David Cremona, the commodore of the Royal Malta Yacht Club, has joined forces with South African businessman James Ramsay to develop high-end apartments on the Ta’ Xbiex seafront in Malta.
Cremona, son of Lt. Col. Anthony Cremona of the Royal Malta Artillery, is the director of Cavendish Holdings Ltd., which has acquired a development in the Blue Harbour complex.
Cavendish is 99.92% owned by James Ramsay, who has been a resident of Malta for many years. Although Ramsay is a low-profile figure, he made headlines in November last year when his British solicitor William Osmond was sentenced to 9 months in prison.
Osmond was found to have tipped off Ramsay about a covert investigation into alleged money laundering by the UK’s Serious Fraud Office (SFO). Despite warnings by the SFO not to tell Ramsay about the investigation, court documents show Osmond flew out to Ramsay’s home in Malta to discuss the matter.
Ramsay’s Cavendish Holdings acquired an “investment property” comprising “a site situated at Ta’ Xbiex Sea Front” in 2015. The site was “to be developed into a commercial shop and residential units for rent,” according to commercial records. It appears that this development refers to the Cavendish Residence at the Blue Harbour complex.
The “ultra luxurious” Blue Harbour, which has won awards for its design, began construction in 2010 and was developed by the Wininvest Group, owned by the well-known Fenech family. It is located in Ta’ Xbiex, a small seafront area adjoining Valletta that is known for its historic Art Deco villas. It is also home to the embassies of Netherlands, Spain, Germany, Austria, Ireland, and the British High Commission, as well as the 720-berth Msida Yacht Marina, one of the most popular marinas in the country.
The high-end apartments in this development are subdivided into “residences” named after notable British explorers and adventurers, including Drake, Cavendish, Shackleton, and Frobisher. Apartments cost roughly $1.5 to $2 million while prospective renters can pay approximately €3,750-€4,000 a month to live in the development.
In addition to the apartments and “sky villas”, the complex also contains a boutique hotel, an exclusive health spa, a five-star restaurant and extensive commercial space, including a World of Wines.
David Cremona, who is currently a sales consultant at the Belair Property real estate agency, became a director of Cavendish Holdings in 2020. He took over from John Huber who was the former chairman of Yachting Malta.
The remaining 0.08% of Cavendish is owned by a company based in the British Virgin Islands (BVI) called Craven Hill Investments Limited, which is controlled by James Ramsay and his wife Diana. Craven Hill is notable as a 10% shareholder in Fiske PLC, a London-based investment manager and stockbroker.
In addition, James Ramsay directly owned an apartment in the Drake Residence of Blue Harbour until September 2022. He sold it for €1.43 million before purchasing a new residence in the Highrise building in the adjoining Triq l-Imradd street.
