Portomaso, Malta

Client: Spinola Development Co / HSBC / Bank of Valletta
Project Value: £95 million
Location: Portomaso, Malta

The £95million scheme comprised the demolition of the existing Hilton Hotel, and the construction of a new marina, a new hotel and 300 marina-side apartments, a 28-floor tower office block with a business and conference centre and 2,500 car parking spaces, along with associated commercial, leisure and retail areas around the new marina.

Insight International were part of an initial audit team brought in by HSBC when they took over Malta’s largest Bank, Mid-Med Bank. We, together with the joint Buchler Phillips (now Zolfo Cooper) team carried out an initial audit on this development.

At the time, the scheme was three years into an overall anticipated project programme of five years. The budget was reviewed, and an overall development plan was produced. The stated budget at the time was LM43million (€100 million), but rising continually. Through the instigation of disciplined procedures, such as robust programme and change control, both the programme and budget were brought under control.

At HSBC’s request, while continuing to report to the banks, we were installed as development advisor to the Tumas Group Board. Within seven months, having properly programmed the scheme, the 5* hotel was opened, bringing with it the first significant residential apartment sales, and through a focused approach to the second phase and a complete re-phasing, the project was delivered successfully.

Images provided courtesy of Demicoli & Associates