$2.6 Billion-Dollar Pearl of the Caribbean
CASTRIES – St Lucia will become home to one of the Caribbean’s iconic resort and lifestyle developments following Prime Minister Allen Chastanet’s signing of an agreement to build the island nation’s first and only international standard integrated development.
The Pearl of the Caribbean is valued at over US$2.6 billion and occupies a 700-acre site to the south of the island. The project will comprise a marina, a racecourse, a resort and shopping mall complex, casino, Free Trade Zone, extensive entertainment and leisure facilities, eco-tourism as well as architecturally designed villas and apartments.
Overall, the Pearl of the Caribbean Development is designed to be a well-balanced project with open space making up over 50 per cent of the overall development. It is designed to be a sustainable and self-contained development and is expected to generate between 500 to 800 jobs in construction during its initial phase of implementation.
The agreement was signed by the Government of St. Lucia and the project’s Master Developer DSH Caribbean Star Limited in St. Lucia and construction of the initial phase of the project is set to commence in 2017.
The signing marks a significant milestone in the three years of negotiations between DSH Caribbean Star Limited and key agencies of the Government of St. Lucia including Invest St. Lucia (ISL), the Citizenship by Investment Unit (CIU) and the Development Control Authority (DCA).
The Pearl of the Caribbean is also set to play a lead role in the development of a new horse industry in St. Lucia, proving a new tourism and entertainment option for international tourists as well as new employment opportunities for locals.
Upon completion, the project will be able to house more than 1,000 racehorses and have the capacity to hold feature racing carnivals, establishing St. Lucia as a racing and entertainment centre in the Caribbean and leveraging off the international appeal of the sport to promote St. Lucia to a diverse audience base.
The announcement of the Pearl of the Caribbean is the latest high profile step in St. Lucia’s drive to create new industry and bring in new investments. Today’s signing follows on from the government’s launch of the St. Lucia Citizenship by Investment Programme in January 2016 and confirmation of the extensive upgrading of the Hewanorra International Airport which is located only two kilometres from the Pearl of the Caribbean development.
The objective of the Master Plan proposal is to create a new tourism district targeting not just the short term visitors to St. Lucia but investors in the properties such as the Homestead Villas, waterfront Villas and other commercial properties.
The Pearl of the Caribbean is expected to appeal to international investors, especially in emerging markets like China, South East Asia and Russia. The Pearl of the Caribbean proves high quality investment opportunities and resort style living on an island famed for its unspoilt beauty, pristine beaches and World Heritage sites. Investment opportunities in this project also qualify for St. Lucia’s Citizenship by Investment Programme.
China’s booming investment and outbound tourism sectors have significantly boosted economies across Europe, North America, South East Asia and Australasia over the last decade. In 2015, the World Travel and Tourism Council stated that Chinese outbound tourists spent a staggering US$215 billion, a 53 percent increase on the US$140 billion spent in 2014.