Ile Aurore-Billion-dollar complex launched |20 July 2007

It was the Minister for National Development, Jacquelin Dugasse, and the chairman of the developers, Pinnacle Point Holdings (PPH) of South Africa, Ivor Stafford, who signed the agreements for the development, which will start in February 2008 and take 54 months to complete.

Also present were senior Seychelles Government officials and managers from the company.

PPH beat off strong international competition to build the resort on the secluded reclaimed island off La Retraite.

The prestigious project requires the reclamation of around 60 hectares of land from the sea to expand the area of the island which will house 144 luxury villas, 90 condominiums, a casino, a five-star hotel and a waterfront marina.

The only means of transport on the island will be golf carts. The resort will be linked to Mahe via a raised road.

When completed, the project will be the largest investment in the Seychelles leisure industry.

Asked about his company’s choice of Seychelles, Mr Stratford said that this archipelago is the dream of everyone in the world to visit.

He said that other recent developments like Eden Island and North Island Hotels have encouraged his company to invest here, adding that negotiations with the government have been tough but amicable, and thanked those from the Seychelles and the PPH sides who have worked tirelessly for months to draft the agreements.

Congratulating both the government as the owners of the island and facilitator of the project, and PPH, “the investor with the know how and financing,” Minister Dugasse said that the agreements launched one of the largest investments projects in Seychelles.

“This investment is another important addition to our portfolio of development and follows other large investments, by reputable global names, like Emirates Hotel and Resorts, Four Seasons, Beachcomber, Shangri-la and Eden, to name a few,” he said.

Minister Dugasse said that the investment is a testimony of the confidence that foreign investors have in Seychelles’ economy and Seychelles as an investment destination.

“The signing will no doubt enhance Seychelles’ reputation as a premier destination for investments and will entice other investors who have not yet made their choice to consider anchoring their investment funds in Seychelles,” the minister said.

PPH was introduced to the project by Marie-May Kolsch who is the Consul General for Seychelles in South Africa.

She said in an interview that golf-loving tourists always ask if there is a hotel with facilities for the sport here and are not always attracted to the idea of having to fly to Praslin, hence, she said, the nobility of having a golf course in a resort on Mahe.