Fort Cambridge and its environs

GAP Developments plc's latest project, Fort Cambridge, "has won the accolades" in the first Russian Home Overseas Property Awards, we are informed.

Without going into the merits of the design since I often admire a piece of architecture but totally disagree with its location and context, it is in fact the latter which alienates me to this project.

The Fort Cambridge project started off on a wrong foot while still on the drawing board, incensing the local residents' associations when the Malta Environment and Planning Authority issued permits for the development, dismissing the need for an Environment Impact Assement to be carried out. This was followed by further uproar from the Sliema Local Council, several environment NGOs and some political parties. At this point the NGO Flimkien ghal Ambjent Ahjar (FAA) contacted the EU which, on reviewing the case, ruled that an EIA had to be carried out, which forced MEPA to stand down from its previous position and ask the developer to conduct the EIA. The experts were paid out of the developer's pocket of course, and the green light given in a record couple of weeks; at which point the EU washed its hands of the issue.


An EIA is a study of a project's impact on the area both while under construction and during its operation, in terms of traffic flow, air pollution, vibrations, utility services, and construction methods; all required to protect the residents' quality of living, and thus ultimately safeguarding the value of the already existing properties in the neighbourhood.

If building regulations aren't upheld, this means a loss of faith in the planning process, which in turn means you can buy a property but you can't protect your investment from any projects which are in breach of regulations, which means as a resident you can't plan your future and as an investor you never know what the annual return on your investment will be given the disruption and deterioration each project brings along.

And that, at the end of the day, is the wrong way to mantain a healthy and prosperous real estate market.

Comments

Post a Comment

Popular posts from this blog

Fire safety regulations for apartment blocks to be proposed by CPD in coming weeks

Regulations will prevent fire incidents from escalating  The Civil Protection Department is in the coming weeks proposing a number of fire safety regulations for apartment blocks.  The measures follow recommendations in an inquiry led by Magistrate Joseph Mifsud following a fire at 77 “Waterways” Flat 3, Triq l-Aħmar, Marsascala, during which a man had lost his life. Six people had also been hospitalised.  They include that fire drills led by the administrator should be carried out in every apartment block, that each block should have fire extinguishers u fire blankets at a place that was visible and accessible and that there should be a smoke and fire detection alarm in the common area.  Other proposals are for emergency exit signage, easy accessibility to roofs, and that callers to emergency number 112 should give as much information as possible and identify a landmark for a faster response time.  These, the CPD said in a statement, were some of the measures that could be
Read more

Scheme to regenerate village core buildings launched

First-time buyers of scheduled buildings will be given a 70 per cent rebate on restoration works, thanks to a scheme launched this morning. The rebate, up to a maximum of €100,000, will cover facade and interior works, balconies, and even some forms of garden works. First-time buyers of property in Urban Conservation Areas meanwhile will be eligible for a maximum rebate of €10,000. The scheme, which will start on January 16, has an €18 million cap and is on a first-come first-served basis. Receipts must be provided. The Irrestawra Darek scheme was launched by the Planning Authority this morning to help with the regeneration of Malta's village core areas. The scheme was first announced by Finance Minister Edward Scicluna in the last Budget. The planning authority said it had reached an agreement with the Local Council Association to help councils provide residents with a conservation architect. Times of Malta online article here.
Read more

The Villa Madama auction

Image
Something is clearly amiss. A landmark property has just gone under the hammer, selling at an unbelievable price when compared to other properties. But here's the quandary. Can such a property be benchmarked at all? My starting point is pretty basic. How many upmarket apartments can be bartered for this well maintained landmark property of historical value located next door to the President of Malta's palace?The shocking answer seems to indicate not even two.
Read more