AX Group CEO says 70% of Verdala Terraces already sold

AX Group CEO Michael Warrington confirmed that 70 per cent of the Verdala Terraces in Rabat have already been sold or committed for sale. 

In AX Group’s financial statements, Mr Warrington described the completion of the Verdala Terraces and adjacent Verdala Wellness Hotel as the group’s most significant achievement of the year. 

He said the quick market demand for the terraces, which generated AX €34.6 million in revenue, reflects the high standards of the development. 

“The design, quality finishes, large apartments and panoramic view, together with the facilities offered by the Wellness Hotel, including spa, gardens, parking, pool, open spaces and retail outlets, have all contributed to this success,” he said. 

As for the Wellness Hotel, which replaced the Grand Hotel Verdala, Mr Warrington said it has been very well received, “reflecting its unique positioning as the first wellness hotel on the islands”. 

“This development marks AX Group’s first venture into the wellness hospitality segment, supported by leading consultants and experienced management and personnel to design and manage the property,” he said.

The AX Group’s statements show that it practically tripled its pre-tax profits in the 2025 financial year.

The group made a profit of €16.9 million for the year ending 31st October 2025, sharply up from €5.8 million in the previous financial year.

The AX Group’s turnover exceeded €100 million for the first time in its 50-year history, reaching a total of €131 million for financial year 2025, up by 57 per cent from the previous year. 

While the sale of several Verdala Terraces made up some €34.6 to this revenue, the group’s core trading operations generated almost €100 million themselves.

Photo: AX Group