Project for Reclaimed Eden Island

The developers of the reclaimed Eden Island made their first lease payment of US$ 2.5 million to the government of Seychelles in March 2005.  It was the Minister for Land Use & Habitat, Mr Joel Morgan, who confirmed the payment from Graig Heeger, representative of the Zone 10 Development Company.   The project is to transform Eden Island in to an exclusive marina and upmarket waterfront community with villas, condominiums, restaurants, shops and boutique hotel. The company has been granted a 99 year lease for the property. Seychelles will receive US$25v million in the first five years through progressive payments.

The government is expected to earn 17.5 % of the project’s gross revenue up to a maximum of US$50 million, the stated value of the entire lease.  The company is envisaging Seychelles will earn about US$43 million at the completion of that project.

Mr Heeger revealed that the project could start in July 2005 and hopes to have the project completed in five years.  The project will entail a US$130 million capital investment and is believed to benefit the country through the creation of employment both for its actual construction and the operations and businesses that would follow.  The island will be mainly set up for developments in which transactions will be in foreign exchange.

Eden is expected to have a range of private residences, from villas to duplex apartments to condominiums each with its own mooring against the backdrop of a large inland waterway.

It is hoped that the island marina will cater to a larger segment of the yachting industry for both local operators for both local operators and potentially new ones, with the capacity to accommodate small vessels as well.

Published on Seychelles International Business Focus, Volume 4, Issue 2, second quarter 2005

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