The St. Lucia government signed a US $2 billion agreement to establish the “Pearl of the Caribbean” project in the south of the island.
The agreement was signed by Prime Minister Allen Chastanet and officials of the project’s premier developer, Hong Kong-based Desert Star Holdings (DSH). The first phase of the construction will begin next year.
A statement issued by Invest St. Lucia said the signing of the agreement ends three years of negotiations between DSH Cand key state agencies Invest St. Lucia (ISL), the Citizenship by Investment Unit (CIU) and the Development Control Authority (DCA).
It said the multi-billion dollar project will occupy a 700-acre site and will include a marina, racecourse, a resort and shopping mall complex, casino, Free Trade Zone, extensive entertainment and leisure facilities as well as architecturally designed apartments.
The statement added: “Overall, the Pearl of the Caribbean Development is designed to be a well-balanced project with open space making up over 50 percent of the overall development. It is designed to be a sustainable and self-contained development and is expected to general between 500 and 800 jobs in construction during the initial phase of implementation.”
“The Pearl of the Caribbean is also set to play a lead role in the development of a new horse industry in St. Lucia, providing 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 center in the Caribbean and leveraging off the international appeal of the sport to promote St. Lucia to a diverse audience base,” the statement added.
The statement continued: “The Pearl of the Caribbean is expected to appeal to international investors, especially in emerging markets like China, South East Asia and Russia.”