25/02/08-The property market in Mauritius received a huge boost today as a heads of agreement was been signed between the SPDL (Sugar Investment Trust Property Development Limited), a subsidiary of the Sugar Investment Trust (SIT) of Mauritius and O&C Mauritius. The agreement will see the development of a fully integrated resort covering 165 acres at Le Bouchon site on the southern part of the Island.
The SIT is the largest shareholder based public company in Mauritius. Since it was established in 1994 SIT has seen its assets grow by over six times to more than RS 2bn and its property portfolio is the largest in Mauritius. O&C Mauritius is a joint venture vehicle specifically created between Oriental & African, an international private investment group and the Crombie Partnership, a UK based developer. The directors have significant experience of major international projects including the US$ 15 billion development in Blue City, Oman.
The agreement paves the way for this new luxury resort development which will include around 200 residential villas, a 125 bed upmarket branded hotel, beach clubs, luxury spa and fine dinning facilities. The development will provide a low impact and low density exclusive bare foot luxury resort which will offer the highest service and utmost quality in property design
“We are absolutely delighted to be working alongside the SIT as partners in this project,” explained Robert Cosby of O&C Mauritius. “The SIT commands huge respect and authority in Mauritius and this combined with its track record and proactive attitude makes it the perfect partner.”
“We are determined our first integrated resort development will set the highest standards possible,” outlined Ravin Bholah chief executive of the SIT. “This is why we are committed to a low impact, sustainable development which will preserve and enhance the local environment but will also bring significant benefits to the local community”
Mauritius has successfully diversified its economic activities by carving out special niches in tourism, fashion textiles and financial services. Over the past five years the country has registered an annual average real growth rate of over 5 per cent. Mauritius is now classified as a middle income country and ranks, on the basis of the recent Human Development Index for 173 countries, 67th globally, 40th among developing countries and second in Africa.
In the recent Index of Economic Freedom published by The Heritage Foundation and the Wall Street Journal, Mauritius was placed 18th overall – above Germany, Austria, Sweden and Spain.
“As well as the Island’s political stability, peaceful living conditions and efficient telecommunications, we are also noticing an increasing desire and commitment from the Mauritius government to develop tourism growth on the Island,” said O&C’s Robert Cosby. “We believe that in Le Bouchon we have identified a wonderful location with great natural topography and which benefits from 4kms of dramatic coastline in the under-developed south of the Island. All within 20 minutes of the international airport.”
O&C Mauritius and SIT has assembled a world class team who will be involved in the development. The concept masterplan is being spearheaded by the global architectural practice Woods Bagot.
Source: Peter Scaramanga
Scaramanga Communications
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e-mail: peter.scaramanga(@)scaracomms.co.uk
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