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Property magnate enters joint venture to develop eco-friendly St Lucia holidays with new resort

  • 21-Aug-10 09:34
  • St Lucia
  • Holiday Industry

Two joint ventures between a property magnate, his firm and another two companies will be putting together funds to invest in a new luxury eco-resort development in St Lucia, which will be called Freedom Bay.

Property magnate enters joint venture to develop eco-friendly St Lucia holidays with new resort

Robert Whitton (chairman of ROM Capital Asset Management and Whitton international) joined forces with Brad Lincoln, chief executive of shared ownership experts The Best Group to set up Whitton Best Sales and Consulting and Whitton Best Capital Partners, two joint ventures set up to market a new luxury eco-resort development in St Lucia.

The fact that Whitton, who has a massively successful enterprise in the commercial property sector, has chosen St Lucia for a foray into luxury residential sector is a massive testament to the potential of St Lucia's property market, and the wider Caribbean. In answer of why he has made the mover, Whitton told Overseas Property Professional:

“Because the Caribbean offers excellent value and opportunities right now,” he says. “The whole region benefits from being close to the USA with plenty of short-haul flight options. Economic recovery is taking place in the States and buyers are re-emerging. I like St Lucia’s proximity to the emerging economies of South America like Brazil. And it has long-term historic ties to the UK and Europe.”

Whitton also said that he believes St Lucia is well positioned for growth and success with “economic stability, a currency linked to the US Dollar, a strong democratic political system, cheap land prices and a progressive government.”

"There is no inventory overhang in the property sector. Unlike Spain the coast has not been overdeveloped and there is more demand than supply … an ideal position," he added.

The resort, called Freedom Bay sits on 68-acres of a World Heritage site beneath the Piton Mountains. Planning permission is already secured for the 420,000 sq ft development comprising 45 four-bedroomed “super villas,” 8 three-bedroomed “beach villas,” 18 one-bedroomed “hotel villas,” 22 one-bed “cliff villa apartments,” 8 one-bed “cliff villa terraces,” 32 “rainforest apartments” and 41 “Piton Apartments.”

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