sale to individual developers. This, the developers said, showed that although foreign investors were being given very advantageous conditions to the detriment of Maltese developers, the realisation of projects originally intended to be financed totally with foreign money, ended up depending on the input of the local investor. “This can only be considered as undervaluing of public property with no justified and proportional input benefiting the country. This had already happened in other cases, such as the Chambray project.” The MDA said it realised that a project such as Smart City needed a prestigious international developer to succeed and it appreciates the positive spirit in which the project was launched in Malta. “The prevalent negative international economic situation, however, does not impinge only on projects originally destined to provide foreign investment and… timesofmalta.com http://www.allplacedout.com/public-property-being-undervalued-developers/

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Public property being undervalued – developers