The government said it will spotlight key land development projects at its Local Direct Investment Conference, including premium real estate opportunities at Shell Beach and within designated National Parks areas.
Prime Minister Gaston Browne confirmed Saturday that a team, established by Cabinet, is finalizing details for the conference, which was rescheduled to late April from its original March date.
According to the Prime Minister, the Shell Beach development will feature lots between one-quarter and one-third of an acre with architectural designs currently under development.
“Individuals with small amounts can invest in their trust. Those going to buy individual lots and build individual buildings will have to provide proper funds to make sure they can afford to build these properties,” Browne explained.
The prime minister emphasized that certain measures will be put in place to prevent land speculation, including a proposed covenant requiring construction to start within 18 months of purchase.
“If you fail to start construction within one and a half years, the government will have the right to buy back the land at 90 percent of the value they purchased it for,” he stated, noting the Attorney General’s office is reviewing legal aspects of the provision.
Meanwhile, this followed Cabinet’s announcement that approximately 20 acres within National Parks areas have been allocated for luxury housing development with plots priced at more than $15 per square foot.
Chief of Staff in the Prime Minister’s Office Lionel Hurst last week detailed the plan, emphasizing that developments within National Parks must adhere to strict regulations, with oversight from both the National Parks Authority and Development Control Authority.
“Our National Parks can extend to places where there is no building, there are no historical sites, and therefore it is safe to build upon those sites depending, of course, on what is going to be constructed,” Hurst said.
The government’s strategy is to encourage citizens to invest savings in tourism assets rather than keeping funds in bank accounts with minimal returns.
“Many people save their monies in the banks. Collecting 2 percent annually on your savings is really just whittling down the value of your money,” Hurst explained.
For Shell Beach properties, prospective buyers can apply through National Housing, with specific guidance expected during the April conference.
