FAA maintains that the transfer of a yet another vast area of prime real estate in St Julians/Pembroke area, to a private enterprise such as the Corinthia group raises many social, environmental and economic concerns.
In the first place the area was conceded to the group specifically for tourism purpose, supposedly to improve the tourism product, create long-term employment, and benefit the public good.
Now the tourism component is being reduced and the area rezoned and designated for real estate purposes with some 12 towers projected . This means that the planning laws will be changed to enable private business to build lucrative residential units that would otherwise not be permitted under the current planning framework.
This is preferential treatment being granted to speculators.
Why isn’t the same treatment afforded to the public asking for rezoning of areas of environmental and recreational value? Why are the concessions only made for commercial speculation purposes? On what basis can planning laws be changed to accommodate certain interests only? Where does the selling of public land stop?
Moreover, as ascertained by industry experts, the selling price is far from the market price for real estate creating a very worrying distortion of the market without providing any tangible value for the public. There is no longer a level playing field because potential competitors will find that they are not offered the same preferential terms, both by way of price and by way of payment terms. This is not just, does not make business sense and betrays public interest as it undermines the best use or gain of precious and very scarce public resources.
Press Release 14th January 2019
