Gibraltar is a small British Overseas Territory located at the southern tip of the Iberian Peninsula (Image: Getty)
A major house development project is likely to be created in the the northern end of ’s inner harbour and will expand the territory’s , it has been reported.
According to the government, the new 47,000 square metre area, equal to almost half of the Eastside development, will be “created at no cost” to the taxpayer.
The government of Gibraltar has confirmed that an agreement has been signed with TNG Global Foundation, reports
It said in a statement: “The government keeps the larger proportion of the reclamation to meet its objective of building the next programme of affordable housing estates on it.”
The complete cost of the project will be covered by TNG Global Foundation in return for part of the land reclaimed.
Gibraltar is rich in history, culture, and natural beauty. (Image: Getty)
Details of how many housing units or completion dates have yet to be announced but the government hopes to complete them by 2028.
In his new year message, Chief Minister Fabian Picardo said they will include homes for rental to add to the government rental housing stock.
He said: “I am delighted to announce this agreement with TNG Global Foundation.
“It follows months of work as the Government grapples with how to meet the ever-increasing demand for housing, whilst seeking to constrain costs.
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“The land reclamation initiative is an integral part of a long-standing process that has significantly benefited our community by providing housing for countless residents over many decades.”
“While we recognise that this may have impacted views for some, as it has for others in the past, this iterative approach to reclamation remains critical in addressing the ever-growing housing needs of our community. We have no choice but to do this to continue to properly house our people.
“Gibraltar needs to continue to expand to house its own people and none of us should be selfish in this respect, as the people of, for example, Varyl Begg were not selfish when the reclamation was developed in front of them.”