MONEY ISSUE 85

BUSINESS

|

LIFEST YLE

|

DESIGN

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION ISSUE 85

COVER STORY

RAY DE MICOLI:

40 YEARS OF VISION 20 The architect behind Malta’s skyline opens up on legacy, trust, and bold ideas.

PRESERVING MALTA'S SOUL

WHO'S REALLY BUILDING MALTA?

BENEATH THE FINISH

30 Can Malta grow without losing its soul? Lessons from Athens, Naples and Barcelona.

12 Inside the power struggle between architects, developers, and a disappearing skyline.

34 Why some of Malta’s renovated homes may be beautiful—but structurally broken.

Speak to an advisor today.

T. +356 21 335 705 E. info@sparkasse-bank-malta.com Sparkasse Bank Malta plc, 101 Townsquare Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta Sparkasse Bank Malta public limited company (the 'Bank') is a public limited liability company registered in Malta with registration number C27152 and registered office at 101 Townsquare, Ix-Xatt ta’ Qui-si-Sana, Sliema SLM3112, Malta. Sparkasse Bank Malta public limited company is licensed by the Malta Financial Services Authority to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta), to provide investment services and custody and depositary services in terms of the Investment Services Act (Cap. 370 of the Laws of Malta), and is authorised to act as custodian of retirement schemes in terms of the Retirement Pensions Act (Cap. 514 of the Laws of Malta).

Banking | Custody | Investments

A banking partner you can rely on, giving you the power to succeed.

Sparkasse believes in building and keeping strong relationships with customers, which is why our banking services are all about you.

At Sparkasse you will find a team of professional bankers willing and competent to meet your specific Private and Corporate Banking needs.

-

Banking & Investments: a personalised service through one relationship.

-

5 THE

WELCOME

Editor’s note — There’s a particular rhythm to

Elsewhere in the edition, we unpack the hidden

construction in Malta: fast, relentless, and often

structural risks behind renovation trends and

unapologetic. Wherever you look, something new

explore the lessons Malta can learn from cities

is rising—another tower, another development,

like Barcelona, Naples, and Athens—cities that

another promise of “luxury living.” But beneath

have confronted similar dilemmas and emerged

the marketing slogans and architectural renders,

with stronger identities.

a more urgent question lingers: are we designing spaces that serve people, or are we simply

Ultimately, this edition is about more than

building for returns?

buildings. It’s about agency, responsibility, and the future we’re shaping. If we continue

This edition of MONEY takes a deeper look at

to view architecture as decoration, we may

the state of Malta’s built environment—and the

soon find ourselves living in a country we no

forces shaping it. We ask the questions many shy

longer recognise. But if we lead with vision and

away from: who really holds the reins in urban

purpose, there’s still time to reclaim something

planning today? Are architects the authors of

meaningful.

our spaces, or have they been relegated to a supporting role, signing off on someone else’s

Because good architecture isn’t optional—

commercial vision? And if the answer is the

it’s essential.

latter—can this be changed?

Throughout this issue, we explore these tensions with honesty and intent. The voices we’ve brought together—from developers to real estate leaders, from the Kamra tal-Periti to preservationists—all speak to a system under pressure. Some advocate for reform. Others seek a return to first principles. Many agree on one thing: the balance between heritage and progress has tipped dangerously toward unchecked development. The results are all around us—in blocked skylines, in lost village cores, in homes that look good but may not stand the test of time.

Yet there’s hope. Our cover story featuring Ray de Micoli proves that long-term thinking, trust, and bold ideas still have a place in Malta’s architectural narrative. His decadeslong collaboration with the Tumas Group has resulted in some of the island’s most iconic projects—projects that prove great design can be commercially successful and socially meaningful.

E D I T O R Anthony P. Bernard

For promotion and advertising: [bemags.com/money-pitch] [hello@bemags.com] FACEBOOK-SQUARE LINKEDIN · [becommunications.com]

D E S I G N BE.

P R I N T I N G Print It

D I S T R I B U T I O N MaltaPost

MONEY is hand-delivered to Malta’s businesses, including managers and directors of the country’s top blue-chip companies, iGaming companies, all 5-star hotels, including their business centres, executive lounges and rooms (where allowed), all foreign embassies and Maltese embassies abroad (Rome, Brussels, London, Vienna and Madrid). All government ministries and entities.

MONEY is published by Be Communications Ltd. All rights reserved. The content of this magazine, including articles, images, designs, and any intellectual property, is owned and protected by Be Communications Ltd. Unauthorised reproduction, distribution, or transmission of any part of this magazine is strictly prohibited without prior written permission.

Be Communications Ltd. retains all intellectual property rights in the content published in this magazine, including but not limited to copyrights, trademarks, and patents. Any unauthorised use, reproduction, or commercial exploitation of this content violates applicable laws and may result in legal action. Opinions expressed in this magazine are those of the respective contributors and do not necessarily reflect the editor's or publisher's views. While every effort is made to ensure accuracy, Be Communications Ltd. assumes no responsibility for errors or omissions in the magazine's content, advertisements, or related materials and disclaims liability for the accuracy, legality, or originality of content provided by clients.

06

ISSUE 85

MONEY

CONTENTS

12

24

38

Building Malta: Who's really in control—developers or architects?

On architecture, identity, and why we're getting it wrong

The rulebook for the rich

Malta's urban landscape is shifting fast, but are

Malta's construction boom is unstoppable—

enforcement bends for the well-connected.

architects leading the way or merely signing off

but is it sustainable? Architect David Felice

Manuel Delia examines how large-scale

on a developer's vision? As glass towers rise and

thinks we're missing the bigger picture. From

developments defy the rulebook, why court

open spaces vanish, a crucial debate unfolds: is

'involution' to smarter urban planning, he

rulings arrive too late, and what's at stake when

design integrity being sacrificed at the altar of

challenges the industry's short-term mindset

rules apply unequally.

profitability? Victor Calleja speaks to key players

and explains why Valletta should be the testing

shaping the island's future.

ground for a better, more livable Malta.

18

30

In Malta, planning regulations should protect quality of life and economic activity, yet

44 Beyond aesthetics: Building a city brand for connection, strength, and legacy

Liu Jiakun wins the 2025 Pritzker Prize

A city is a story shaped by generations of Great architecture isn't just about steel, glass,

planners, architects, and citizens. Ed Muscat

and concrete—it's about people. And that's

Azzopardi explores how intentional design and

precisely what Liu Jiakun has spent his career

purpose-driven planning can transform urban

perfecting. Named the 2025 Pritzker Prize winner,

spaces into thriving communities.

the Chinese architect has shaped communities, honouring tradition while embracing the future.

Liu's designs prove that architecture isn't just about what we see but how we feel.

20

COVER STORY

Designing legacy

Preserving Malta's soul: Can heritage and progress co-exist?

48 Malta's urban dilemma

Malta's identity is deeply rooted in its history, but rapid development is reshaping the landscape.

With a population boom driven by economic

The increase of high-rise buildings and the

growth and migration, the island's housing

demolition of historic sites have sparked public

policies and urban planning must evolve. Can

outcry. Looking to cities like Barcelona, Athens,

Malta embrace innovative, space-efficient

and Naples, can Malta find a way to modernise

housing solutions like co-living and micro-

without losing its essence? Dayna Clarke

apartments, or will outdated regulations hinder

Camilleri asks.

progress? JP Fabri asks.

34

50

Beneath the finish

Four climate futures: The case for change

The architect behind Malta's most iconic buildings talks about trust, bold thinking, and

The allure of freshly renovated homes fuels

the spirit that turned sketches into skylines.

Malta's property market — but behind sleek

Climate action still lags behind the urgency of

MONEY sat down with Ray De Micoli to explore

finishes, hidden structural issues may be silently

the crisis. The problem? Data alone doesn't move

the stories behind the buildings, the evolution

mounting. Are these modern makeovers hiding

people—stories do. Lushano Myburgh explores

of Malta's urban fabric, and the philosophy that

deeper flaws, or are they truly built to last?

how reframing climate change as a personal,

continues to shape his vision.

Alannah Xuereb investigates.

tangible reality may be the key to real change.

10

ISSUE 85

MONEY

CONTENTS

56

MONEY's columnists — 1

2

3

Regulation overhaul: How the new CPR and Eurocodes will reshape construction The European construction industry is undergoing a regulatory transformation, enforcing stricter sustainability, transparency, and digitalisation standards. With major compliance deadlines looming, Stephen Mallia explores what these changes mean for Maltese manufacturers, architects, and developers and why preparation is key.

4

5

58 Design forward: The future of form and function Innovative design meets cutting-edge technology in these bold new creations.

60

6

7

8

The women transforming sustainability in design and materials Across design disciplines, women are at the forefront, pioneering eco-conscious materials, rethinking textiles, and blending traditional craftsmanship with modern techniques. Whether through furniture, material science, or artistic expression, these creators are proving that sustainability is more than an industry shift—it's a movement, paving the way for a more conscious future.

1

Alannah Xuereb is a structural engineer

at Archi+.

64

2

Dayna, a former newspaper editor and

journalist, is a wordsmith extraordinaire. With

4

JP is a founding partner at Seed,

a multi-disciplinary advisory practice.

5

Lushano Myburgh is a manager with EY's

Sustainability team.

a knack for crafting impeccable marketing text and brand manifestos, she effortlessly

6

Manuel is a civil society activist and writer.

7

Stephen is a freelance product regulatory

balances grammar and brand voice.

Spring into luxury

Ed tells stories for a living, engages in a host

compliance expert and mechanical engineer

Exceptional design meets conscious

of activities that don’t involve actual physical

with over 13 years of experience in the field.

craftsmanship in this MONEY-curated selection

activity, and likes food, film, travel,

of essentials.

and cameras.

3

MONEY

8

Victor is a writer and columnist.

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

11

ARCHITECTURE

BUILDING MALTA WHO'S REALLY IN CONTROL—DEVELOPERS OR ARCHITECTS?

12

ISSUE 85

MONEY

ARCHITECTURE

Malta's urban landscape is shifting fast, but are architects leading the way or merely signing off on a developer's vision? As glass towers rise and open spaces vanish, a crucial debate unfolds: is design integrity being sacrificed at the altar of profitability?

Victor Calleja speaks to key players shaping the island's future.

M

any feel we have let development

André Pizzuto

the Kamra tal-Periti, have consistently

go way beyond what is reasonable.

President, Kamra tal-Periti

advocated for policies that lead to sustainable development—a balance between the

Our air quality has been ruined,

and our streets are too congested. We have

economic needs for growth, the need to

overdeveloped to a degree where the true

nurture communities, and the protection of

fabric of village, town, or even city life has

the environment and biodiversity.

been lost.

Regretfully, these points of view were Urban planning, absolutely vital in a minuscule,

considered a hindrance to the public policy

overpopulated country like ours, has, from

agendas of successive administrations.

being negligible, slid into near-extinction.

Do you believe Malta's current construction boom compromises design quality and urban

Yet, instead of reacting, we continue developing, building, and shrinking the open

How much of a voice do architects in Malta

spaces available. Because many of us live more

actually have when shaping development

comfortably and are richer in material well-

policies and projects?

Controlled development is good. If we don't

We are no longer in a "boom". The pace of development has dropped slightly since

being, we move on and let the world, or our tiny patch, not concern us unduly.

aesthetics?

For decades, architects have had little to no

the heights of 2018, which is good for the

influence in formulating development policies.

industry. Nevertheless, boom or not, quality

However, architects, particularly through

is compromised when regulations do not

move on or develop, we stagnate and quickly

prioritise it. We are now seeing a shift in public

transform ourselves into fossils. But it's never

policy, which is beginning to seek higher

too late to retrace, to move on from talking about our environment and take real action to safeguard what we still have and ensure it remains worthy of saving.

What do some of Malta's leading people involved in real estate, development and architecture think? Here are some insights from them. So much more can be said and planned. Let's hope this pushes at least one proper button to get the discussion going and jump to action.

MONEY

For decades, architects have had little to no influence in development policies.

— André Pizzuto

quality from the industry.

What challenges do architects face when upholding sound design principles in a developer-driven industry?

The challenges are significant as architects are not sufficiently empowered to take greater control of design outcomes. Nevertheless, we are optimistic that things will begin to change with the new Periti Act and envisaged reforms in the planning and building regulations. →

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

13

ARCHITECTURE

Does the Kamra tal-Periti see any progress in

embraced context-sensitive design, blending

use of space can coexist with energy-efficient

pushing for stronger regulations prioritising

contemporary aesthetics with local heritage

materials, smart technologies, and passive

architectural integrity over profit-driven

to create functional and visually interesting

design, lowering costs while appealing to

construction?

spaces. Through collaboration with forward-

eco-conscious buyers. Internationally, stricter

thinking developers, I am convinced that

regulations and shifting priorities of the end

The Kamra tal-Periti has been focusing

architects can demonstrate that creative

user are driving the value of sustainable

primarily on building and construction

freedom can still lead to commercial success.

buildings, offering higher returns and green financing incentives. I am a strong believer

regulations over the past five years, given the spate of serious incidents leading to the

Do you feel that architects are sidelined in

that embracing sustainability and innovative

loss of life of workers and innocent victims.

Malta's real estate boom, with developers and

design is not just an ethical choice but also a

Now that the government has expressed its

investors taking the lead?

smart financial strategy.

report recommendations, engaging the Kamra

Yes, unfortunately, development is often

What challenges do architects face when

to lead the process, the Council is better

driven by financial gain rather than

pushing for better urban planning and

positioned to set its sights on raising the

architectural integrity, frequently reducing

design standards in a highly commercialised

quality of architecture and public space.

architects to service providers rather than key

market?

determination to implement the Sofia Inquiry

decision-makers. It is common that architects What would you say to critics who claim

are involved after major development

More than ever, architects today must

architects have been sidelined in Malta's real

decisions have been taken, limiting their role to

navigate a complex environment shaped by

estate expansion?

regulatory compliance rather than shaping the

multiple challenges. It is worth repeating that

project's creative and functional vision.

profit-driven developments often prioritise short-term financial returns over long-term

I do not agree that architects have been sidelined. They are active participants in the

Architects can reclaim influence by explaining

quality, limiting the role of design in creating

process. The issue we have faced for decades

to developers the principles and advantages

meaningful spaces. Sustainable innovation,

is the level of control and influence on the

behind good architectural design. They can

though crucial, requires higher initial

outcomes. We are determined to change this

also promote sustainable and contextual

investments that many developers hesitate to

going forward and have specific policies to

architecture by engaging in public dialogue to

make. Bureaucratic and regulatory constraints

propose to the government and its authorities

raise awareness, pushing for higher standards,

further hinder progress, restricting creative

to make this happen.

and advocating for policy reform through

solutions. Architects must also balance urban

professional bodies.

density with livability, often facing conflicting stakeholder interests and community

Claire Bezzina

With so much focus on maximising space and

resistance. Despite these hurdles, I believe

Senior Partner Architecture at QP

profits, is there still room for innovation and

architects can be drivers to improve the built

sustainability in architectural design?

environment, demonstrating the long-term financial benefits of sustainable buildings

Many developments in Malta prioritise floor

and influencing industry leaders to adopt

area and profitability over design quality,

innovative building practices.

resulting in dense, repetitive architecture where aesthetics and sustainability are

How can architects play a stronger role in

secondary. As architects, we should actively

influencing Malta's built environment rather

challenge this 'build fast, sell fast' mindset

than being perceived as 'bystanders'?

by promoting innovative, commercially viable solutions that enhance quality of life. Efficient

Both at our office and among peers, we often discuss the state of the industry and how

How much creative freedom do architects in Malta really have, or do developers' financial priorities largely dictate designs?

It is fair to say that architects often face constraints on creative freedom due to market demands, developers' financial priorities and regulatory restrictions. In many circumstances, architects' proposals may often be shaped by developers' expectations, planning, or conservation limitations, which in turn can restrict creativity. Despite these challenges, some architects have successfully

14

Development is often driven by financial gain rather than architectural integrity.

— Claire Bezzina ISSUE 85

our role as architects has shifted—often questioning whether we would encourage the next generation to pursue this profession. Yet, amid these concerns, there remains a strong drive from most to champion excellence, encourage better design standards, and have a more meaningful impact on our built environment.

In this respect, I am privileged to work in an architectural practice promoting this direction. Malta's fast-paced and often controversial development needs strong

MONEY

ARCHITECTURE

architectural leadership. Through a proactive and collaborative approach, architects can shift from being perceived as bystanders to becoming key influential players in shaping a more sustainable, qualitative, and aesthetically coherent urban environment. We can still make it happen!

Steve Mercieca

A well-designed property sells faster and at a premium— quality pays.

— Steve Mercieca

quality projects. At the end of the day, well-

design and sustainable materials, while others

Buyers are becoming more educated and

focus on quick returns. Some take pride in

selective—they don't just want four walls and

creating lasting, high-end projects; others

a roof; they want spaces that feel good to

simply see it as a numbers game. Ultimately,

live in. There's also a rising awareness of the

it boils down to the individual agenda of each

long-term value of good design regarding

developer. Some will cut corners to maximise

aesthetics and energy efficiency. Properties

profits, while others are willing to sacrifice

with sustainable features, smart layouts, and

short-term gain for a property that will stand

high-quality finishes stand out more than ever,

the test of time.

and developers who recognise this are reaping

CEO, QuickLets and Zanzi Homes

designed properties sell faster and often at a premium, which benefits everyone involved.

Have you noticed a growing demand for properties with substantial architectural value, sustainability, and better planning?

Yes, absolutely. We've seen a noticeable increase in demand for properties that emphasise style, quality, and sustainability.

the benefits.

Do buyers in Malta care about architectural In Malta's fast-moving property market, do

quality, or are location and price the only

architects have any real influence, or are

deciding factors?

developers calling all the shots?

Michael Bonello President, Estate Agency Section of the Malta

It really depends on who the buyer is. Investors

Development Association; CEO, Alliance Real

Most architects I've worked with have

are typically focused on return on investment,

Estate Group

significantly influenced the design and layout

meaning size, layout, and price per square

of a property. However, at the end of the day, it

metre take precedence over aesthetics. This

all comes down to the developer's vision and,

can make it challenging to incorporate high-

of course, the potential financial return on the

quality design features when maximising

project. Since developers typically contract

space is the priority. On the other hand, end

architects, their creative input often aligns

users—people buying for themselves—care

with the developer's priorities—whether that's

a lot more about a property's architectural

maximising units, simplifying facades, or

quality, layout, and overall feel. Buyers often

cutting costs. However, there are architects

choose a well-designed home over something

who push for better design and sustainability,

purely functional if it fits within their budget

and when developers are open to it, you get

and is in the right location. We've seen a shift in

projects that balance aesthetics, functionality,

recent years, with more buyers looking beyond

In Malta's fast-moving property market, do

and commercial viability.

price and location, especially in the higher-end

architects have any real influence, or are

market.

developers calling all the shots? →

The challenge is finding a middle ground where architecture enhances the value of

Can real estate agencies influence the market

development without compromising financial

by promoting well-designed properties over

feasibility.

purely commercial developments?

Are we prioritising quick sales and high

Absolutely. This is exactly what most estate

returns at the expense of quality and

agents strive for. A well-designed property

sustainable design?

stands out, and as soon as something unique, high-quality, or traditionally crafted hits the

The market is vast and incredibly diverse. Gone

market, agents are eager to promote it. There's

are the days when a select few controlled

a sense of pride in marketing properties that

property development—today, anyone with a

offer great design and thoughtful architecture

plot of land, from business owners to families,

because they naturally attract more interest.

might become a developer. Because of this,

While commercial, high-yield developments

it's difficult to generalise. Some developers

will always have their place, agencies can

prioritise long-term quality, investing in good

help shape buyer preferences by highlighting

MONEY

Buyers today are looking beyond price and location— they want spaces that feel good to live in.

— Michael Bonello

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

15

ARCHITECTURE

The unfortunate truth we often encounter is

so, and this makes obvious sense. Naturally,

that architects have become so bogged down

we cannot refuse to put a property on our

with excessive paperwork and bureaucracy

database just based on our opinion of it, and

that they cannot focus on their profession

our job is not to judge whether we like the

as much as you would hope. Of course, they

listing or not but to present it in a way that

are still very influential in the design and all

adds value to the buyers and sellers using our

decisions related to the engineering aspects of

services.

new builds, but obviously, it is the clients—be

Architects must push back against the 'build fast, sell fast' mindset.

— Ian Casolani

they corporate developers or any other type of

Have you noticed a growing demand for

property owner—who are ultimately the ones

properties with substantial architectural

calling the shots.

value, sustainability, and better planning?

Are we prioritising quick sales and high

In Malta, we are used to working in a buoyant

returns at the expense of quality and

real estate market that's been up and down

sustainable design?

for several years. So, really and truly, demand

Are we prioritising quick sales and high

has grown for all types of properties across

returns at the expense of quality and

One cannot generalise, but yes, some

the board. Yes, buyers are definitely becoming

sustainable design?

short-sighted developers prioritise their

more discerning, and we see many second-

profit returns over sustainability, design

time buyers with more disposable income who

I believe that, in general, nowadays, developers

aesthetics, and user comfort. I think these

recognise what is more important for them

are trying to put more effort into quality

are a very small minority and are restricted

when investing. Sustainability is a priority for

and design; however, in many cases, mainly

to smaller developments. Nowadays, buyers

many, and the imposition of mandatory EPC

because the cost of a development site in

are much better informed, and things like

certificates will support this shift and help

Malta has become so ridiculously high, they

mandatory EPC audits and certificates are

make it more mainstream soon.

are somewhat restricted in being able to do so.

with the fact that the overall project needs to

Ultimately, the developer usually tries to come

making consumers more aware of aspects like environmental sustainability, which previously went unchecked.

be sustainable.

up with something attractive and sustainable,

Ian Casolani

yet at a price that will still fall within the

Managing Director, Belair Property

market parameters of the type of property

Do buyers in Malta care about architectural

they are developing. The fact that they are

quality, or are location and price the only

generally already starting at a disadvantage by

deciding factor?

overpaying for the land sadly limits how much they can invest in design and quality while remaining accessible to buyers.

In the 25 years I've worked in real estate, I have never met a property buyer who would not give architectural quality the attention

Do buyers in Malta care about architectural

it deserves. Nobody wants to invest his life

quality, or are location and price the only

savings in a building that is architecturally

deciding factor?

doubtful. Yes, location and price are the most Here again, on the flip side, and regarding

important aspects one considers first, but much more is being put into the formula today.

In Malta's fast-moving property market, do

what I was explaining above, buyers typically

For example, in large projects, buyers expect

architects have any real influence, or are

care about architectural quality and design;

features like garbage disposal storage built

developers calling all the shots?

however, when it comes to the trade-off and having to still fit within their budget and their

into the building's infrastructure so that refuse becomes more invisible. This is the sort of

Just as in many other countries, there are

desired locations, many are sadly constrained

feature that makes architectural quality more

those architects who insist on their influence

to give up the quality and design. As I stated

important than one might think at first glance.

being reflected in the project if they are to put

earlier, a clever developer manages to add a

their name to it and others who simply go along

level of quality and design to their project while

Can real estate agencies influence the market

with developers' intentions and are not too

still trying to make the project sustainable in

by promoting well-designed properties over

insistent on their ideas and beliefs. Likewise,

all aspects, including affordability.

purely commercial developments?

some developers insist on the architect having a free hand at creating something special that

Can real estate agencies influence the market

We do have that potential, and we practise it

really reflects their influence, and those who

by promoting well-designed properties over

nearly automatically. In fact, this is exactly

simply use the architect to see the planning

purely commercial developments?

why many sensible developers often consult

application process through. Good developers

us on important design aspects at the planning

are conscious of the fact that the architect's

A good agent can quickly recognise and

stage. A well-designed property sells faster

design and influence can make their project

appreciate a well-designed property or

and at a higher price than one that is less

stand out from the rest but will balance that

project over a purely commercial one. In most

16

ISSUE 85

MONEY

ARCHITECTURE

cases, a property with exceptional design

in mind, where architectural considerations

Yes, definitely. There is a noticeable shift in

and quality will inspire the agent, prompting

take precedence. However, there have also

buyer expectations, with a growing demand for

them to put more effort into marketing it. This

been instances where the primary driver was a

high-quality, well-designed, and sustainable

enthusiasm will naturally influence how the

financial return, sometimes at the expense of

properties. People are more conscious of

agent presents the property to the market.

design, quality and sustainability.

factors such as energy efficiency, natural light, ventilation and the integration of green

Passionate developers who invest thoughtful effort into their projects stand out and provide

I believe that architects play a pivotal role

spaces. Buyers, particularly those looking

a refreshing change for real estate agencies.

in striking the right balance, ensuring that

for long-term investments, place greater

This passion drives agents to promote the

projects are profitable and add value to Malta's

importance on lifestyle, outdoor spaces and

property more effectively, ultimately shaping

urban fabric.

environmental impact. This shift is gradually influencing the market.

the market's perception.

A prime example is the Verdala project, where Have you noticed a growing demand for

architectural design was key in shaping

How do you balance the need for profitability

properties with substantial architectural

the development. We aimed to create a

with maintaining high construction and

value, sustainability, and better planning?

space that connects naturally with the

design standards, especially given the

urban surroundings and the landscape. The

pressure to build quickly?

Yes, there is a growing demand for

destination fits well into Rabat's townscape,

properties emphasising architectural value,

reflecting the nearby hills and valleys' natural

This is a constant balancing act. On one hand,

sustainability, and thoughtful planning.

rock formations and contours. The Verdala

development must be financially viable, as any

Buyers clearly recognise and appreciate these

Terraces were designed with longevity in mind,

project requires substantial investment. On

attributes when a property has them, and,

balancing design with a high-quality living

the other, cutting corners regarding design or

more importantly, we are seeing more and

experience.

construction quality is not a sustainable longterm strategy.

more developers proud to be associated with Critics argue that developers influence

this type of project.

Malta's urban landscape too much, often

The key lies in strategic planning,

Ultimately, this is what the market needs more

sidelining architects. Do you think this is a

understanding market demand, optimising

of: a developer who is proud to be creating

fair assessment?

construction timelines without compromising quality, and investing in durable materials

something more special and a buyer who is I believe this is an oversimplification of a

and innovative building techniques. Working

complex issue. Developers operate within

closely with architects, engineers and project

the framework of established policies and

managers from the outset makes it possible to

regulations, which define what can and

achieve a balance where profitability does not

Director of Construction & Development,

cannot be built. On the other hand, architects

come at the cost of quality.

AX Group

are integral to the process as they submit

willing to appreciate that.

Denise Xuereb

applications and translate ideas into functional

What role should developers play in shaping

designs.

Malta's future urban environment beyond just constructing buildings?

With increasing concerns about

In Malta's booming real estate market, how much do you consider architectural design when planning new projects, or is the focus primarily on maximising space and profitability?

There is no one-size-fits-all approach, as each project is unique and influenced by various factors, including location, target market and, most importantly, the long-term vision.

In many cases, we have seen projects that are meticulously designed with the end user

MONEY

overdevelopment, do you see a shift in

Developers are key stakeholders in shaping the

buyer preferences towards better-designed,

country's urban landscape but are only one

sustainable properties?

part of a broader ecosystem.

Developers must do more than construct buildings—they must shape communities.

— Denise Xuereb

Good urban development requires a collaborative effort between policymakers, architects, the Planning Authority, and the communities that will ultimately live in these spaces. All stakeholders are responsible for shaping Malta's future environment, so collaboration is essential. While developers bring investment and vision to projects, the focus should be on creating functional spaces that add overall quality to a neighbourhood, are sustainable, and add long-term value.

Ultimately, development should ensure a better quality of life for residents and future generations—quality vs. quantity.

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

17

AWA R D S

Liu Jiakun wins the 2025 Pritzker Prize The Architect of People and Place

Great architecture isn't just about steel, glass, and concrete—it's about people. And that's precisely what Liu Jiakun has spent his career perfecting. Named the 2025 Pritzker Prize winner, the Chinese architect has built more than just structures; he has shaped communities, honouring tradition while embracing the future. His work is rooted in culture, storytelling, and an innate understanding of space—not as a commodity but as a shared experience. From earthquake memorials to urban sanctuaries, Liu's designs prove that architecture isn't just about what we see but how we feel.

A career shaped by history

B

orn in 1956 in Chengdu, China, Liu's early years were marked by significant political and social upheaval. At just 17, he was sent to the countryside as part of China's "educated youth" movement, a

historical chapter that shaped his deep connection to community and place. His journey into architecture wasn't linear—he first dabbled in literature before founding Jiakun Architects in 1999, where his passion for storytelling found a new medium: buildings.

Blending tradition with modernity Liu's work stands out for its ability to honour the past while pushing forward. He doesn't chase spectacle or grandiosity; his designs are deeply rooted in local culture, often using regional materials and techniques. His projects seamlessly incorporate traditional Chinese

② ① The Renovation of Tianbao Cave District of Erlang Town ② Luyeyuan Stone Sculpture Art Museum ③ Department of Sculpture,

①

Sichuan Fine Arts Institute bird view ④ West Village in Chengdu ⑤ Suzhou Imperial Kiln Ruins Park & Museum of Imperial Kiln Brick ⑥ Luyeyuan Stone Sculpture Art Museum in Chengdu

18

ISSUE 85

MONEY

AWA R D S

who perished. In these quiet, reflective moments of his work, Liu's true impact is felt as an architect and a storyteller of human experience.

Global influence, local soul Despite his growing global reputation, Liu's work has always remained deeply tied to its cultural roots. His designs have been showcased at the Venice Architecture Biennale and Berlin's AEDES Gallery. At the same time, his 2018 commission for the inaugural Serpentine Pavilion

③ architectural elements—courtyards, walled enclosures, and openair spaces—reimagined in ways that speak to contemporary life. His approach is thoughtful, restrained, and always with a sense of purpose: to serve the people who will live, work, and interact within these spaces.

Designing for people, not just for aesthetics One of Liu's best-known works, the West Village in Chengdu, is a perfect example of his philosophy in action. Completed in 2015, this mixed-use

⑤

development isn't just a collection of buildings—it's a carefully crafted ecosystem. With terraced landscapes, open public spaces, and areas designed for organic social interaction, the project fosters a sense of belonging in an increasingly fast-paced urban environment.

Similarly, his Luyeyuan Stone Sculpture Art Museum, completed in 2002, isn't just a space to house Buddhist relics—it's an experience.

Visitors enter through a bridge suspended over water, with the museum seamlessly blending into its natural surroundings. It's a nod to classical Chinese gardens, where architecture and nature exist in harmony rather than competition.

⑥

Building for memory and meaning Liu's designs are often deeply personal and emotionally charged.

Following the devastating 2008 Sichuan earthquake, he designed a simple yet powerful grey shed in memory of a young girl who lost her life

in Beijing cemented his influence on the international stage. Yet, his

in the disaster. The structure, with its soft pink interior and permanently

work never loses sight of its primary focus—real people, real spaces, real

open door, became a tribute not just to her but to the tens of thousands

stories.

A prize well deserved The Pritzker Prize jury recognised Liu for his ability to shape contemporary and timeless architecture that is forward-thinking yet firmly grounded in tradition. They praised his ability to create spaces "free from aesthetic constraint," built with intelligence, cultural awareness, and a deep sense of responsibility.

Liu Jiakun's work reminds us that architecture isn't just about what we build but why we build it. His projects are not just blueprints on paper but living, breathing spaces that foster connection, reflection, and

④

meaning. In a world that often prizes spectacle over substance, Liu's win is a quiet yet powerful statement: the best architecture is not just seen but felt.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

19

COVER STORY

DESIGNING

LEGACY

20

ISSUE 85

MONEY

COVER STORY

The architect behind Malta's most iconic buildings talks about trust, bold thinking, and the spirit that turned sketches into skylines. From a small office building to LEED-certified business districts, Ray De Micoli has spent over four decades at the heart of Malta's architectural transformation. At the centre of that journey lies a powerful creative relationship with the Tumas Group—one that began with a simple hotel sketch and evolved into an era-defining collaboration. MONEY sat down with Ray to explore the stories behind the buildings, the evolution of Malta's urban fabric, and the philosophy that continues to shape his vision.

Let's start at the beginning. How did your relationship with Tumas

was pivotal. It wasn't just the start of a project but the beginning of a

Group first take shape?

collaboration with the Fenech family that's still going strong over 40

I

years later. t was 1982. The economy was sluggish, and like many families, ours had to make difficult decisions—we had just sold our beloved home in Old College Street. Around that time, my sister Mary Rose arranged

a meeting with Tumas Fenech, who was interested in building a small hotel. I met him in Qormi, took down the brief, and returned with a complete set of plans and a façade the next day. He was astonished by the speed. I didn't leave with one job—I went with several. That moment

That day changed everything. It marked the start of a relationship with Tumas Group that has spanned over four decades.

Your early projects, like the Dolmen Hotel and Mosta Technopark, were high-pressure, high-reward jobs. What do you take away from those years?

The Dolmen Hotel was a trial by fire. Tumas Group had just bought the hotel in 1984, and we were asked to add two floors and remodel the public areas. The timeline? Deliver by March 1985. We closed our Valletta office and relocated the team to the site. We worked through summer, rain, and everything in between. We had to make unorthodox decisions, solve issues on the fly, and keep the project moving without compromising on quality, but we made it. That job instilled a deep belief in our capabilities and shaped our DNA. We learned that pressure could catalyse creativity and that trust from the client is everything.

You've contributed to some of Malta's most ambitious developments— Portomaso, Hilton, The Quad. What did it take to bring these to life?

Portomaso was a game-changer. The Hilton project began by placing buildings where the sea could reach its edges—like the Three Cities or Venice. That concept of the water weaving into the urban experience →

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

21

COVER STORY

was magical to us. I remember the night it all clicked. It was a stormy

of the building was key: different tower heights, bridges, shaded areas,

night at the office; I was sketching ideas when I proposed putting a

terraces—it had to feel dynamic and liveable.

marina in the middle of the project. Suddenly, the whole vision came

Spinola Park took that further. Before designing a single line, the

alive—residences, hotels, retail, leisure—all integrated. George Fenech

client engaged the local community. We introduced public lifts to help

was fearless. There were protests, risks, and political hurdles, but he

elderly residents navigate the area, and the architecture was terraced

always focused on the opportunity, not the obstacle. That belief system

and sympathetic to the valley and the landmark church nearby. Design

fuelled everything.

isn't just about what a building looks like—it's about how it fits into people's lives.

That job instilled a deep belief in our capabilities.

We learned that pressure could be a catalyst for creativity.

The Quad and Spinola Park show a clear shift towards sustainable and

You mention trust quite often. How meaningful is the client-architect

community-oriented design. How has your approach evolved?

relationship in projects of this scale?

The world is changing, and architecture must respond. With The Quad,

It's everything. Without mutual trust, the process breaks down. With

we focused on sustainability—LEED Platinum certification, lighter

Tumas Group, I had the freedom to challenge conventions. They didn't

structures, green spaces, and a people-first urban design. The rhythm

micromanage—they believed in talent and gave it space to grow. George

22

ISSUE 85

MONEY

COVER STORY

and later Ray Fenech saw architecture not just as buildings but as part of a broader vision. Take the Tipico Building. Ray had the foresight to turn a simple space near Portomaso Café into a vertical landmark. We had to build through layers of existing structure and skewer foundations into the bedrock. The technical challenges were enormous. But again, the support was there. That kind of belief lifts the entire team.

Innovation doesn't always mean tech.

Sometimes, it's about rethinking how we experience space.

What excites you about the future—for yourself and Tumas Group?

Ideas still energise me. There's always another challenge, another piece of the puzzle to solve. As for Tumas Group, their role will become even

You also touched on innovation—both technical and conceptual. Can

more critical as Malta evolves. They have the resources, vision, and

you share an example that made you feel particularly ahead of time?

courage to take on projects others might shy away from. The future is about sustainable cities, smart materials, and inclusive design. But

The Laguna apartments came from an unusual place—a sailing trip.

above all, it's about people. If we remember that, the rest will follow.

I was under the cockpit of a catamaran, watching the water move beneath, and thought, "Why not bring that feeling into a residential project?" So, I designed apartments with swimming pools that extended beneath the buildings, with glass floors to view the water.

A couple of weeks later, George Fenech asked me to design something "low" that wouldn't obstruct the views of existing residences. The timing was uncanny. Laguna became one of Malta's most successful real estate offerings because it wasn't just a luxury but a new experience.

Across your career, what project felt the most personal?

That would be Ghar Harruba in San Gwann. Just beneath the Mensija chapel was a site full of carob trees. Developers planned to remove the trees and carve the land into plots. My partner, Dr. Philip Bianchi, and I stepped in. We promised each other we would preserve every tree. My wife Angela and our three children moved in 1993. It felt like we were on holiday—peaceful, green, and full of life. There's even a cave on the property where we once hosted a charity concert for 250 people. It was about more than architecture—creating a home with value.

MONEY

First concept sketch of Portomaso in November 1994

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

23

ARCHITECTURE

ON ARCHI IDENTITY, AND GETTING I 24

ISSUE 85

MONEY

ARCHITECTURE

Malta's construction boom is unstoppable—but is it sustainable? Architect David Felice thinks we're missing the bigger picture. From 'involution' to smarter urban planning, he challenges the industry's short-term mindset and explains why Valletta should be the testing ground for a better, more livable Malta.

ITECTURE, D WHY WE'RE IT WRONG In your previous interview with the Times of

achieved independence. This is a complex

You've spoken about the rapid growth in

Malta, you highlighted the need for a system

discussion, but it should suffice to identify

Malta's construction sector, which often

detached from politics to allow planning to

short-termism, which is the result of political

focuses on short-term gains. What strategies

run independently. How do you see this shift

influence, as the main reason for this.

should be implemented to prioritise longterm sustainability in the industry?

in the planning process benefitting Malta's urban development?

To be truthful, I see the planning process becoming independent – subject to a clear

The construction sector is predominantly

n that interview, I focused on the need to

vision and direction from higher authorities -

driven by pressure from the residential and

reverse the environmental deficit caused

to allow the creative and innovative measures

commercial real estate sectors and less by

over the years, brought about locally

that a dedicated planning system can bring

the development and improvement of our

(and globally) by unbridled development in

forth when experts lead it from a wide range of

infrastructure and new economic drivers.

a series of cycles, especially since Malta

fields who collaborate for the common good.

I wish to see us move from a building-led →

I

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

25

ARCHITECTURE

mentality that is so often prevalent. What I do invite is the consistent betterment of our environment as a contributor to our quality of life, such that Malta remains a pleasant place to live and work in. If it appeals to the locals, it will then work well for visitors.

As for seeking a balance between economic growth and cultural preservation, I believe that as a nation, we have generally acted responsibly and professionally regarding preservation. What I think still needs growth are those areas' beyond preservation', where we need to apply the lessons learnt from the past to contemporary AP Valletta and Ħaż-Żebbuġ Local Council Vjal Kulhadd Recreational Park

culture and our responsibility to create

for the Community of Ħaż-Żebbuġ

the new heritage of tomorrow.

In this sense, Valletta is central to this

form of regeneration to one that is culture-

few years has not been so different from

reasoning, and I am fortunate enough to have

led; here, I mean culture in the broader sense

other similar construction cycles over the

worked in the city for nearly all my professional

of the term and not restricted to heritage

past half a century. What makes it distinct is

life and practice. Valletta is an important and

considerations. There should be no reason

that it is primarily the result of changes to

successful example of the architect's role in

contemporary architecture and planning

our demographic composition. The gravest

designing the 'Ideal City' – a city concerned

should not seek to achieve the quality of our

concern of the current direction is that it will

with lasting beauty and functionality to

heritage buildings and historic urban areas,

result in the loss of that which makes these

be enjoyed by all. Our duty as architects –

though differently. The benefits of repurposing

islands so unique and different from any other

especially for us as architects working from

our existing and disused building stock should

place. Needless to say, the objective should

the city, but also of all architects for whom

be more manifest. We should seek excellence

not be to imitate development that has taken

Valletta is a reference point – is to persevere in

from our construction methods and their impact on society. We then need a national strategy for using materials for new buildings, supporting the introduction of sustainable processes. However, this needs to be done in conjunction with measurable actions to improve air and sea quality, set within a long-term strategy for improved mobility.

So, there is no simple answer for the way forward. Some years back, I advocated

We don't just need better buildings; we need a better way of thinking about buildings.

introducing what was loosely called a 'construction platform', which brings together all entities with which the public and the developer are required to interact. This platform would provide a more integrated approach to the design

place in other countries, not as a criticism

this endeavour to rethink our built environment

and building process and promote

of what others have achieved, but because

as a model of urban culture for the future and

cohesiveness, fairness, and transparency.

our cultural history is entirely different.

where Valletta is the Laboratory of new ideas.

In your experience, what are the most

Beyond statistical information and

Tensions between contemporary

significant risks associated with Malta's

comparative analyses, the attractiveness

development and heritage preservation

current trajectory in urban development,

of our islands is the most significant

continue to rise in Malta. How can we

especially when balancing economic

exceptional quality we possess and risk losing.

ensure new projects respect and enhance

growth and cultural preservation?

Attractiveness is not merely some sort of

the islands' architectural identity?

unique selling point required to keep attracting Firstly, by 'current trajectory', we should be

international business or holidaymakers –

A study published on cognition in 2019

clear that urban development over the past

that only reinforces the post-colonial

showed that the simple movement of walking

26

ISSUE 85

MONEY

ARCHITECTURE

backwards, whether physical or imagined,

Sustainability's real promise is diluted by

structures or functions. This creates a truly

improves our ability to retrieve information.

superficial solutions and corporate interests

circular model, where waste is minimised,

Apparently, our brain organises experiences

prioritising profit over genuine ecological

and resources are continually reused.

along a "subjective timeline," where the

responsibility. I advise a different approach

past is behind us and the future is ahead.

that returns to more fundamental, locally

Involution in architecture rejects top-down,

By moving backwards, we unconsciously

corporate-driven sustainability efforts that

activate this connection with our memories—a

often mask underlying environmental harm

small step back for a big leap forward.

with green branding and superficial changes.

Instead, it offers an honest, grounded

I call this process involution, as opposed to

approach that favours true ecological

evolution. Whereas our current economic

stewardship through the resurrection of

models entail accumulation, with involution

forgotten yet time-tested practices—a way

an economy lives off its assets by funnelling

of going backwards to move forward.

resources from production to exchange.

AP Valletta's manifesto represents a forwardAt its core, involution is not merely

facing vision for the future. How do you see

progressing toward a "better future"

this evolving manifesto helping to shape a

through innovation but rather embracing

more sustainable and thoughtful approach to

and being inspired by tried building

urban planning and architecture in Malta?

methods. It invites a re-examination of past cultural practices, technologies, and

Today's most pressing challenges are

materials more aligned with ecological

AP Valletta with Paolo Chiantini and

environmental degradation, exhaustion

sustainability before industrialisation and

Yasmin Interior Design Wadi Hanifa

of resources, carbon governance, and a

mass consumerism distorted the human

Villa in Riyadh, Saudi Arabia

redefinition of social equity and well-being.

relationship with nature and resources.

These can be addressed by architects being committed to rigour – we must

The aesthetic of involution is rooted in the

informed, and contextually responsive

make architecture and spaces that last;

patina of time, the integration of natural

design principles. Involution in architecture

resolution - it is increasingly challenging

weathering, and the narratives that

and design offers a response to the

to build righteously, and we must pledge to

buildings accumulate over the years.

failure of sustainability initiatives.

continue to do so resolutely, and dialogue

You've strongly advocated for an integrated

True sustainability requires reversible

ability of the built environment to grapple

approach to sustainability in construction.

building systems. Rather than constructing

with humanity's biggest challenges.

What areas do you believe the industry

buildings that need to be demolished after

needs to improve regarding greener

a few decades, materials and methods will

In 2025, AP Valletta will welcome seven new

practices and energy-efficient design?

be reclaimed and reincorporated into new

leaders into its practice. Each has a unique

- we must continue to understand the

and dedicated history with the practice – their strengths have supported its full spectrum of work for many years. The ideas in this Manifesto Sketch are individual, conveying the thoughts of each new partner, but the vision is collective, focused, and deliberate.

AP Valletta's manifesto is a ceaseless exercise and more akin to an evolving sketch than a completed work. It aims to be an ever-morphing, forward-facing organism of improvement. This document gives a snapshot of that sketch at this point in time. Each text outlines a nuanced problem and explores the thought process around its resolution – at varying scales and intensities – and always through the lens of the practice, research, people, and projects.

The manifesto may be accessed at: AP Valletta in collab with Kojo Derban OSU Salem School in Accra, Ghana

https://www.apvalletta.eu/wp-content/ uploads/ManifestoSketch.pdf.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

27

PROMO

Ideas that build.

Budgets that work. Designs that last.

How DPM gets it right

With nearly three decades of industry experience, DPM founder Sean Arrigo has built a company that seamlessly fuses design vision with project execution. What began as a one-person mission has become a multidisciplinary team delivering standout spaces across retail, hospitality, residential, and industrial sectors. Today, DPM is trusted by global brands and local entrepreneurs alike to bring bold ideas to life—on time, on budget, and always with purpose.

There's no mystery behind what we offer at DPM—it's evident in our

every idea is thoughtfully developed and the final concept is cohesive

work. Whether it's design, project management, or both, we consistently

and fully realised. We pay meticulous attention to every detail, no matter

deliver on what's required.

how small. In our recent restaurant and bar projects—Ruby Ray's and Kuch Kuch (HeyBerty, Mercury Shopping District)—we didn't just deliver

With nearly 30 years in the industry, our founder, Sean Arrigo, first

a design; we integrated all creative aspects—marketing, menu, mixology,

honed his skills in architecture before merging his hands-on experience

uniforms, and more—into a unified vision. At the outset, we showed our

in the retail sector with deep technical expertise. This fusion laid the

clients precisely what they got, creating a seamless experience where

groundwork for what DPM is today—a design and project management

every element worked together to bring their vision to life.

company that delivers exceptional spaces across diverse sectors.

Since then, we've grown into a fully-fledged team with specialists in 3D, interior, spatial, and graphic design, supported by the technical know-how needed to manage project logistics from start to finish.

From retail spaces and hospitality venues to residential and industrial environments, we bring projects to life with creativity, precision, and purpose.

This success is a direct result of our commitment to continuous learning—our team regularly participates in overseas training and attends trade fairs and exhibitions to stay ahead of the latest design trends. We believe in constant growth, which allows us to remain adaptable and forward-thinking. By working closely with contractors and suppliers, both locally and internationally, we can explore creative solutions to meet our clients' needs. Our ability to think beyond the conventional has positively impacted timeframes and cost efficiency.

When clients come to us for design, we take an intensely personal approach, collaborating closely with them and their teams to shape their vision. From the outset, we prioritise open dialogue, ensuring that

28

ISSUE 85

MONEY

PROMO

In project management, we consider every element during the

The diversity of our projects has taught us to strike a balance between

building and procurement phases. Immersed in the internal or external

form and function. From luxury retail to dynamic lifestyle brands,

parameters set by the design team, we ensure the outcome aligns as

serene spaces, and warm, welcoming homes, we've come to appreciate

closely as possible with the original vision. We manage this with a keen

practicality and creativity equally. This balance is not simply a result of

eye on budget and timeline. This is where our technical expertise and

our experience—it's central to our work.

strong relationships with contractors and suppliers genuinely come to the forefront. Thanks to these collaborations, we've delivered projects for the world's top franchises, building stores across Italy, Cyprus, Greece, several North African countries, and Nigeria.

DPM: We are working.

We design and build spaces that look exceptional and work intuitively for those who experience them. By following a project from its inception and keeping the same team involved, we ensure that the aesthetic and functional aspects are never compromised. Our approach integrates every detail—design, procurement, build, and implementation— while maintaining strict control over costs and timelines to ensure nothing is overlooked.

Over the years, we've had the privilege of collaborating with globally recognised brands, and these partnerships have helped shape our approach to design and project management.

Whether delivering the elegance expected by Patek Philippe (Edwards Lowell, Valletta), the glamour of Ladurée (Dizz, The Point Shopping Mall), the minimalist cool of Calvin Klein (Hudson Malta, Mercury Shopping District), the athletic spirit of Nike (Hudson Malta, all locations), or the bold energy of Urban Jungle (Hudson Malta, all locations), our priority is always the brand's identity and its audience. We bring that identity into physical space with clarity and precision, ensuring that every element is purposeful and carefully executed.

Our work is rooted in clarity, collaboration, and cost-efficiency.

At the core of our approach is a commitment to meeting—and often exceeding—our clients' expectations. We prioritise transparency and open communication, keeping our clients informed and involved throughout the project. By ensuring you're never left in the dark, we offer peace of mind that your vision is being realised as intended. This collaborative approach ensures a smooth process, culminating in a final result that aligns perfectly with your goals.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

29

P R E S E R VAT I O N

Preserving Malta's soul Can heritage and progress coexist?

Malta's identity is deeply rooted in its history, but rapid development is reshaping the landscape. The increase of high-rise buildings and the demolition of historic sites, like the British colonial barracks at Fort Chambray, have sparked public outcry. Looking to cities like Barcelona, Athens, and Naples, can Malta find a way to modernise without losing its essence? Dayna Clarke Camilleri asks.

Fort Chambray

30

ISSUE 85

MONEY

P R E S E R VAT I O N

M

alta, a nation with millennia of history, faces an urgent

Historically, this neighbourhood was synonymous with crime and

challenge, but the real question remains about how to

poverty. However, strategic urban renewal transformed it into a

modernise without erasing its soul. In a landscape where

thriving cultural hub. The establishment of the Barcelona Museum of

glass-and-steel towers increasingly dwarf limestone facades, public

Contemporary Art (MACBA) in the 1990s symbolised the area's rebirth.

discontent is growing. The proposed demolition of historic sites, such as the British colonial barracks at Fort Chambray in Gozo, exemplifies

As local architect Oriol Bohigas, one of the masterminds behind the

the tensions between preservation and development. Malta is not alone

revitalisation, put it: "We didn't sanitise Raval. We didn't push out the

in this struggle. Other Mediterranean cities, such as Barcelona, Athens,

working class. We let its identity evolve." Indeed, the transformation

and Naples, have long grappled with similar issues. Their successes and

was not about erasure but adaptation, preserving the neighbourhood's

failures offer crucial lessons for a nation at a crossroads.

social fabric while integrating new functions. Small businesses flourished, and historic buildings found new life as boutique hotels, art

Barcelona: transforming industrial decay into cultural revival

spaces, and restaurants.

However, gentrification has raised concerns. Some longtime residents have been priced out as property values soar. "This is not the Raval I grew up in," laments 60-year-old Francesc Morales, a lifelong resident quoted in El País. "We've lost some of the soul in exchange for cafes and tourists."

El Raval

El Raval, a gritty quarter's renaissance Barcelona's transformation is one of Europe's most studied urban planning achievements. Once suffering from urban decay and industrial

The old industrial district of Poblenou

stagnation, it has integrated modern development while safeguarding its historical identity.

One of the most telling examples is the regeneration of El Raval.

22@Barcelona and Districte de la innovació (Innovation District) is the corporative name given to an urban renewal area in Barcelona's formerly industrial area of Poblenou

22@Barcelona, innovation meets heritage Barcelona's efforts to balance heritage with modern needs extend Barcelona Museum of Contemporary Art

beyond El Raval. The 22@Barcelona project launched in 2000, aimed to transform the old industrial district of Poblenou into a centre for →

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

31

P R E S E R VAT I O N

technology and innovation. Rather than demolishing old factory

Maria Papadopoulou, a resident of 30 years, shares these concerns:

buildings, planners incorporated them into the new urban landscape,

"Everywhere I look, another old home has been turned into a hotel.

converting them into offices, co-working spaces, and cultural centres.

The people who made this neighbourhood what it is are being pushed

The project's official documentation notes, "22@Barcelona is already

out." Kathimerini reports that short-term rental listings in Plaka have

a benchmark in urban, economic, and social transformation". The

increased by 150% in just five years, leading to skyrocketing rents and a

model has since been replicated in other parts of the city, proving that

loss of local character.

modernisation does not have to mean destruction.

The city has taken steps to curb these trends. New regulations limit the number of short-term rentals allowed per building, and historic

Athens: the struggle against homogenisation

preservation laws have been tightened. Yet many Athenians fear these measures may be too little, too late.

Athens, one of the world's oldest cities, faces an existential battle against the forces of overtourism and unchecked development.

Nowhere is this struggle more evident than in the historic Plaka district.

Naples: reviving a city through its cultural heart Often perceived as chaotic and unruly, Naples has taken a different approach to urban renewal, one embedded in its strong cultural heritage.

San Carlo Opera House, Naples

A UNESCO site in action The city's historic centre, a UNESCO World Heritage site, has become the focal point of a massive restoration effort. Naples has repurposed its historic structures instead of replacing old buildings with new developments. Churches have been converted into art galleries, and abandoned palazzos have been transformed into cultural institutions.

Streets of Plaka

One of the most remarkable projects is restoring the San Carlo Opera House, Europe's oldest continuously active theatre. "Naples is not just preserving buildings," says historian Fabrizio D'Angelo. "We are preserving the spirit of the city."

Plaka, a neighbourhood under siege Nicknamed the "Neighbourhood of the Gods," Plaka is a warren of narrow streets, neoclassical houses, and ancient ruins. In recent years, however, investors have flooded the area, snapping up properties for

What Malta can learn

luxury hotels and short-term rentals.

Barcelona's experience with El Raval and Athens' struggles with "The pace of change is staggering," says Christos Dimas, an urban

Plaka highlights a critical point: successful urban renewal cannot

planner interviewed by The Guardian. "We risk turning Plaka into a

be imposed from above. Residents must have a say in the changes

museum where only tourists can afford to stay."

shaping their neighbourhoods. In Malta, development decisions often

32

ISSUE 85

MONEY

P R E S E R VAT I O N

prioritise private interests over public consultation. Maltese architect

Rather than tearing down old structures, Malta should follow Naples'

and academic Prof. Lino Bianco has expressed concerns over the

lead by repurposing them. Former military barracks, like those in Gozo,

rapid development compromising Malta's heritage. He emphasises

could become cultural spaces, educational centres, or even community

the need for a balanced approach that respects cultural identity while

housing. Similarly, abandoned buildings in Valletta and Sliema should be

accommodating modern needs, as highlighted in his recent 2023

rehabilitated rather than left to decay or replaced with high-rise blocks.

paper "Scheduling Heritage in Malta: The Perspective of Heritage Professionals," co-authored with Nadine Zammit.

Athens' battle against short-term rentals is a warning for Malta, where Airbnb and other platforms have already begun reshaping the rental

The pair are not alone in their sentiments; in a 2018 address at the Din

market. If left unchecked, entire neighbourhoods could become

l-Art Ħelwa Awards for Architectural Heritage, Prof. Torpiano, who is

unaffordable for locals.

both the President of the Chamber of Architects and Civil Engineers and the Dean of the Faculty for the Built Environment at the University of Malta, highlighted his serious concern over the alarming rate at

A critical juncture

which Malta's unique built heritage was being lost to new development.

Furthermore, he questioned the planning policies that permitted the

Malta stands at a decisive moment. It can continue on its current path—

full-scale demolition of historic and traditional structures, stressing

rapid, often reckless development—or learn from cities facing similar

the need to appreciate and preserve the country's historic urban

crossroads.

environment.

The experiences of Barcelona, Athens, and Naples prove that Unlike Naples, which has committed to repurposing its landmark

modernisation and heritage conservation are not mutually exclusive.

buildings, Malta still sees demolition as a viable option. The controversy

They require careful planning, strong regulations, and, most

over Fort Chambray, where historic barracks are set to be demolished

importantly, a commitment to preserving a place's real heart and soul.

despite widespread opposition, underscores the need for stronger legal protections. Heritage Malta CEO Noel Zammit has emphasised the

Suppose Malta wants to retain its unique identity, which is why

importance of protecting cultural heritage: "Protecting our heritage

thousands of tourists flock here yearly. In that case, it must act before

is a shared responsibility. Together, we can ensure that our cultural

its historic streets become mere backdrops for high-rises and more

patrimony is preserved for future generations." ​

chain hotels and its cultural heritage is lost to the highest bidder.

View From Plaka Castle on the island Milos, Greece

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

33

R E N O VAT I O N

BENEATH THE FINISH ARE RENOVATED PROPERTIES STRUCTURALLY SOUND? 34

ISSUE 85

MONEY

R E N O VAT I O N

The allure of freshly renovated homes fuels Malta's property market — but behind sleek finishes, hidden structural issues may be silently mounting. With many older buildings surpassing their intended 50-year lifespan, buyers are often unaware of the risks beneath the surface.

Are these modern makeovers hiding deeper flaws, or are they truly built to last? Alannah Xuereb investigates.

N

early half of Malta's and Gozo's occupied dwellings were built between the 1960s and 1980s when reinforced concrete

became the dominant construction material.

Many of these older buildings are now stripped to their shells and given a facelift with modern finishes. However, these cosmetic renovations often overlook critical structural risks, such as deteriorating concrete, outdated loadbearing capacities and hidden defects. Once renovated, these properties are resold with little to no attention given to their underlying structural risks and long-term structural integrity.

In structural engineering, it is a widely recognised standard for residential buildings to be designed for a service life of 50 years.

During this period, they are expected to continue to perform their intended function →

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

35

R E N O VAT I O N

without significant deterioration, provided

typically assess only visible defects such

they receive regular maintenance and are

as spalling or cracks. However, underlying

exposed to typical environmental and loading

structural weaknesses remain unnoticed,

conditions. As the building approaches the

especially if the walls have been freshly

benchmark, a comprehensive structural

plastered and soffits are in place. The emphasis

assessment is recommended to evaluate

on appearance over integrity means that

its structural condition and carry out any

purchasers may invest in visually appealing

interventions needed to extend its lifespan.

but structurally unsound properties. If left unassessed, these hidden issues will continue

Most international building standards,

to depreciate exponentially, which could result

including the European Union, the UK

in costly repairs or even pose safety risks to

and the US, have adopted this 50-year

occupants.

Test the spine before the shine While reinforced concrete may appear intact at the surface level, certain forms of deterioration can weaken the concrete over

A fresh coat of paint won't strengthen crumbling concrete.

time, often without visible signs. This usually occurs in carbonation, a chemical reaction when the concrete absorbs carbon dioxide and moisture from the surrounding environment.

Once carbonation ingress reaches the steel

material quality and construction techniques

reinforcement, it begins to corrode, causing

over recent decades.

the internal steel bars to expand, ultimately placing pressure on the concrete cover until

The way structures are designed and built

it eventually cracks or spalls. If addressed in

today is far more advanced than in the 1960s,

time, the reinforced concrete can be treated

incorporating more substantial materials,

before the carbonation depth increases to the

improved reinforcement methods and

point where it compromises the steel.

stricter safety codes. As an example, older buildings were often constructed using lower-

Before any cosmetic upgrades, a structural

strength concrete (circa C12/15 in modern

engineer would thus need to conduct a

classification) due to poor mix control and

detailed assessment through testing to

inconsistent quality, which wasn't mainly

evaluate material integrity – the degree to

addressed at the time – such a grade of

which the concrete and reinforcement have

concrete is no longer accepted by modern

recommendation. It serves as a crucial point

been subjected to carbonation ingress; load-

standards (typically C25/30 or higher).

of reference for where the structure stands

bearing capacity – if structural members can

Moreover, the steel mesh reinforcement used

regarding structural safety, durability and

support any intended modern modifications,

in the past was generally weaker, lacking

economic viability. Specifying this lifespan

such as a change in internal layout or use of

proper detailing and insufficient cover against

directly influences a project's material

space, which may result in added loading;

moisture ingress and subsequent corrosion.

selection, construction techniques, structural

and foundation stability – if there are signs

In many ways, buildings constructed under

detailing and maintenance planning, all

of subsidence or shifting. Without these

outdated standards may no longer meet

of which translate to long-term costs and

assessments, buyers risk paying a premium

modern performance criteria, likely providing

investment required for the building's upkeep

for hidden defects that become apparent only

a service life of less than 50 years. This

and safety.

years later and may require expensive repairs.

further stresses the importance of periodic

Beneath the finishes of renovated

Built for yesterday, but meant for tomorrow

inform compliance and long-term viability with

properties

Beyond the natural wear and tear that

today's standards.

While renovations focus on interiors and

buildings experience over time, the concept

facades, critical structural elements such

of obsolescence must also be considered.

Limitations of current local standards

as reinforced concrete, load-bearing walls

As technology advances and societal

Over the years, Malta's building regulations

and foundations may have deteriorated over

expectations evolve, building standards

have slowly developed to become less

time without being reassessed upon leading

and regulations are continuously updated

fragmented and inconsistent. However, there

up to or exceeding the 50-year benchmark.

to reflect the modern safety, efficiency and

is still a lack of formal regulations governing

This raises concerns that buyers may invest

durability requirements. This is particularly

our country's buildings' structural design,

in homes that appear modern but remain

relevant to the construction industry, which

construction and upkeep. As a result, Periti

structurally compromised. Buyers also

has undergone significant advancements in

has no choice but to rely on the recommended

reassessment of structures, which would

36

ISSUE 85

MONEY

R E N O VAT I O N

default values provided by the Eurocodes

structural reassessment. Also, changes in the

worldwide, and Malta's ageing building stock is

(European Standards) at their own discretion.

original building's use (e.g., added floors or

no exception. Many older structures were not

While each European Member State typically

heavier finishes) imply that its load-bearing

originally designed with climate adaptation

establishes and regularly updates a National

capacity and structural design may not be

in mind, and their ability to withstand future

Annex to adapt the Eurocodes to its specific

suitable for its new function.

conditions would need to be assessed. While this article has focused on structural risks,

context, Malta has yet to publish one officially.

This annexe would tailor the Eurocodes

Has a certified engineer conducted a structural

the influence of climate on construction

to Malta's unique needs, ensuring that

assessment? Older buildings may have

is a complex issue that warrants further

local parameters are properly considered.

weakened concrete, corroded reinforcement

discussion.

Consequently, even newly constructed

or outdated load capacities. Ask for an

buildings are often assessed using vague and

engineer's report to confirm that concrete

Despite these challenges, there is growing

outdated criteria.

quality, load-bearing capacity and foundations

optimism within Malta's construction

have been properly evaluated.

On that account, Malta lacks a comprehensive Was the renovation purely cosmetic, or were

regulatory framework specifically to assess the safety of older buildings, unlike many

structural reinforcements made? Many local

European countries, including the UK and

renovations focus only on finishes but ignore

Switzerland, where periodic structural

essential structural upgrades. Clarify if any

assessments are mandatory. Such frameworks

reinforcement work or concrete repairs were

assess long-term durability, often including

made, especially if the building is approaching

periodic structural testing and regular

the 50-year benchmark.

Older buildings were built for the past. Are they fit for the future?

evaluations to ensure that buildings meet modern safety and engineering standards. For

Is there documentation proving compliance

renovations locally, such measures would need

with modern building regulations? Request

to be taken at the developer's best judgment

copies of building permits, compliance

before installing new finishes.

certificates and structural reports. Unlike other EU countries, Malta lacks mandatory

Ask before you buy

structural testing, so ensure that the

Below is a helpful list of questions to ask the

renovation follows best practices.

developer or seller when buying a renovated Has the electrical, plumbing and waterproofing

property:

been fully upgraded? Older properties may have What is the property's age, and was its original

outdated electrical wiring, clay drainage pipes

use different from its current selling use?

and inadequate waterproofing. Ensure these

The property's age helps determine if it has

systems were completely replaced rather than

exceeded its intended service life and requires

patched over.

industry. The Kamra tal-Periti has advocated for stronger, more comprehensive building

What guarantees or warranties are provided for

regulations, and its recent appointment as

the renovation work? Many local renovations

lead consultant for the National Building

do not include long-term warranties on

and Construction Codes of Malta marks an

waterproofing, concrete repairs or structural

important step forward. Focusing on enforced

reinforcements. Ask for guarantees to

regulation, professional education, and

be written into the agreement to avoid

accountability can help eliminate negligent

unexpected future costs due to poor

practices, improve the quality of renovations

workmanship or defective materials.

and new developments, and ensure that client's interests are better protected.

Preparing for a new era

MONEY

The challenges posed by ageing structures

Ultimately, buyers and developers must

are undeniable. A well-executed renovation

recognise that a renovation should offer more

project must anticipate future risks to ensure

than just aesthetic improvements – a truly

long-term durability from ongoing material

secure investment requires a building to be

degradation and external environmental

structurally sound, fit for use and built to

factors. Beyond structural concerns, the

last. With reforms underway and a renewed

growing impact of climate change must also

focus on responsible construction, Malta can

be acknowledged. Rising sea levels, shifting

set higher expectations for building quality,

weather patterns and extreme temperatures

ensuring that its structures remain safe,

are already affecting built environments

reliable and well-adapted for the future.

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

37

OPINION

The rulebook for the rich Planning laws, double standards, and Malta's concrete reality

In Malta, planning regulations should protect quality of life and economic activity. Yet, when enforcement bends for the well-connected, our towns morph into monuments of injustice. Manuel Delia examines how large-scale developments defy the rulebook, why court rulings arrive too late, and what's at stake when rules apply unequally.

38

ISSUE 85

MONEY

OPINION

Y

ou don't have to be an anti-capitalist, tree-hugging anarchist or a nature conservationist to insist that

buildings should be constructed according to established rules and that these rules should be enforced. The concepts of urban planning and landscape management are not extreme or radical. Additionally, it is not particularly intrusive for governments to set regulations regarding height, extent, density, and appearance when planning their cities and expansions.

It's true that in Malta, we have made building regulations something of an enemy of progress, a dinosaur that needs help catching up with its long overdue extinction. However, it may be useful to remember what should be obvious: town planning protects and enhances the quality of life for people. It ensures that they can move about easily and access their needs.

Consequently, planning enables economic

effective or weak. However, it is undisputed

activity and the enjoyment of shared

that if rules exist – whether we like them or

prosperity.

not – the least we can expect is that they are applied equally to everyone, every time.

Planning also gives a community a sense of identity and leaves a lasting legacy. We see

If not, we must cover the squalor of unsightly

ourselves and how we live in the buildings

overdevelopment with the sooty grime of

where we both sleep and work, as well as in

injustice. If planning rules prohibit using

those we pass by or stand beside throughout

fluorescent paint to smother the facades

our lives as consumers, residents, economic

of cottages in quaint old villages, a greater

participants, and citizens. We express the

offence than a lime green paint job would be

fears and ambitions of our generation through

the authorities doing nothing about it. Ugliness

the sizes of our windows, the boldness or

is painful enough. Unfairness is deadly. It

timidity of our doors, and the respect we show

would destroy our confidence in the ability

our environment or the indifference we display

(or willingness) of the State to ensure that

towards it.

everyone stays within the limits it sets and imposes meaningful consequences on those who do not.

I simplify, I know. We don't have building rules just to keep things pretty and aligned.

We have obligations to the environment and

This is why the prolonged controversy over the

future generations to reduce our impact on

rules regarding the construction of projects

the climate and to live within our means, which

subject to appeal is particularly painful.

are often distorted and misrepresented as obstacles we must overcome. We don't need

No doubt, planning controversies are

to dwell too long on those obligations for this

standard fare. The bigger the project, the

discussion. We can focus on the immediate

more predictably intense the objections will

benefits of town planning: we must live in the

be. There is no such thing as an impactless

cities and villages we create. If planned well,

project. Neighbours will have to share air, light,

we'll be happier; if not, we'll be sadder and

and space with some proposed behemoth

unhealthier.

that was not there before. Even if all rules are complied with, and the proposed development

We can debate until we're blue in the face

breaks no previously imagined restrictions,

about whether planning rules and policies are

someone will exercise their right to wish the

proportionate or excessive, draconian or trivial,

development weren't happening. →

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

39

OPINION

courts to strike down permits (or portions of those permits) as unlawful. The courts are not advocates for the environment. They are not ideologically opposed to construction itself.

By the time the courts rule a permit unlawful, the damage is already set in concrete—literally.

And the courts are hardly concerned with planning policy, but only in so far as it has the force of law. For example, the courts do not care if a planning policy mandates that facades in quaint villages be painted fluorescent pink instead of green. However, they take issue if the policy specifies pink and the authorities grant permits for green paint.

A maddening pattern is emerging in court decisions highlighting planning regulators'

In theory, applications are assessed according to pre-established laws and policies. Objections are acknowledged, and opportunities are provided for plans to be modified to align more closely with the regulations. If the application successfully meets all these criteria, it culminates in issuing a permit. That's the theory.

The practice is somewhat more complicated.

I will not delve into debates about individual applications and specific rule violations. I will simply reiterate the frequently stated claim that in several cases of large-scale developments, mainly when sponsored by a very short list of usual suspects, permits are deliberately issued by the planning regulator in breach of laws, policies, and regulations.

Now I know that's a big claim. Even if it were utterly false and completely unjustified, the fact that it is made so frequently and widely confirms at least that there is a widespread perception of a complete capture of planning institutions by a narrow network of

failure to enforce their own policies when

commercial interests and that the outcomes

confronted with large applications from

of planning applications are not determined

influential developers. If this sounds like a

by rules but by the overpowering pressure

victory for legal safeguards - where courts

exerted by deep pockets.

address issues other institutions cannot prevent - you haven't been paying attention.

It's likely not entirely false and not completely unjustified to believe that the planning

By the time the courts have ruled that

regulator often grants permits for large

the permits were unlawful, the virulent

projects involving willful law and regulation

imagination of the offending blueprints will

breaches. There is probably some validity to

have already transformed into an unwelcome

that suspicion. As previously argued, the fact

concrete reality in the physical world. That's

that large projects attract objections does

because even while undergoing an appeal,

not demonstrate willful law violations. Better

once granted, a permit becomes realisable,

indicators are the decisions made by the

and construction can proceed. We may have

40

ISSUE 85

MONEY

OPINION

a court declaration stating that a row of

generation that was unwilling or unable to

seventh-floor penthouses and swimming

live by its own rules and allowed the greedy

pools soaring above the formerly pristine

impunity of a few to construct unsightly

countryside should never have been permitted

prisons for the suffocating helplessness of

according to the law; however, the penthouses

the many.

would now be very much present, perpetually existing in arrogant indifference to their legal illegitimacy, and contributing lucratively to the profits of their builders.

It has been years since the government promised to legislate to halt construction on permits that are under appeal or have been appealed. This measure would be fairly logical and clearly justified. It reflects what typically occurs in the legal system: a judgment is not enforced until it becomes final and definitive through a ruling that is not subject to further reconsiderations or appeals.

It is particularly galling that this isn't the case with construction, given that much of the

Our buildings tell future generations who we were.

Right now, they narrate a story of greed, impunity, and the helplessness of the many.

so-called "development" is irreversible, and indeed, irreversibility is often the pretext for even more significant damage to follow.

The buildings we create narrate our story to future generations. Our tale will reflect a

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

41

PROMO

Connecting Continents: The Leadership Behind Access Bank’s Malta Expansion Global finance is frequently discussed in abstract terms such as trade

"Expanding our presence to Malta strengthens our position in a key

flows, market access, and regulatory frameworks. However, beneath

financial hub that connects European and North African markets,"

every strategic expansion lies the influence of visionary leaders.

Ogbonna stated during the launch. His remarks underscore the Bank's

Their perspectives, motivations, and leadership styles shape how

long-term ambition: to create seamless trade and banking corridors

international banking evolves in more meaningful ways than we realise.

between Africa and the rest of the world. With its dual European and Mediterranean identity, Malta is the ideal connector.

The recent launch of The Access Bank Malta Limited, a wholly owned subsidiary of The Access Bank UK Limited, is a case in point. This is not

What sets Ogbonna apart is his deep commitment to innovation and

just about a credit institution expanding into another jurisdiction. It is

inclusive growth. Under his leadership, Access Bank Plc has earned

a moment that brings together a trio of leaders: Roosevelt Ogbonna,

accolades for ESG initiatives, mobile banking innovation, and customer-

the pan-African visionary behind Access Bank Plc; Jamie Simmonds,

centric product development. His leadership style blends strategic

the founding CEO/MD of The Access Bank UK Limited, who transformed

vision with an unwavering commitment to maintaining relevance in

the UK arm into a trusted gateway for international finance; and Renald

emerging markets.

Theuma, the Maltese banking expert entrusted with leading operations on the ground.

The Honourable Stefan Zrinzo Azzopardi joins Jamie Simmonds, Renald Theuma, and Roosevelt Ogbonna in a celebratory toast to mark the successful launch of The Access Bank Malta Limited.

Together, their collaboration signifies how global banking is shifting and becoming more connected, human-centric, and agile in response to the complexities of international trade.

A Pan-African Vision Aligns with European Strategy For Roosevelt Ogbonna, Group CEO of Access Bank Plc, the Malta launch represents far more than a geographical expansion. It is part of a larger vision to make the Access Bank Group Africa's gateway to the world. With over 60 million customers and operations spanning three

The Access Bank UK Limited headquarters in the City of London,

continents, the Group has already established itself as one of Africa's

United Kingdom.

most influential financial institutions.

42

ISSUE 85

MONEY

PROMO

Members of The Access Bank Malta Limited’s local team pose for a photo, marking a memorable moment at the launch event at Palazzo Parisio in Naxxar.

Jamie Simmonds: Architect of International Trust

"The launch is a crucial step in our Group's expansion strategy," he said.

If Ogbonna brings the pan-African vision, Jamie Simmonds delivers

"Our goal is to facilitate seamless cross-border trade between Europe

the operational framework to realise it. As the founding CEO/MD of

and Africa, leveraging Malta's unique position as a financial hub."

The Access Bank UK Limited, Simmonds has spent the last decade positioning the bank as a bridge between OECD markets and Africa.

Renald Theuma's approach is hands-on. He speaks about relationships,

Launching the Malta Subsidiary is another strategic move that

not just revenue. His team of 20, which is set to grow in the coming

acknowledges Malta's evolving role in global finance.

years, already focuses on bespoke trade finance solutions, tailored customer service, and high-touch relationship management. This

"Europe has emerged as Africa's leading trading partner, driven by

emphasis on people-first banking may ultimately differentiate the bank

initiatives such as the Economic Partnership Agreements between the

from its peers.

EU and African regions and the African Continental Free Trade Area (AfCFTA). With Europe- Africa economic relations entering a new phase,

Renald Theuma understands not just banking but also how to navigate

The Access Bank Malta Limited is ideally positioned to deepen trade

Malta's regulatory, cultural, and economic environment, which is

and meet the financing and banking needs of our customers in these

essential to the long-term sustainability of any international operation.

expanding markets," he noted.

A Blueprint for Global Financial Leadership Simmonds' leadership has always been underpinned by long-term

What makes this story compelling is not just the bank or the location but

thinking. He's built a reputation for trust, risk discipline, and strong

the leadership dynamic. Roosevelt Ogbonna is a visionary advocating

regulatory alignment, as evidenced by the UK bank's authorisation by

for Africa's integration into the global economy. Jamie Simmonds is a

the PRA and FCA and its well-regarded branches in Dubai, Paris, and

strategist who can build trust and credibility across jurisdictions. Renald

Hong Kong.

Theuma is proof that local talent can anchor global ambition. Together, they represent a new model of international banking leadership that

His ability to translate global strategy into local relevance positions

is collaborative rather than top-down and human-centric rather than

Malta as a natural progression rather than a mere geographical

purely institutional.

presence expansion.

In a time of geopolitical volatility, regulatory complexity, and digital disruption, this kind of leadership is not only welcome but essential.

Renald Theuma: Malta's Strategic Leader Strategic plans require effective execution, and Renald Theuma, CEO/ MD of The Access Bank Malta Limited, plays a pivotal role in this process.

While the Access Bank Malta launch may initially seem like a business

A seasoned Maltese banker, Theuma brings the local knowledge, client

move, it is ultimately a story about the people behind it. Leaders who

sensitivity, and operational agility essential to the bank's success in a

not only understand the direction the world is heading but also how to

competitive market.

lead with vision, trust, and a shared sense of purpose.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

43

URBAN DESIGN

BEYOND AESTHETICS Beyond buildings and streets, a city is a story shaped by generations of planners, architects, and citizens. Ed Muscat Azzopardi explores how intentional design and purpose-driven planning can transform urban spaces into thriving communities where identity, connection, and legacy create a city brand that endures beyond mere aesthetics.

BUILDING A CITY BRAND FOR CONNECTION, STRENGTH, AND LEGACY 44

ISSUE 85

MONEY

URBAN DESIGN

B

arcelona is a textbook example of genius

to be said than any amount of advanced

the easiest way to exemplify the notion. A

planning - but that doesn't prepare

research can provide. This deep-seated

country's brand is just as important, but in

you for the overwhelming sensation of

culture, how centuries of planners, architects,

most countries, this tends to be fragmented

being in the thick of it. I could describe the

and designers have contributed their

and influenced by the differences between city

thinking behind the Barcelona superblock,

fingerprint to a city's feel, is all part of the

identities. Milan and Rome, Amsterdam and

the hierarchy of its street widths, the perfect

organic yet completely coherent construction

Rotterdam, Tokyo and Osaka... we can mention

interplay of the rigidly planned grids of

of a city brand that benefits from generations'

city pairs that show how different a city brand

Eixample with the more organic medieval maze

accumulated experiences.

can be from another city in the same country and how each is clearly distinct from the

of the Gothic Quarter, and the visible presence

national brand.

of stalwarts like Gaudì, Miró, and even van der

But what makes a city more than the collection

Rohe. It would enthuse anyone interested in

of buildings and streets evidence of its

shaping the future of our cities, but it would

physical construction? What gives it a distinct

Malta is a small country—small enough,

not capture the city's essence.

identity? As with any brand, it is a complex

sometimes, to think of it as a compact city.

and multifaceted combination of the history,

However, the country's realities show us that

On the other hand, spending 24 hours in the

cultural values, traditions, and aspirations of

trying to force a single communal brand on

city can imbue a visitor with the intangible

all the people who have lived in the city and

the entire archipelago would be to ignore the

attributes of the city. The sights, the sounds,

call it home today. It is the collective sense

unbelievable diversity of attitudes and values

and the scents. The way the city nudges your

of ownership and shared identity that is felt

that the tiny islands somehow present.

journey through it as you attempt to traverse

by all of its inhabitants. And since it is so

its incredibly different neighbourhoods. The

democratic, it isn't the kind of sentiment that

City brand by design

planned chaos of the Ramblas during the day

can be forced from the top down. It takes time,

So far, the notion of a city brand may sound

and the quiet introspection possible at sunrise

gentle nudges, deliberate interventions, and

like much of it is left to chance. However,

on your way back to your hotel after the city

the will of many to change a city's brand.

the people responsible for designing the constructed environment most impact a

has swallowed you up for the night.

You will return home and realise there is more

MONEY

Is all the world one city?

city's brand. Without deliberate intent, a city's

I am speaking of the city brand because it is

identity meanders through time, taking on →

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

45

URBAN DESIGN

the guise given to it by the next generation of planners and designers to make their mark.

There is a better way. As with a commercial concern, deliberate choices about a city's identity can provide a more fundamental and longer-lasting impact. They can shape the entire future of a city, committing great ideas to history. The design choices we make today, which are so brilliant that they will stand the

The real work of urban design isn't just in structures— it's in creating a sense of place.

how it dovetails with the city's core values. It broadens the question of who one is designing for, allowing the audience definition to extend beyond those commissioning a project. And perhaps even more crucially, it asks deeper questions about legacy.

When we consider the legacy of a city, we think of functional buildings like residences or workplaces. But we also think of third spaces

test of time, are the marks that our generation

- those realms that belong to everyone in

is responsible for committing to posterity.

the city and are the in-between spots. City squares, parks, walkways, and even a tiny

When we think of deliberate design, we think

bench under a solitary tree. These are the

of aesthetics, but that's just a logo. The real

spaces where connections are made. They are

work contributes to the city's deep-seated

the spaces where we flourish as a gregarious

narrative, and it is based on a thoroughly

species that depends on human connection.

thought-out set of values, a deliberate

The spots that turn a city into a living and

contribution to the sense of place, and a

breathing whole rather than a collection of

democratic understanding of what will create

unconnected individuals.

a better experience for those who live and Design for good

work in the city.

There are more elements that go into Who's cooking?

purposely defining the identity of a city. As

When we hear the words' city' and 'brand' in

we evolve our notion of what constitutes a

the same sentence, we think of tourist boards.

It is almost like they have been given the role of branding a city because no one else wanted to do it. It is also the most absurd place for this responsibility to reside. One must design and construct a city or country to reflect its identity. Only then can we hope to attract visitors.

As self-evident as this is, we might need the numbers to back it up. France is the most visited country on earth, with 100 million people picking it as their holiday spot yearly.

France, the country that makes little effort to ask you to visit, has such a strong sense of national identity that we just flock there.

This places the responsibility of a strong and believable city brand firmly in the capable hands of designers, architects, and city planners. The tourist board will then package and communicate the result.

Purpose-driven design Designing for a city requires intentionality that goes beyond the specific reach of the project one entity happens to be working on. It requires us to ask a set of questions that uncover the city's foundations and lay them bare for us to respect and design for. It requires practitioners to consider the purpose of the space they're working on and

46

ISSUE 85

MONEY

URBAN DESIGN

great city, we shift our performance indicators

manufacturing processes. They happen to be

from purely fiscal to those that address the

clients, and our work within their organisation

wellbeing of its inhabitants. We look at green

has given our agency first-hand experience

infrastructure that incorporates flora and

of how a thoughtful approach to the design

fauna other than humans, improving our sense

of outdoor spaces can be a powerful tool for

of wellbeing and the air quality of our cities. We

social good.

consider accessible and universal designs that create connections for all, regardless of age

The city of the future

or ability. We also think of a human as one that

Ultimately, shaping a city's brand is about more

needs a healthy body for a healthy mind and

than aesthetics or economic development.

creates spaces and opportunities for activity

A city, at its heart, is a collection of human

such as walking, running, and cycling.

stories. It's the laughter in a playground, the quiet contemplation on a bench by the sea, the

Mixed-use developments create more vibrant

chaotic functionality of a flea market, and the

neighbourhoods by combining residential,

shared community experience.

commercial, and recreational spaces. As we build denser cities, these can just as easily

Shaping a city's brand is about crafting a

be vertical. The responsible preservation of

legacy. It's about creating a place where

existing structures cements the city's history

people feel connected, communities thrive,

while being sensible with resource use.

and the future is built on a foundation of shared purpose and thoughtful design. Our

We've all got a part to play

choices today, from the grandest architectural

Every aspect of city planning ought to be

gestures to the smallest details of street

deliberate, and every player can have a direct

furniture, will resonate for generations.

positive impact on the construction of a

MONEY

city we can be proud of. We see it reflected,

This presents an incredible opportunity

for example, in the work of companies like

to design and build functional spaces that

Furnitubes, a British supplier of urban outdoor

are also meaningful places which foster

furniture that prioritises social connection and

connection, resilience, and a legacy we can all

environmental responsibility in its design and

be proud of.

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

47

URBAN DEVELOPMENT

Malta's urban dilemma Are outdated housing policies stalling progress?

With a population boom driven by economic growth and migration, the island's housing policies and urban planning must evolve. Can Malta embrace innovative, space-efficient housing solutions like co-living and micro-apartments, or will outdated regulations hinder progress? JP Fabri asks.

M

alta is at a crossroads. As

that Malta's population has

One key challenge in adapting to

policymakers have been slow to

one of the most densely

surpassed 500,000, with

population growth is rethinking

embrace this model, clinging to

populated countries in

projections indicating continued

Malta's long-standing approach

outdated perceptions of what

the world, the island's ability to

growth. This influx has placed

to apartment sizes. Compared

constitutes 'liveable' space. By

manage population growth and

immense pressure on housing,

to other European countries,

reconsidering apartment size

urban expansion is under scrutiny.

infrastructure, and public

Malta enforces significantly

regulations, Malta can create a

While economic growth and

services, yet planning policies

larger minimum apartment

more inclusive and adaptable

increased migration have fuelled

have struggled to keep pace with

sizes. While this was historically

housing market, catering to locals

a population surge, the challenge

these demographic shifts.

intended to ensure quality of

and expatriates seeking urban

life, it now presents an obstacle

living solutions.

lies in ensuring that Malta's urban planning and housing policies

Historically, Malta's urban

to affordability and density

evolve to accommodate this

landscape has been shaped by

management. Reducing the

Beyond downsizing apartment

growth sustainably.

traditional home ownership and

minimum size of apartments is

requirements, Malta must explore

property development notions.

a crucial first step in optimising

alternative housing models that

The question remains: is Malta

The prevailing mindset favours

available land and making housing

reflect contemporary urban

planning effectively, or are

large, standalone apartments and

more accessible to a broader

trends. Across Europe, cities

outdated perceptions and rigid

houses, limiting the potential for

population segment.

have successfully introduced

regulations hindering progress?

more innovative, space-efficient

co-living spaces and modular

housing solutions. This starkly

In cities such as Paris, Berlin, and

housing to tackle population

Over the past two decades,

contrasts with other European

Amsterdam, micro-apartments

growth and affordability issues.

Malta's population has expanded

nations that have adapted their

and efficient housing solutions

Co-living spaces are shared

significantly, primarily driven

housing policies to accommodate

have become common, balancing

living environments that offer

by foreign workers, digital

changing population dynamics

affordability with high-quality

private sleeping quarters with

nomads, and economic migration.

through flexible and innovative

living standards. In Malta,

communal kitchens, lounges, and

The latest statistics indicate

urban planning.

however, developers and

workspaces. Co-living models

48

ISSUE 85

MONEY

URBAN DEVELOPMENT

Housing affordability isn't just about price—it's about mindset. Rethinking space could unlock a more inclusive property market.

appeal to young professionals,

culture has contributed to

housing projects and updated

management systems,

students, and remote workers,

skyrocketing property prices,

zoning laws.

sustainable energy grids, and

offering affordable housing

making homeownership

solutions while fostering

increasingly unattainable for

Urban expansion is not just

improve urban functionality

community engagement.

younger generations and lower-

about housing—sustainable

and efficiency.

income groups.

infrastructure, green spaces, and

intelligent building designs can

efficient transportation networks

Malta's rapid population growth

housing, and compact modular

To adapt to Malta's evolving

must support it. Malta's current

and urban expansion require

homes maximise space efficiency

demographic needs, there

infrastructure struggles to

bold, forward-thinking solutions.

while reducing construction

must be a fundamental shift in

cope with increased population

The current approach—rooted

costs. These units have gained

how housing is perceived and

density, and traffic congestion,

in outdated perceptions of

traction in high-density urban

structured. The future of urban

limited public transport options,

homeownership and rigid

areas, providing flexible living

expansion should prioritise:

and overburdened utilities are

housing policies—must evolve to

becoming significant concerns.

reflect the changing realities of

Micro-apartments, modular

solutions without compromising comfort.

»

a modern, dynamic society. By

Quality over quantity: Instead of focusing on the number of

Urban planning must adopt a

embracing smaller living spaces,

By integrating these models

units, developers should be

holistic approach that integrates:

alternative housing models, and

into Malta's housing landscape,

encouraged to prioritise well-

the country can address its

designed, energy-efficient,

housing affordability crisis while optimising land use and promoting sustainable urban development.

»

sustainable urban planning, Malta Green and public spaces:

can create a more inclusive,

and community-oriented

High-density areas need

efficient, and livable urban

housing.

parks, pedestrian zones, and

environment.

Diverse housing options:

recreational areas to enhance

»

Offering a wider range of

liveability and mental well-

The key to success lies in

Malta's entrenched perception of

housing solutions, from

being.

changing mindsets—shifting

property ownership and housing

affordable rentals to flexible

Public transport expansion:

away from speculative property

composition is one of the greatest

living spaces, will create a

Malta must invest in a more

investment and towards a

barriers to change. For decades,

more dynamic and resilient

efficient, reliable public

balanced, well-planned approach

property investment has been

property market.

transport system that

prioritising quality of life,

Regulatory reforms: The

reduces dependence on

affordability, and sustainability.

wealth accumulation, resulting

government must modernise

private vehicles and alleviates

in a market dominated by buy-

policies to reflect the changing

to-let schemes and speculative

urban landscape, including

development. This speculative

incentives for innovative

viewed as a cornerstone of

MONEY

»

»

»

congestion.

Malta has an opportunity to

Smart city initiatives:

redefine its urban future. The

Digital solutions like traffic

question is: will it seize it?

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

49

C L I M AT E C H A N G E

FOUR CLIMATE FUTURES THE CASE FOR CHANGE

50

ISSUE 85

MONEY

C L I M AT E C H A N G E

We know the science. We've seen the warnings. Yet, climate action still lags behind the urgency of the crisis. The problem?

Data alone doesn't move people—stories do. From global catastrophe to local consequences, Lushano Myburgh explores how reframing climate change as a personal, tangible reality may be the key to real change.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

51

C L I M AT E C H A N G E

C

limate change is one of the most

political leaders. And yet, how many of us have

nature began to regenerate. As a result of the

pressing challenges of our time. Yet,

engaged with the depth of the problem?

lack of human activity due to the high levels

despite the mountains of data and

of radioactivity in the area, within just 30

the overwhelming scientific consensus on

Unfortunately, it takes a personal connection

years, the forest has almost fully recovered,

its urgency, there's still a divide in how we

to make us care - we see this in the way we

and animals have returned to their once-

respond to it. What if, rather than relying

react to crises: most people might not feel

dead environment. It's a powerful story of

solely on facts and figures, we could shift the

much for the famine in a faraway country, but

resilience, but it's also a stark reminder that

conversation to resonate on a more personal,

when faced with the opportunity to help at a

human activity can impede nature's ability to

emotional level?

local soup kitchen, they feel compelled to act.

recover. If we don't make significant changes

The same principle applies to climate change.

to our lives, Earth won't be enough to support

At the heart of this conversation lies a

It's not until it hits close to home—until we

8 billion people—and counting.

powerful tool: storytelling. The medium that

are confronted with a personal crisis—that

conveys key messages will shape our decisions

we start to wake up and make the needed

What happens when the systems that sustain

as individuals and as societies. They can

changes.

life on Earth—our ecosystems, food, and

inspire, rally, and, most importantly, move

water—begin to collapse? The truth is, we don't

us to act. If we can illustrate the impact of

The dangers of climate change: what's

know. But the risks are enormous. Scientists

climate change in a way that speaks to our

really at stake?

are almost unanimous in their predictions:

emotions and imaginations, we may just find

Science has made it clear: how we live today is

vast swathes of the Earth could become

the collective will to create the change we so

not sustainable. Unfortunately, loud rhetoric

uninhabitable, resulting in mass loss of life.

urgently need.

from individuals with no proof or evidence to the contrary is casting doubt about the

The question is: why do we continue to ignore

The challenge: thinking beyond the present

dangers of climate change and that the planet

the science? Why do we cling to the comforting

As human beings, we are naturally wired

will somehow naturally overcome the impacts.

narratives of sceptics who say everything will

to prioritise the present. We respond to

The planet indeed has an incredible ability to

be fine in the end? The answer is simple: the

immediate needs and concerns, while the

adapt – but one variable was not present in the

sceptic narrative suits our interests. It's easier

longer-term, more abstract challenges often

previous cycles of Earth's climate evolution:

to deny the problem, to believe that it won't

fall by the wayside. Climate change isn't an

Human activity—especially the burning of

affect us in our lifetime, than to face the reality

issue for a distant future. It's here, it's now,

fossil fuels, deforestation, and the reckless

of what's coming.

and it's growing.

consumption of natural resources.

Many people are unaware of the dire

Take, for example, the story of the Red Forest

consequences unfolding across the globe.

near Chornobyl - an area of woodland that

After all, we've heard countless warnings from

died, poisoned by radiation, turning the forest

EY Four Futures, launched at COP 28 and

environmental groups, climate scientists, and

into a lifeless wasteland. Yet, against all odds,

presented in Malta during EY's 2024 Future

The four climate futures: envisioning our planetary futures

Realised conference, uses storytelling to paint a picture of four distinct futures the world could face depending on our choices today.

Inspired by a framework developed by futurist Jim Dator, these scenarios show us what the best- and worst-case scenarios of the future might look like if we continue on our current path or take drastic action to change course to

Regulations are tightening; risks are rising—climate inaction is no longer an option.

a radically new system.

Combining science and facts, scenario analysis and disruption map techniques, this method of discussing climate change can illustrate the stakes involved in sustainability efforts. EY's New Economy research unit has developed what each of those four scenarios would be like 30 years into the future: Staying on our current path: 1. Business as Usual (BAU): Based on our current trajectory, global warming is projected to increase by 3˚C by the end of the century. This scenario represents

52

ISSUE 85

MONEY

C L I M AT E C H A N G E

of a 1.4˚C increase over pre-industrial levels and are relatively mild compared to the impacts of an increase in global temperatures to 2.7/3˚C degrees. The possibility of the island becoming increasingly uninhabitable due to the consequences of climate change and

The real cost of climate change?

Rising insurance disrupted supply chains and stranded assets.

unsustainable development is not entirely remote.

Malta has a choice: continue with the status quo and risk the impact that could have on the next generation, or embrace change and take action to adapt and prepare for a more resilient, sustainable society.

The stakes are high, and the time to act is now.

The road ahead The challenges ahead are daunting—climate change won't be solved overnight, and the transition to a sustainable future won't be painless. But the opportunities are enormous.

a world where action is delayed, and half-

and resilience, creating a world where the

New industries are emerging, cleaner

measures are implemented in the face of

future is brighter and more sustainable

technologies are advancing, and businesses

mounting evidence. It's a future defined by

than the one we face today.

that adopt are thriving. If we want a future where the planet is liveable and future

inaction and missed opportunities—a world where climate change is deeply embedded

What will Malta's future look like?

in the fabric of everyday life, but nothing is

While Malta's carbon emissions are a tiny

done to stop it.

fraction of the global total, the island is

generations can thrive, we must act today.

particularly vulnerable to the impacts of

2. Collapse: Climate inaction leads to economic and environmental breakdown

climate change. Warming in the Mediterranean

in this scenario. Global warming rises

is happening faster than in other parts of

to nearly 4˚C by the end of the century,

Europe, and the island's small size and isolation

and the consequences are catastrophic.

make it especially susceptible to the effects of

Infrastructure collapses, food and water

changing weather patterns.

become scarce, and entire ecosystems fail.

This is a future of survival, not prosperity,

EY Malta has developed the Malta Four

where the effects of climate change are too

Climate Futures, tailored to the island's unique

much to handle.

circumstances. Whilst acknowledging that this is not a perfect science, then that there is a

Shifting to a new system:

degree of scenario analysis involved – global

1. Constraint: Governments step in as

trends, historical events, and our advanced

the effects of climate change become

understanding of biodiversity and global

undeniable. Strict regulations are imposed

weather patterns allow for a reasonable

to curb the damage, and the world works

inference of Malta's Four Futures. EY will bring

frantically to limit global warming to 2.5˚C.

these futures to life with visuals to depict

It's a future where we've left it too late to

the impact of climate change on the Maltese

prevent disaster, and the only option left is

islands and ensure stakeholders are equipped

to implement harsh measures to limit the

with the knowledge needed to act.

We will discuss these scenarios at EY's Four Climate Futures event on 29th April and explore

damage.

This will offer a glimpse into the future and

actionable steps towards a sustainable future. We

undergo a radical transformation -

pose the question: will we continue with

are offering free places to MONEY readers with

innovation in sustainability becomes the

business as usual with rising sea levels, water

the booking code MoneyMalta4F25. Don't miss

norm, and global warming is limited to a

scarcity, increased reliance on imported food,

the opportunity to be part of this critical dialogue

rise of just 1.5˚C by the end of the century.

environmental degradation and power cuts

and gain the knowledge needed to help shape a

Humanity embraces the challenge of

becoming the norm? These challenges are

better tomorrow. Visit www.ey.com/en_mt/events/

climate change and adapts with ingenuity

already being faced with a planetary warming

change-4-futures to book your place.

2. Transform: Business and society voluntarily

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

53

PROMO

UNVEILING POWER AND PRECISION Range Rover Sport SV steals the spotlight at exclusive event

An evening of performance, design, and craftsmanship unfolded on Friday, February 21st, as distinguished guests gathered at Pjazza 1902 in Pembroke for an exclusive showcase of the Range Rover Sport SV—the most powerful and dynamic Range Rover Sport ever created.

54

ISSUE 85

MONEY

PROMO

Hosted by Muscats Motors, the event delivered an immersive experience that brought the spirit of the Range Rover Sport SV to life. Guests were welcomed with a curated cocktail reception and a sit-down dinner celebrating culinary artistry and automotive excellence.

A highlight of the evening was the exclusive collaboration with Heir and Loom, who presented a striking display of high-profile jewellery and luxury watches. Known for their dedication to craftsmanship, rarity, and design, Heir and Loom’s collection seamlessly complemented the bespoke nature of the Range Rover Sport SV. Their presentation offered

guests an intimate look at some of the finest pieces in their portfolio, celebrating timeless elegance and precision—qualities mirrored in the SV’s meticulous detailing and performance.

Guests also enjoyed an insightful joint presentation by the Heir and Loom team and Land Rover product specialists, drawing connections between the worlds of bespoke luxury, high-performance vehicles, and fine jewellery.

The Range Rover Sport SV, unveiled in its full glory, captivated attendees with its bold design, SV-exclusive features, and cuttingedge performance technology. With a commanding presence, advanced dynamic air suspension, and a focus on driver engagement, the SV redefines luxury performance in the SUV segment.

The event underscored Land Rover’s commitment to delivering exceptional vehicles and unforgettable experiences for those who value performance and refinement.

For more information about the Range Rover Sport SV or to schedule a private viewing, contact Muscats Motors at https://muscatsmotors.com.mt/contact/.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

55

R E G U L AT I O N

Regulation overhaul How the new CPR and Eurocodes will reshape construction

The European construction industry is undergoing a regulatory transformation. The new Construction Products Regulation (EU) 2024/3110 (CPR) and second-generation Eurocodes will enforce stricter sustainability, transparency, and digitalisation standards. With major compliance deadlines looming, Stephen Mallia explores what these changes mean for Maltese manufacturers, architects, and developers and why preparation is key.

A

new Construction

reuse. In practical terms, details

more comprehensive view of a

Products should take charge by

Products Regulation

about the implementation of how

product's environmental impact,

requesting this information from

(CPR), officially known as

information will be transmitted to

and include:

their suppliers, ensuring their

Regulation (EU) 2024/3110, has

the consumer will be provided in

come into effect, with significant

the form of a QR code, barcode, or

»

Ozone depletion

implications for anyone involved

similar method.

»

Acidification potential

»

responsibilities are adequately covered.

Eutrophication (aquatic

Moreover, the construction

within the European Economic

On sustainability requirements,

freshwater, aquatic marine,

industry across Europe is set

Area, including manufacturers,

the EU Green Deal aims for

and terrestrial)

for a significant transformation

distributors, architects, and

climate neutrality by 2050,

»

Photochemical ozone creation

as the second generation of

designers. The CPR, officially

and the construction industry

»

Abiotic depletion (minerals,

Eurocodes nears completion.

entered into force in January

has a major role to play. The

metals, and fossil fuels)

These comprehensive structural

2025, with most provisions

new CPR introduces a phased

Water use

design codes, which serve as the

applying from January 2026,

implementation of sustainability

aims for a stronger, more unified

requirements.

in the construction industry

»

market for construction products

backbone for construction and As of January 2032,

civil engineering projects, are

manufacturers must also declare

substantially upgrading to meet the sector's evolving needs.

across the EU, focusing on

Starting in January 2026,

all sustainability indicators

sustainability and digitalisation.

manufacturers of certain

specified in the regulation. This

Maltese importers and

construction products will be

final phase includes additional

The revamped Eurocodes

manufacturers must know the

required to declare the Global

environmental impact indicators

promise to be more user-friendly,

key changes and prepare for the

Warming Potential (GWP). The

such as:

adaptable, and aligned with

transition.

GWP measures how much heat

cutting-edge construction

a greenhouse gas traps in the

»

Particulate matter emissions

technologies. These 'rulebooks'

Key aspects of the new CPR

atmosphere compared to carbon

»

Ionising radiation

for construction design across

include the Digital Product

dioxide. This declaration will

»

Eco-toxicity

Europe are being upgraded to

Passport. This system will

include indicators related to

»

Human toxicity

include the latest advancements

provide detailed information

climate change effects, such as

»

Land use-related impacts

in construction technology,

about construction materials,

total and effects from fossil fuels,

including performance data,

biogenic sources (emissions from

Manufacturers should prepare for

energy efficiency, and circular

safety information, installation

natural sources), and land use

these changes by familiarising

economy principles.

instructions, durability and the

changes.

themselves with the relevant

climate change considerations,

environmental assessment

The second-generation

increased transparency will

By January 2030, the

methodologies and ensuring their

Eurocodes will introduce several

enable informed choices about

declaration of core sustainability

products meet the necessary

crucial enhancements. The new

sustainable building materials

indicators will become mandatory.

standards. On the other hand,

codes will feature improved

and facilitate recycling and

These indicators provide a

importers of Construction

clarity, a more streamlined

product's carbon footprint. This

56

ISSUE 85

MONEY

R E G U L AT I O N

structure, and fewer nationally

Eurocode parts will be available.

withdrawal of conflicting

and recycled. Digital product

determined parameters, fostering

This marks the date when the

standards (first-generation

passports will provide a detailed

greater harmonisation across

final content becomes available,

Eurocodes) will be completed.

history of materials, making

Europe. Provisions for advanced

allowing industry professionals,

materials and construction

educational institutions, and

As the implementation date

straightforward. Sustainability

techniques will be incorporated,

software developers to begin

approaches, all stakeholders

requirements will encourage

potentially facilitating the use of

adapting to the new standards.

in the construction industry

manufacturers to use recycled

Building Information Modelling

This 18-month period provides a

must prepare for this transition.

content and design products for

(BIM) and computational design

crucial time for familiarisation and

From architects and engineers

easy disassembly and reuse.

tools. In line with broader

preparation.

to contractors and material

reusing and recycling them more

suppliers, the new Eurocodes

Each member state is responsible

include enhanced guidance on

September 2027 signifies

will likely have far-reaching

for enforcing the regulations

sustainability and environmental

the official publication of the

impacts on European design

within its borders, with the

performance criteria. More

second-generation Eurocodes,

practices, material selection, and

European Commission monitoring

comprehensive guidance will

after which the new Eurocodes

construction methodologies.

implementation and providing

be provided on assessing,

can be used in practice. This

reusing, and retrofitting existing

date triggers a surge in training

The new CPR will affect the entire

is needed to ensure a smooth

structures. Notably, a new

demands and necessitates

supply chain, including importers,

transition. Clear communication

Eurocode (Eurocode 11) will

updates to internal processes

distributors, and retailers. All

and education will be crucial for

be explicitly introduced for

across the construction sector.

involved must know the new

different product families and

structural glass, recognising its

Essentially, these dates bookend

requirements, understand

categories during the coexistence

growing importance in modern

a critical transition period,

labelling and documentation, and

periods.

architecture.

requiring significant effort from all

ensure suppliers are up to speed.

European goals, the codes will

guidance. A collaborative effort

By embracing these changes,

stakeholders to ensure a smooth The rollout of the second-

shift to Europe's new structural

The CPR encourages a circular

driving innovation, and working

generation Eurocodes follows a

design standards.

economy approach, where

together, the construction

buildings are not treated as

industry in Malta can contribute

disposable but repaired, reused,

to a more sustainable future.

structured timeline. By March 2026, the definitive text of all new

MONEY

Finally, by March 2028, the

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

57

DESIGN

DESIGN FORWARD The future of form and function

Innovative design meets cutting-edge

hexagonal headlamp. A compact digital display

cap adorned with the Overfinch blade emblem.

technology in these bold new creations.

with neon green graphics provides essential

Arancia Orange details, carbon fibre body

riding information. Currently, the Kaminari

styling, and black chrome script lettering

Superbike remains a conceptual project.

accentuate the vehicle's Carpathian Grey

1. PP-1: a minimalist turntable with a solid

exterior. Inside, Arancia Orange leather trims

aluminium design Paris-based creative studio Waiting For

3. Xiaomi unveils modular magnetic lens for

embellish the dashboard, steering wheel,

smartphone photography at MWC 2025

and gear selector, complemented by seats reflecting the Overfinch Aurora design.

Ideas has unveiled the minimalist PP-1 turntable, crafted from a solid block of

Xiaomi introduced a revolutionary modular

Performance enthusiasts will appreciate the

anodised aluminium. Priced at €5,800, the

magnetic lens system at Mobile World

variable valve performance exhaust system

PP-1 features a concealed inverted cartridge

Congress 2025, transforming smartphones

and an optional upgrade to a 4.4L P530 V8

and stylus, eliminating the visible tonearm. It

into high-performance digital cameras. The

engine, increasing output from 530 HP and

automatically detects and adjusts playback

innovative design enables users to easily

750Nm of torque to 620 HP and 890Nm.

speed between 33 and 45 RPM. Users need to

attach and swap different lenses, enhancing

place records upside down for playback. The

mobile photography without the need for

5. Bertone revives the 1969 runabout with

turntable connects via a 3.5mm audio jack and

bulky external accessories. This system

modern design and pop-up headlights

is powered by a 5V USB-C port.

aims to compete with traditional camera setups, appealing to both casual users and

Bertone has unveiled a modern version of

2. Kaminari superbike: a sci-fi concept

professionals. Although pricing has not been

its iconic 1969 Runabout concept car, now

inspired by cyberpunk and anime

revealed, Xiaomi's 15 Ultra smartphone is

featuring contemporary design elements and

priced at around €1,500, while a Photography

functional pop-up headlights.

Brazilian graphic designer Braz de Pina has

Kit is available for €200.

The original Runabout, designed by Marcello

introduced the Kaminari Superbike, a concept motorcycle inspired by cyberpunk aesthetics,

4. Overfinch unveils Velocity Edition 2025 at

Gandini, was inspired by 1960s racing boats

anime, and metal heroes.

Miami Concours

and influenced models like the Fiat X1/9. The

The design features two colour variants: the

Overfinch made a striking impression at the

shape and introduces an L-shaped side

"Silver Arrow," which offers a sleek, bullet-like

8th annual Miami Concours on February

profile that extends from the roll bar to the

appearance, and a white model accented with

16, 2025, with the U.S. debut of its Velocity

front. Available in Barchetta (fully open) and

red details. Both versions showcase an engine

Edition 2025. This upgraded model features

Targa (removable roof) configurations, the

that resembles an elongated robotic arm

distinctive overlapping helix designs within

car is powered by a mid-mounted V6 engine

connecting the wheels, vertical handlebars

its aluminium wheels, each forged from a

delivering 460 horsepower. Production is set

for a forward-leaning riding posture, and a

single billet and showcasing a self-levelling

to begin in mid-2026, limited to 25 units.

new version retains the distinctive wedge

58

ISSUE 85

MONEY

DESIGN

①

④

②

⑤

③

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

59

DESIGN

THE WOMEN TRANSFORMING SUSTAINABILITY IN DESIGN AND MATERIALS

Sustainability isn't just a trend—it's reshaping how we create, build, and innovate. Across design disciplines, women are at the forefront, pioneering eco-conscious materials, rethinking textiles, and blending traditional craftsmanship with modern techniques. Whether through furniture, material science, or artistic expression, these creators are proving that sustainability is more than an industry shift—it's a movement. Their work isn't just about aesthetics; it's about responsibility, cultural preservation, and paving the way for a more conscious future.

60

ISSUE 85

MONEY

DESIGN

sectors, reflecting her dedication to impactful,

perspective to sustainable design. Known for

sustainable solutions.

her visual and media artwork, she seamlessly blends industrial materials with Indigenous artistry to reinterpret history and offer fresh, modern expressions of cultural identity. With a strong focus on attention to detail, Monnet experiments with precision and structure, crafting furniture and designing pieces that honour traditional techniques while reshaping historical narratives. Her work serves as both

Jay Sae Jung Oh

an artistic and functional testament to the

Sculpting art from the unwanted

resilience of Indigenous culture.

Seattle-based designer Jay Sae Jung Oh has garnered international acclaim for her ability to transform discarded materials into functional art pieces. Her Salvage Series features everyday objects, such as plastic items and musical instruments, meticulously wrapped in natural materials like raw leather, resulting in unified sculptural designs. Oh's work challenges traditional notions of beauty and functionality, encouraging viewers to reconsider the potential of overlooked

Bonnie Hvillum

materials. Her creations have been showcased

Pioneering sustainable textiles

globally, including at the San Francisco Museum of Modern Art and the Cooper Hewitt

Danish designer Bonnie Hvillum is at the

Smithsonian Design Museum.

forefront of sustainable textile innovation.

Her work emphasises the development of circular, biodegradable, or recycled materials, challenging traditional production methods. A highlight of her career was the 'White Utopia' installation at Copenhagen's 3 Days of Design, featuring various biotextiles and eco-friendly materials from her Natural Material Studio.

Hvillum's philosophy of buying better and less aligns with a broader movement towards sustainability in design, showcasing her commitment to eco-friendly practices.

The broader design community is increasingly embracing sustainable practices. Events like Material Matters 2024 have showcased

Vicki von Holzhausen

innovative materials and designs focusing

Innovating with plant-based materials

on the circular economy and sustainability.

Exhibitors are rethinking waste and bio-

Los Angeles-based designer and eco-

materials production processes, highlighting

preneur Vicki von Holzhausen has seamlessly

the importance of regenerative design for a

integrated her commitment to sustainable

sustainable future.

design with innovative material development.

Transitioning from a background in car design,

These female designers' contributions to

von Holzhausen shifted her focus to creating

sustainable furniture design are profound and

high-performance, plant-based materials.

far-reaching. They are reshaping the industry

Her products, such as Technik and Banbū, are crafted from post-consumer plastics

Caroline Monnet

and bamboo, respectively, aiming to replace

Blending tradition with modern expression

through innovative use of materials, ethical production methods, and a commitment to community empowerment. Their work addresses environmental challenges and sets

petroleum-based materials. These innovations are utilised across various industries, including

Caroline Monnet, an Anishinaabe-French

new standards for social responsibility and

fashion, home furnishings, and automotive

artist from Outaouais, Quebec, brings a unique

aesthetic excellence in design.

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

61

R U N WAY

SIROCCO A cultural tribute in fashion

Beneath the opulent arches of the Malta Conference Centre, Charles & Ron's Fall/Winter 2025/26 show unfurled like a gust of Mediterranean air—bold, tactile, and steeped in storytelling.

Aptly named Sirocco, the collection paid homage to the warm, wandering winds that sweep across continents, carrying with them the whispers of heritage, migration, and identity.

Jake Pillow

62

Stephanie Hodgkins

ISSUE 85

MONEY

R U N WAY

Opening the show, Malta's Destiny

Malta archives added a poignant

Chukunyere stepped onto the

touch—transforming garments

runway in a statement coat

into walking narratives of the

from the designers' earlier GIOIA

Mediterranean's crossroads.

collection—an evocative prelude to what was to come. Clare Agius

The colour story moved like a

hosted the show, which featured

painted breeze: camel and sand

electrifying lighting from Nexos

for shifting dunes, blood red and

and a seamless soundscape

turmeric for spice-laden journeys,

by Costa Consulta, setting a

and midnight blue for the twilight

magnetic tone for the evening.

of sea crossings. Each piece was a passport of fabric, texture, and emotion.

The Sirocco collection featured everything from draped chiffon and beaded velvet to structured

Julia Cluett

Behind the runway's glamour

Tiffany Pisani

was an impressive glam squad: hair was expertly led by Martina Hair Studio, with Justin and Mark from Hair Factory and support from Tangled Hair Studio, Galea's Hair Salon, and Steph, the Hair Artist. Inglot The Studio delivered a flawless finish using Inglot products.

Guests sipped Zardetto and enjoyed five-star bites by Corinthia Caterers as they mingled under the patronage of Destiny Chukunyere

Noelene Miggiani

Visit Malta, Heritage Malta, and Yonka Paris by Beauty Culture Group.

mikado and flowing organza, echoing the rich fusion of Middle

Sirocco wasn't just a show but a

Eastern and Asian influences.

cultural odyssey wrapped in silk

Historic maps from the Heritage

and sequins.

Carina Camilleri Valentina Rossi

MONEY

Charles and Ron

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

with granddaughter

63

FA SHION

SPRING INTO LUXURY Exceptional design meets conscious craftsmanship in this MONEY-curated selection of essentials.

1

2

3

4

1. CARTIER EYEWEAR Santos Evolution aviator-style gold and silvertone sunglasses €1,100 2. MANOLO BLAHNIK Truro full-grain leather loafers €845 3. AMI PARIS Tapered jeans €250 Consciously Crafted 4. ORLEBAR BROWN Thomas striped crocheted cotton shirt €595 Consciously Crafted [All items available from mrporter.com, unless otherwise specified]

64

ISSUE 85

MONEY

FA SHION

5

6

7

8

9

5. DRIES VAN NOTEN Slim-fit double-breasted wool and mohairblend blazer €1,275 6. ALEXANDER MCQUEEN Distressed cotton sweater €990 7. KAPITAL 11

Reversible quilted padded shell gilet €2,045 8. LOEWE Large pebble leather bucket bag €2,860

10

9. ETRO Leather-trimmed cotton and wool-blend jacquard bomber jacket €1,850 10. DRIES VAN NOTEN Oversized layered organza and cotton-blend jersey t-shirt €445 11. ROLEX GMT-Master II, Oyster, 40 mm, Oystersteel €11,150 / elcol.com

MONEY

THE DESIGN, ARCHITECTURE & URBAN PL ANNING EDITION

65

NEWS

AP Valletta ushers in a new era with seven new partners

The new partners, all former studio directors,

Maltese architecture studio AP Valletta is

of celebration, reinforcing AP Valletta’s

evolving, strengthening its leadership with

mission to redefine Malta’s built environment.

From left to right: Rosanne Asciak, Erica

seven new partners. As of January 2025, the

With its 34-year legacy, the studio continues

Giusta, Konrad Buhagiar, Danica Cachia

studio's core team—led by David Felice and

to lead the conversation on sustainable,

Mifsud, Charles Sciberras, Simone Vella

Konrad Buhagiar—welcomes a fresh wave of

culture-driven urban development.

Lenicker, Jacques Borg Barthet, Chris Mifsud,

leadership, ensuring its vision remains bold,

“New leadership means sharper thinking—

David Felice, Rory Apap Brown.

innovative, and deeply rooted in urban culture.

without losing sight of our core principles.”

Photo by Dragana Rankovic, 2024

Rooted in harmony: Heritage meets modern living

for a brand that has grown globally without

openness that's unmistakably modern.

At this year's Milan Design Week, Natuzzi Italia

designers and visionaries to explore how

doesn't just showcase a collection—it tells

past and present can coexist beautifully. The

a story. "Rooted in Harmony," the latest vision

result? A series of collaborations that push

include Charles Sciberras, Danica Cachia Mifsud, Rosanne Asciak, Simone Vella Lenicker, Rory Apap Brown, Erica Giusta, and Jacques Borg Barthet. Joining them is Chris Mifsud, stepping in as a non-executive partner, replacing Reinhold Karner.

Felice and Buhagiar describe this as a moment

losing touch with where it began. Every element aligns with Pasquale Natuzzi's Codes

② Memoria by Karim Rashid

of Harmony—values that blend craftsmanship,

From living room to bedroom, Memoria is

sustainability, and emotional connection, from

a homage to Mediterranean hospitality.

material selection to sculptural silhouettes.

Curvaceous, comfortable, and intensely sensual, it reinvents Natuzzi's comfort ethos in

The "Circle of Harmony" returns to the Via

sculptural form.

Durini flagship, bringing together global

from the iconic Italian brand, is both a tribute to its Apulian heritage and a bold step into contemporary living. Sixty-six years after its founding, Natuzzi draws from the soil of Puglia

③ ③ Valzer by Antony Cecca

②

Movement takes shape in Valzer, a CNCsculpted dining table with a fluid base and crystal-clear glass top. The collection is

①

design into new emotional and functional

complemented by sleek sideboards and display

territories.

cabinets.

Collection highlights

Each design speaks to a world in transition—

and crafts a future shaped by timeless beauty,

① Amama by Andrea Steidl

rooted in authenticity, crafted with

innovation, and soulful design.

A double-sided modular island sofa that

conscience, and made for how we live now.

redefines the social space. Think architecture

With "Rooted in Harmony," Natuzzi Italia proves

The theme? The root symbolises origin,

meets everyday ease—integrated shelving,

that legacy and innovation aren't opposing

strength, and continuity. It's a fitting metaphor

smart storage, soft geometry, and a sense of

forces but partners in progress.

66

ISSUE 85

MONEY

MALTA’S DEFINITIVE

BOATS AND YACHTING MAGAZINE. WINTER 25

Informative and exclusive content, high profile interviews, sailing destinations and lifestyle. Available at all marinas, affiliated businesses, embassies, 5-star boutique/hotels and sailing clubs.

N

SUM

O I T I D E MER

ISSUE 35

THE DEFINITIVE BOATS AND YACHTING MAGAZINE

20 COVER STORY

SAXDOR YACHTS Promarine brings a new era of luxury and performance to Malta's waters

16

E N U J OUT

24

CROSSING OCEANS AND SAVING LIVES

AGAINST ALL ODDS

John De Giorgio's crew's heroic ARC rescue

The Jarhead Women's Team's RMSR baptism of fire

28 The rising power of hybrid yachts

Also available at

Porto Turistico Marina di Ragusa To advertise: hello@skippermag.com or visit bemags.com

Follow us on

A sense of balance & great serenity.

Discover Habita and the Rooted in Harmony 2025 Collection

by Natuzzi Italia