REAL ESTATE DEVELOPMENT ON THE RISE IN SAINT LUCIA
There is progress in Real Estate in St. Lucia with the introduction of the Citizenship by Investment Programme.
In April this year, Boka Estate Limited were the first to be granted CIP approval for the construction of a five star luxury branded hotel at Belvedere Plantation at Anse Mahaut in Canaries on the south west coast of St. Lucia. It will be the setting of a new five star resort. The resort will be operated as a hotel, spa, wellness centre, and high end private residential estate comprising:-
- A five star hotel facility servicing the surrounding villas and apartments
- Six types of residential villa in a private residential zone
- 112 hotel rooms and suites, serviced by the hotel
- A variety of restaurants and bars, including an iconic Beach Bar, Spa and wellness centre
- Concierge service throughout the resort
- New botanical garden housing the National Plant Collection to incorporate the neighbouring National Trust land estate at Anse Liberte
Then In May this year, the second CIP License was granted to the GP Group (Saint Lucia) a European Company and Developers. Approval was granted to build a luxurious hotel and beach resort in Sabwisha, Choiseul on the south west coast of St Lucia. The US$220 million resort development will comprise of a 120 room luxury recreational centre, 40 bespoke villas with ocean views, spa centre, restaurants, sports and recreational centre and a bio garden, among others. This is a major step to develop the south west of the island which up to now has not been utilized for tourism purposes (except for Soufriere). So it creates an opportunity for employment in that part of the island.
Then on 2nd June this month, Range Developments an International Developer specializing in luxury hotel projects in the Caribbean, signed an agreement with the Government of Saint Lucia to be the Master Developer of Black Bay located near Vieux Fort on the south- west coast, the southernmost town of Saint Lucia. The Black Bay Master Development will consist of a luxury branded hotel and villas, a small marina, and an equestrian centre set on 180 acres of prime real estate. The Hotel will boast between 140 and 160 rooms.
These Developments should be a catalyst to boost confidence in the Real Estate sector and thus encourage future growth in this sector.