Société Seychelloise D’Investissement is set to acquire the Beau Vallon ‘Regatta’ site |10 July 2019

It has been confirmed that the popular Regatta/Bazar Labrin site is being bought out from its current owner by the Société Seychelloise D’Investissement (SSI)

Sitting in for Vice-President Vincent Meriton, Minister Wallace Cosgrow confirmed that the popular Regatta/Bazar Labrin site is being bought out from its current owner by the Société Seychelloise D’Investissement (SSI).

The Minister for Environment, Energy and Climate Change made this clarification yesterday in the National Assembly, after having spent the entirety of the morning answering queries related to his ministry.

The government first announced its intentions to acquire the site in Beau Vallon in the 2019 State of the Nation Address.

Now it has been further revealed that it will be the SSI, the investment vehicle of the government, rather than the government itself which is set to purchase the site.

This is because, as a government vehicle, SSI has the ability to raise capital to invest in the area and facilities at the Beau Vallon site.

The acquisition of this propriety will cost SSI the sum of $10.2 million (around R142 million), of which $4 million have already been paid.

As per the agreement, Minister Cosgrow further noted, the next payment is due for September 2019 followed by another in September 2020.

He noted that SSI took out a loan of $7 million from a local commercial bank at an interest rate of 3.75% to pay for the estimated 3.6 hectares of land.

Minister Cosgrow noted that transfer from the seller to the SSI has yet to be effected.

Nonetheless the construction of relevant facilities for Bazar Labrin to operate in the area will have to be conducted by Enterprise Seychelles Agency (ESA), the minister added.

ESA will later have to negotiate with SSI to operate Bazar Labrin.

“The government purchased this propriety to guarantee that Seychellois families, present and future, could continue having easy access to the Beau Vallon beach,” Minister Cosgrow said while explaining the rationale behind the purchase.

Although its previous owner had allowed for activities such as the annual Regatta to continue on the site, Minister Cosgrow stressed that this was not guaranteed for the long run.

“Our wish is that the area will remain clean and a place where families would be able to enjoy Beau Vallon beach and for this to happen we will have to set up the necessary facilities to make the area more conducive for families and other people.”

“There is currently a high-level meeting which is taking place between the president and partners to sort out the details of the area where Bazar Labrin takes place,” Minister Cosgrow noted.

ESA and the Ministry for Housing, Infrastructure and Land Transport has started the process to revise the 2013 plan and have established that the development will be conducted in phases.

“The first phase will make provisions for toilet facilities, a more organised parking, permanent kiosks to improve hygiene and sitting areas,” Minister Cosgrow said, adding that all the facilities should conform to set standards.

Vendors who frequent the site have also been consulted and informed on these future developments.

The guidelines in regards to Bazar Labrin have also been revised with the help of relevant stakeholders and have been communicated to the office of the Attorney General in order to transform them into regulations.