High-end €2.4 million residences at St George's Bay are almost sold out

Yours for up to €2.4 million – but only seven apartments of 171 are still available at db Group’s high-end towers, Ora Residences, in St George’s Bay, with all the rest already sold out on plan.

None of the 88 apartments in the West Tower, described in an Ora brochure as “Malta’s debut of world-class green development in the vibrant heart of St Julian’s”, are available anymore.

The apartment sold like hot cakes – in some cases, entire floors with five to six units on each of its 18 storeys – in a “record” 11 days in 2023, said sales director Paul Vincenti.

Once known as City Centre, the controversial mixed-use development at the former ITS site in Pembroke attracted large-scale objection from neighbouring residents and environmental NGOs, who stalled the project with legal battles. But it has also attracted big buyers and even bigger names.

Prices ranged from €550,000 for a one-off, one-bedroom on the lower floors to the most expensive going for €2.8 million.

Resale has now begun and would determine the market. But the apartments were already selling for more than they were bought, Vincenti said.

The majority of buyers were local investors, he said, profiling them as mostly 40-plus “hard-working” professionals, who intend to rent their properties and move in with their families on retirement. But along with the strong take-up of Maltese are another 20 nationalities.

The selling point is a ‘Dubai and Monaco level of living’

Vincenti, a seasoned real-estate consultant, who has been on board since sales started in 2023, said the market was “screaming for real luxury”, and “belief in the project” was evidenced by the fact that buyers were selling their large villas in upmarket areas like Ta’ Xbiex and Madliena to downsize and move to the Ora Residences.

What they have in common, apart from deep pockets, is an appetite for luxury “on another level”. It is the amenities that make this special designated area a cut above, according to Vincenti.

But these are not included in the cost of an apartment. With that hefty price tag comes an additional yearly five-figure sum to access an array of services through the project’s 12-storey five-star Hard Rock Hotel franchise, designed to make people’s lives easier.

Breakfast in bed can be followed by a workout in Malta’s “largest” wellness gym and do not worry about your dirty gear after; throw them into a locker and they will be washed, dried and delivered to your home if you have a platinum membership.

The view from one of the apartments currently under construction.

From valet to concierge services

Proceed to meet a friend in the limited-access, 650-square-metre, adults-only private members’ club, created with Annabel’s of Mayfair, London, as consultants.

Residents can book a massage and the table will be set up in their own home by the time you walk through the zen garden – another “first” for Malta – to get there.

From valet to concierge services, the selling point is a “Dubai and Monaco level of living”, according to Vincenti.

Malta was missing the true luxury experience, aimed at attracting “quality clients rather than students buying burgers and sharing a coke”, he said.

Construction work is under way and includes Malta’s largest shopping mall with global retail brands, 12 bars and restaurants, some “world-famous”, a supermarket, almost 5,000 square metres of “green open areas” and a beach club, run by a “big name”.

Buyers can choose between modern and classic finishes.

A kitchen/dining area.

The apartments are housed in the 17- and 18-storey towers – unless more floors are added, according to a fresh permit application to extend them to 23 and 25 respectively. If approved, these changes will result in an additional 82 apartments over and above.

The remaining units of the 83 in the 17-storey East Tower are going for between €1.1 and 2.4 million.

The seafront towers, riding on the concept of sustainable luxury and LEED-certified, will be ready in shell form by next month, with a target date for keys in hand by July 2026.

Buyers could choose between modern and classic finishes, with sound-proofed floors not to hear the neighbours, Vincenti said.

Urban greening is a promise, and, in view of other projects’ “tried and failed” attempts at this, db Group turned to another international expert – award-winning landscape designer and agronomist Laura Gatti, the mind behind Milan’s renowned Bosco Verticale, for the project’s own vertical garden, bringing around 4,000 shrubs to the site.

The site is currently home to many unsightly cranes that have been the subject of much criticism. File photo: Times of Malta

Currently, the site is home to many unsightly cranes that have been the subject of much criticism. But that was part of building efficiently to complete the construction work sooner and create less of an inconvenience, a db Group spokesperson said.

The City Centre project now goes by the name of Ora Residences in a long-thought-out rebranding exercise.

“As the project evolved, it made sense to establish three distinct brands – St George’s Mall, Ora Residences and Hard Rock Hotel Malta – each reflecting the unique character and audience of its destination.

A top view of the db Group’s controversial project.

A controversial mega-project

Originally, db Group planned to build a 37-storey tower and 17-storey hotel on the site of the former tourism school but the plan went through a number of changes since the prime site was transferred to it as part of a controversial land deal approved by parliament in 2017.

A lengthy legal battle against the project ensued over the years as it was met with fierce objections by Pembroke residents and environmental NGOs.

In July, Pembroke local council voted unanimously not to oppose the project in return for €3 million to be spent on a new building for a library, childcare centre, multipurpose hall and a clinic.

As a result, angered residents said they lost confidence in their councillors to represent them during the Planning Authority hearing for db Group’s new application to add more floors.