St Kitts and Nevis benefiting from several multi-million dollar investments
BASSETERRE, St Kitts and Nevis, Thursday August 2, 2012 – In excess of EC$115 million is expected to flow into the St Kitts and Nevis economy following government’s recent approval of a number of tourism, construction, retail and entertainment projects for both islands.
According to reports from the last two cabinet briefings on July 18 and July 23, cabinet approved three significant investment projects which are intended to boost the construction and tourism sectors.
Spread over a period of five to seven years, the construction projects are expected to inject into the local economy and provide hundreds of jobs for builders, tradesmen and services providers. In addition to the jobs created in the development phases of the projects, long-term job prospects are expected to be enhanced, according to the release from the Office of the Prime Minister.
One such approved project is a student complex with 46 apartments, student centre and overnight guest facilities and which is seeking to respond to the expected increase in demand for student accommodation on St Kitts. The second project is a 62-lot residential development phasing the construction of 20 cottages, 120 condominium units of different sizes, and common amenities over five to seven years. The third project approved was that for the creation of a bowling alley with a number of service centres such as restaurants, arcades and shops.
Slated for Nevis is a villa development project, which will see the construction of 114 condominium units in eight phases over five years. This project will also provide a conference centre and other common amenities. Two other projects supported were a spare parts retail outlet and a web application development business. The web application business will require local software developers, designers and architects, graphic designers, sales and marketing personnel and managers.