- February 8, 2018
- Posted by: CIP Journal
- Category: Real estate
The Hon. Prime Minister of Saint Lucia, Allen Chastanet, and the Chairman of Dessert Star Holdings, Mr. Teo Ah Khing, made a presentation to representatives of the media earlier this week. The presentation served to provide an update on the Pearl of The Caribbean project, according St Lucia Government press release.
The Prime Minister mentioned the progress made on the horse race track.
“I was very happy to see that equipment had started to arrive for the Sab Wisha Project. So we are looking forward to that hotel commencing by early March,” he said. “We are still finalizing arrangements with the Ritz Carlton, we do have some snags but nothing that cannot be overcome. What we are trying to achieve will require us to bring a document to parliament. We are trying to ensure that we follow the right parliamentary processes so it means that at the next parliamentary sitting we will have to bring regulations into play which will then allow us to transfer the funds over to the National Economic Fund, which will then allow us to transfer funds to Invest Saint Lucia in order for us to facilitate the loan agreement that we have with Ritz Carlton.
I was also in discussions with our developers in Cannelles, and they have assured me that everything is on pace with that project and they are hoping to make a formal announcement on the date they intend to break ground on that particular project.”
“You would have noticed that work has recommenced on the horseracing track. We had a bit of a hiatus because we were in a land dispute over lands owned by Invest Saint Lucia that were leased to an individual. And although government had proceeded with a compulsory acquisition, every effort was made for us to arrive at a private treaty, an agreement with that individual without having to use the force of law to achieve that, so I am happy to report that we were able to achieve that and enter into a private treaty with that individual in terms of compensating him for the lease of the land that he had.”
According to Loop, The Horse racing track to be owned by Saint Lucia.
The horse racing track currently being built in Beausejour, Vieux Fort under the ‘Pearl of the Caribbean’ project will be owned by St. Lucia in the long run, or as soon as government refunds the developers the money they spend to build it.