Ile Aurore project to generate 400 million Euros in FDI |04 October 2007

This was revealed by the Minister for National Development Jacquelin Dugasse in the National Assembly this week in a statement detailing the 13 million Euro (R10.4 billion) project on the reclaimed island off La Retraite.

When completed by the end of 2011 or beginning 2012, the Ile Aurore Project will comprise an 18-hole golf course, 144 luxury villas, 90 condominiums, a casino, a five-star hotel and a waterfront marina.

All constructions and operations of the facilities on the island will be undertaken and managed by Aurore Nouvelle Seychelles, a company registered and based in Seychelles.
It is owned by Pinnacle Point Investment, which in turn is owned by Pinnacle Point Holdings, a company incorporated in South Africa which won the bid for the development on the island.

Apart from the foreign direct investments that the project will generate, local businesses will benefit from the vast range of business opportunities which will also be made available, Minister Dugasse said in his statement.

The project is also expected to employ some 1,000 people in its phase of development and some 300 to 400 when it becomes operational.

Minister Dugasse noted that through the government’s negotiations with the company, the country will benefit from various facilities that the developer will put in place.

He cited as examples the US $10 million electricity generator which Aurore Nouvelle Seychelles has to set up to supply the island with power. He said the government has negotiated that the generator has the capacity to feed Ile Perseverance as well.

The company also plans for Ile Aurore to have its own desalination plant and at a cost of US $1million it will install pipes to link it to the national water network, Minister Dugasse said.

As for the sewerage treatment plant which it will also have, the government has negotiated for it to have the capacity to serve Ile Perseverance as well.

With regard to the north Mahe highway project which has been under study for some time, it has been agreed that Aurore Nouvelle Seychelles will undertake the construction of the road from Maison du Peuple through Ile Perseverance and Ile Aurore right up to La Retraite while the government will carry out all surfacing works.

The company will also build a bridge to link Ile Aurore to Anse Etoile.

An additional 35 hectares of land which the company needs to reclaim for the project will amount to some US $100 million.

Minister Dugasse also pointed out that Seychelles will also benefit in the long term from the sale of the villas and condominiums, receiving 10% of the sale price each time there is a new sale and each time there is a change of ownership.

Minister Dugasse noted that in relation to business taxes, the company will be taxed under the Tourism Incentive Act (TIA).