Eden Island development project-First phase to start end of July |11 July 2005

The contract for Phase One of the project, being promoted by a locally registered entity, Eden Island Development (Sey) Company, has been awarded to local company Vijay Construction at US $2.6 million.

On Friday evening the developer of the project hosted a cocktail at the Wharf Hotel and Marina to mark the transfer of the second payment of US $2.5 million the company has made to the government of Seychelles. (The money has been deposited in the Seychelles government account in the Federal Reserve Bank of New York).

This brings to US $5 million the total payment made so far.

During the cocktail the director of the company, Mr Craig Heeger, handed over the transfer documents to the evening’s guest of honour, Vice-President Joseph Belmont.

Over the next five years the government is to receive another US $20 million from the company.

In total the government of Seychelles will receive some US $50 million from the company for the 99-year lease of the 48-hectare island.

The causeway which will link mainland Mahe with Eden Island will be built South of Angel Fish sailing company, near the Roche Caiman market.

Mr Heeger said further reclamation work would be carried out around Angel Fish and on the western side of Eden Island. All these works are expected to be completed by the first quarter of next year, when the residential component of the project will also commence. The entire project, which will see the construction of duplexes, condominiums, apartments, waterways of majestic proportions, five-star hotel, boutiques, restaurant, luxury apartments, commercial center, a world-class marina, among other infrastructure on the island, will be completed over the next five years.

“We will transform this island into a heaven in paradise,” Mr Heeger said.

He said the project would generate employment during the construction phase and through the services to be provided upon completion.

Mr Heeger said the Phase 1 of the project was put on international tender and it received several bidders mainly from Seychelles, Mauritius and South Africa.

In his speech on the occasion VP Belmont described the magnitude of the investment as unique in the history of our small nation, adding that they were all “excited” about the development which he said came at a time when there was renewed vigour for investments in the country, both by local and foreign investors.

“This in itself clearly demonstrates the increasing level of confidence which investors are showing towards our small country,” VP Belmont said.

The total investment value of the project, he said, has increased from the previously announced US $130 million to US $425 million (around R2.8 billion).

The world-class residential villas and apartments to be constructed, the majority with their own moorings, will target wealthy clientele from Europe and the Middle East and these people will be able to buy residential properties on the island.

The development is expected to attract some 2,500 property owners, who will however be given only residency status, which means they will be allowed to stay in the country as long as the property is under their name.

The Minister for Land Use and Habitat, Joel Morgan, said that these people would not be given Seychellois citizenship, but would enjoy the same rights as the expatriates working in Seychelles.

The area reserved for commercial development will not be sold. Business transactions on the island will be both in Seychelles Rupees and foreign currencies.

Eden Island Development (Sey) Company is made up of South African and Austrian investors.

Friday evening’s cocktail was attended by government ministers, members of the diplomatic corps and other distinguished guests.