Turks & Caicos News
Turks & Caicos News – September 2012
Amanyara Makes Multi-Million Dollar Investment in TCI Tourist Industry
His Excellency Governor Ric Todd signed a multi-million dollar agreement with Caicos Resorts Limited, owner of the world class Amanyara resort. Caicos Resorts Ltd has leased a further 17 acres of Crown Land at Northwest point for 999 years for a $3.04m down payment and an annual rental income. The resort plans to expand its successful villa program on the new site and is considering other additional facilities too, such as a spa and tennis centre.
The people of the Turks and Caicos Islands will benefit from increased revenue streams from Amanyara through its ongoing growth and through increasing levels of employment at the resort. The deal is also significant as is demonstrates the commitment of an already successful Turks and Caicos business to the future of the Island’s leading industry.
“This new investment in the TCI shows that business growth does not always come from inward investment,” said His Excellency Governor Ric Todd. “While business conditions remain challenging here, we are in a much stronger position than many other parts of the world as the recent publication of the country’s GDP figures showed. I remain confident that we will see further investment here in the TCI in the next few months. “Further, this is the first deal under the new terms of the Crown Land laws which sees land held for the long term benefit of the people of the TCI, not sold off for a short term gain."
“The increased demand of Amanyara Villas over the past years has inspired us to extend the portfolio further. We are happy to also boost the profile of Turks and Caicos and create a significant number of jobs for the local economy with this expansion.” said Michel Neutelings of Caicos Resorts Ltd.
A senior Government official explained that a 999 year lease is almost as good as freehold, as it provides long-term security of tenure to the lessee and most financial institutions treat them as such. Therefore affording the lessee financial benefits associated with freehold property. “A lease of this nature is also advantageous to the TCIG, in that the Government is able to secure a premium which is equivalent to the freehold purchase price, in addition to receiving rent over the term of the lease, while still having ownership of the land asset,” the official said. “More importantly, as TCIG maintains control of the freehold interest in the land, should the development fail, as we have witnessed in the past, TCIG is in a position to terminate the lease and recover the land; rather than having a failed development as well as losing this tangible asset.”
Amanyara’s expansion follows on from other indigenous investment such as Digicel’s $7m growth plans for TCI, the £15 million second FBO at the airport and GUMEDS’ $9m investment in a new medical school.
Turks & Caicos Sun Newspaper, September 6th, 2012