Social Housing Project well underway: €58m investment and 768 social housing units
Work is well underway on a social housing project with an investment of € 58 million which will result in the construction of over 760 social housing apartment units.
The projects at sixteen different sites are being carried out with the collaboration of two government companies: Projects Plus in its advisory capacity and Malita Investments which is taking care of the financing.
In the next two years, the first families are expected to move into some of the social housing projects spread over nine localities. The project consists of the construction of 768 apartments, 270 garages and 350 car spaces.
Projects Plus CEO James Camenzuli said work on eleven of the 16 sites is under construction. “These places will be rented: rent subsidized through the investment brought in by European banks; they will be able to be rented at a fixed rate for a full 25 years, and those who are vulnerable and those in need will benefit well from the scheme. ”
The Chairman of Malita Investments, Kenneth Farrugia, said that Malita Investments secured the financing of this project from the Council of Europe Development Bank and the European Investment Bank. He said the apartments would be accessible to everyone and the size varied to reflect the needs of families.
“Malita has entered into an arrangement with the government and taken these sites to develop these apartments: three bedroom, two bedroom and one bedroom. We also have apartments for people with special needs which will be rented to these people through a government subsidy. ”
The Minister for Capital Projects, Ian Borg, said that this project showed how the Government had changed the way things are done. He explained that while before the Government used to issue the lease to the private sector at a subsidized price, with this scheme, after 25 years these apartments will be part of the Government’s assets to be able to help more people.
“The work of project management is crucial in this country and I think that projects plus is showing how with the right resources and the right instruments it is delivering projects on time – projects that are about to start to be enjoyed by families most in need.”
He reminded that through another entity: the Grand Harbor Regeneration Corporation, the government was making various investments including the rehabilitation of abandoned buildings in the Capital city.
Once these apartments are completed, the Housing Authority will allocate them according to the needs and exigencies of the people on the list for social housing.