Press release
15 Feb 2010
Barbados
15-Feb-2010
Sapphire Beach development expected to bring millions in foreign exchange
Barbados Advocate - Business Monday
THE Sapphire Beach Development cost approximately $50 million to build, and while they employed 300 Barbadians, sale of the units are expected to generate close to $85 million in foreign exchange.
These numbers were revealed Friday night by Bjorn Bjerkhamn, one of the principals behind the project located at Dover, Christ Church.
Speaking at the official opening ceremony for the 54 luxury units built on the site previously occupied by the Dover Convention Centre, Bjerkhamn said that practical completion sales have increased with the addition of over half a dozen units being sold. "This development is a strong contender in the international market," he told the ceremony attended by government officials headed by Prime Minister David Thompson, and many of those who partnered in the project.
He said that they had chosen the opportunity to contribute to the local economy through the development of what was an unused facility. "In its former state, this property generated little or no taxes, VAT or rental income," he said.
"Now it will generate NIS contributions from the maintenance staff, payee and corporation tax which we roughly estimate to be in excess of Bds$1 million annually," said Bjerkhamn.
"The value spin-off for the [St. Lawrence] Gap's businesses will be significant as with the ever increasing number of restaurants," he said while noting that these additional rooms come at an opportune time.
Bjerkhamn stated that the construction of the project took about 29 months to complete and was done on budget, thanks to the hardworking men and women behind the scenes.
"This project employed some 300 Barbadians and used Barbadian produced materials wherever possible," according to Bjerkhamn.
The project is a joint venture involving Hotel and Resort Limited, Consumer Guarantee Insurance and Jada Developments. The six-storey beachfront condominiums comprised 18 two-bedroom, two-storey units and 36 two-bedroom units with a study located on upper level three and through six. (JB)
THE Sapphire Beach Development cost approximately $50 million to build, and while they employed 300 Barbadians, sale of the units are expected to generate close to $85 million in foreign exchange.
These numbers were revealed Friday night by Bjorn Bjerkhamn, one of the principals behind the project located at Dover, Christ Church.
Speaking at the official opening ceremony for the 54 luxury units built on the site previously occupied by the Dover Convention Centre, Bjerkhamn said that practical completion sales have increased with the addition of over half a dozen units being sold. "This development is a strong contender in the international market," he told the ceremony attended by government officials headed by Prime Minister David Thompson, and many of those who partnered in the project.
He said that they had chosen the opportunity to contribute to the local economy through the development of what was an unused facility. "In its former state, this property generated little or no taxes, VAT or rental income," he said.
"Now it will generate NIS contributions from the maintenance staff, payee and corporation tax which we roughly estimate to be in excess of Bds$1 million annually," said Bjerkhamn.
"The value spin-off for the [St. Lawrence] Gap's businesses will be significant as with the ever increasing number of restaurants," he said while noting that these additional rooms come at an opportune time.
Bjerkhamn stated that the construction of the project took about 29 months to complete and was done on budget, thanks to the hardworking men and women behind the scenes.
"This project employed some 300 Barbadians and used Barbadian produced materials wherever possible," according to Bjerkhamn.
The project is a joint venture involving Hotel and Resort Limited, Consumer Guarantee Insurance and Jada Developments. The six-storey beachfront condominiums comprised 18 two-bedroom, two-storey units and 36 two-bedroom units with a study located on upper level three and through six. (JB)
