Elysium Bayside groundbreaking marks new chapter in Gibraltar’s urban landscape

A new chapter in Gibraltar’s urban development began yesterday with the official groundbreaking of Elysium Bayside, a mixed‑use scheme described by the developer TNG Global Realty Ltd as one of the Rock’s most anticipated projects.

The event, hosted by TNG Global Realty in partnership with ROX Living Global, took place on the site of the former Bayside and St Anne’s schools.

Present for the ceremony was Adrian Olivero, CEO of TNG Global Foundation, who was flanked on either side by the Chief Minister Fabian Picardo and Minister for Business Gemma Arias Vasquez and the Minister for Economic Development Sir Joe Bossano.

Joining them were Thanh Tran the Chairman of Delta Group the constructor of the development’s basement, LocK Tran the CEO of TNG Global Realty and ROX Living Global, Tung Nguyen the Regional Chairman and Deputy CEO of ROX Group, and numerous individuals in the commercial, residential and retail estate agent sector on the Rock.

Introducing the project, the host described Elysium Bayside as a “significant mixed‑use development” integrating residential, commercial and retail uses within a carefully conceived urban environment.

The development will comprise of six buildings centred on a shared piazza, which is intended to connect residents, businesses and visitors in a way that reflects the evolving character of modern Gibraltar, guests were told.

Addressing guests, Mr Olivero, said the ceremony was both a milestone for Elysium Bayside and “the next milestone in TNG’s relationship with Gibraltar and the wider community”, a relationship which began around seven years ago.

He recalled the acquisition by TNG’s principal of Jyske Bank, what is now Trusted Novus Bank, during the Covid‑19 lockdown, followed shortly afterwards by a sizable contribution to the Gibraltar Covid Fund and funding for Campion Park.

Mr Olivero highlighted TNG’s role in building and fully funding two schools for the Government of Gibraltar, projects he said had delivered state‑of‑the‑art facilities for local children and the wider community.

He noted that TNG now employs over 35 permanent staff in Gibraltar and is using the Rock as a base for a growing portfolio of international investments, ranging from hospitality assets in London and Paris to real estate and renewable energy projects in Central Asia and soon North Africa.

“We appreciate and understand the importance of contributing to Gibraltar PLC. We hope to do so for many years to come as we all strive to strengthen and enhance Gibraltar's socio economic future,” he added.

Speaking on behalf of ROX Group, Mr Nguyen, described Elysium Bayside as a “defining addition” to Gibraltar’s evolving landscape.

“At TNG Global Realty, we do not simply build structures,” he said. “We create sustainable communities where people, nature and culture coexist in harmony.”

“Gibraltar with a unique blend of British habitat and Mediterranean spirit offers the perfect setting for such a reason, our investment here is a long-term commitment to a future remarkable place.”

Elysium Bayside, he said, has been designed as a contemporary community, that brings together “elegance, convenience and connectivity.”

It has high‑quality residences with integrated office and retail space to create a “vibrant, well‑rounded environment for living, working and leisure”, he added.

The company aims to “deliver this project on schedule, to the highest standards” as “iconic developments, we believe, must serve not only the present, but also generations to come.”

Mr Picardo said that he believes that Elysium Bayside will be “one of Gibraltar’s most attractive addresses”.

He recalled the site’s historic role in local education, noting that many Gibraltarians had studied there under the comprehensive system and at nearby St Anne’s School.

He added that part of the premium for the plot had been paid through the construction of the new Bishop Fitzgerald and Governors Meadow schools, now in use.

“It was a high premium. It was a tough negotiation,” he said.

“Every taxpayer in Gibraltar knows that its Government held out for a much higher price than anybody was prepared to pay, because nobody understood the value and the potential of the plot like the Government understood it and TNG Realty understood it.”

Mr Picardo reflected on the international nature of the project as a mirror for Gibraltar’s own outlook, and noted the fusion of Italian design and significant investment from Vietnam through TNG Realty. He said that for centuries, Gibraltar served as the UK’s gateway to the East, and this partnership now brings that relationship full circle through modern commercial investment.

Looking ahead, he expressed his hope that, either on April 10 or as soon thereafter as possible, Gibraltar’s frontier with the European continent may effectively disappear, enabling residents of Elysium Bayside to be just “a short walk away from another country and the 27 members of the European Union and the even greater number of members of the Schengen area.”

“We genuinely welcome your investment. We welcome your expertise. We welcome this magnificent design, and we look forward to your investment on this plot,” he added.

Later he said that projects like Bayside Elysium are good for all taxpayers as they help to attract government income from outside, which keeps tax rates low and public services, scholarships etc fully funded.

“All Gibraltarians should therefore welcome projects like this. I am very pleased this is going to beautify and add services for the people who live in the areas of Glacis and Laguna,” he said.

The speeches concluded with dignitaries invited to participate in the symbolic groundbreaking at the sandbox, where gold spades were provided, as were crisp white gloves and hard hats.

In the background a countdown clock and a shower of gold confetti rained down alongside large sparklers.