Antigua Land Portfolio Brings $60M

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Chinese firm YIDA purchased 1,522 acres of developable land in Antigua, on the mainland and on three adjacent islands.

ANTIGUA—CBRE has completed the sale of developable land along the northeastern coast of Antigua. The portfolio is comprised of approximately 987 acres on the mainland, plus three adjacent islands for a combined total of approximately 1,522 acres.

Marketed as part of the Stanford International Bank dissolution, the land was acquired by YIDA International Investment Antigua Limited for US $60 million.

The Chinese firm plans to create “Singulari,” a multi-billion dollar mixed-use project including a golf resort, several five-star hotels, a horse track and residences stretching from the Crump Peninsula to Guiana Island.

“This transaction is an economic game changer and represents a tremendous opportunity to elevate Antigua’s position as a major Caribbean destination,” said Jeff Woolson, the managing director of CBRE’s Golf & Resort Group. “Singulari will be the largest resort development in the Caribbean since Baha Mar in the Bahamas”.

CBRE’s United States-based Golf & Resort Group teamed with the Caribbean office of UK-based real estate advisory firm Smiths Gore and local agent Gilbert Boustany to collectively represent the joint liquidators of the Stanford International Bank in this transaction.

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Antigua’s New PM signs MOA for EC $2 billion project

This is good news. Antigua recently held elections and a new PM was elected the Honourable Gaston Brown. Mr Brown has signed the Memorandum of Agreement for the development of Guiana Island to Yida. The agreement by the Antigua government to allow the construction of a five five-star hotel will enable Grant Thornton to proceed with the sale to Guiana Island to Yida who will be keen to develop the island…..And in turn provide more money to be returned to victims from the sale. 

ST JOHN’S, Antigua – One day after taking up the position of Prime Minister, Gaston Browne has signed a Memorandum of Agreement (MOA) with Yida International Investment Antigua Ltd to pave the way for a two-billion dollar investment project in this twin-island-state.

According to a government press statement, the MOA emerged after an eight-hour session of negotiations on Saturday, June 14.

Yida International is expected to invest over 200 million dollars annually in the economy over the next 10 years, as well as provide an Antigua & Barbuda presence in the People’s Republic of China to attract additional economically viable investments.

PM Browne stated, “I promised the people that my administration would bring the type of investments to the country that will transform Antigua & Barbuda into an economic powerhouse and I am serious about that promise. “This Memorandum of Agreement is the result of our determination to work in the interest of the people of the country,” he added.

Yida investors say the initiative will see the transformation of Guiana Island and surrounding lands via the construction of five five-star hotels. 

Thirteen hundred (1,300) residential units, a casino, conference centre, 27-hole golf course, marina and landing facilities, as well as a commercial, retail and sports facility will also be built.

Attorney General and Minister of Justice and Legal Affairs, Immigration and Labour, Steadroy Benjamin, who witnessed the MOA, said the new Antigua & Barbuda Labour Party (ABLP) is about delivering for the people of Antigua & Barbuda.

Benjamin pointed out, “We were elected convincingly by the majority of the people of the country and we are committed to live up to our promises. One major promise is to provide jobs. This project will ensure that we move people from unemployed to being employed.”

During the lead up to the 2014 election, Prime Minister Browne vowed that his administration, when elected, would bring tangible investments that will generate much needed economic growth for the country.

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/ 

 

 

Gov’t keen to offer incentives for Guiana Island project

This could be good news for Stanford victims if Grant Thornton are able to sell Guiana island. No figures mentioned but we can assume Grant Thornton will be requiring a substantial sum for the sale of the island. which in turn will result in more money for the victims

ST JOHN’S, Antigua – Finance Minister Harold Lovell said Yida International Investment Antigua Limited, led by Yida Zhang, is seeking approval under the Citizenship by Investment Programme (CIP) as well as incentives under the Business and Tourism (Special Incentives) Act for a mega resort and residential development on Guiana Island and surrounding areas.

“Government has approved the project and is willing to give the necessary concessions,” Lovell said.

“We have done everything we can to facilitate the project and get it moving,” he added. “The possibilities exist that we do what is necessary in order to ensure that the project comes off the ground.”

Lovell said the group is still finalizing its purchase of the 1,517 acres of waterfront land, including Guiana Island, Crump and Rabbit Island and the Crump Peninsula, from the Stanford liquidators.

The IPR concept for the area put to market by the Stanford liquidators includes five hotels with 1,060 keys, 1,300 residential units, a casino and conference center, golf course (27 holes), marina and landing facilities and commercial, retail and sports facilities.

Lovell said the government has been doing its part to ensure the mega project can move ahead full speed, but is waiting for the group to finalise its purchase from the Stanford liquidators.

To join the debate click here.

For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/