Post by j on Apr 22, 2008 19:20:12 GMT -5
GOING, GOING……..GONE?
By
Sandra C.A. Ferguson
In January, we the people had scarcely gotten over the shock that Peter De Savary had sold over the Port Louis marina to Camper and Nicholson for a whopping US$24million. We were still trying to determine whether the Treasury had benefited in any way from this transaction when we got wind that the last bit of virgin space on our prized Grand Anse Beach had also been sold to some obscure group for a development to be known as The Residence. We the people went “basody”! This had to be a sick joke or a bad dream.
We visited the website www.parcinvestmentsgroup.com which confirmed the SHOCKING news. We noted the following:
• Parc Investments group is a privately owned property investment and development company specializing in land-mark property resorts in emerging and undervalued territories. They are currently active in the U.K., Portugal, Bulgaria and Grenada.
• The website had the following description of the property - The Residence land is one of the LAST PLOTS OF PRIME BEACH – FRONT LAND on Grand Anse. The plot is 10.5 acres and is directly adjacent to 300m of the best of Grand Anse beach.
• The Residence will be a spectacular land mark 5- star beach front resort, the first of this style and quality in Grenada.
• Among the Development Team are:
(i) Parc Investments Ltd. (UK)
(ii) Napiers Villages Ltd. (U.K) – technical and legal input (with Grenada experience)
(iii) TVA Consultants (G’da) – design and architectural
(iv) Altman (G’da) - marketing, sales and co-ordination
• FULL PLANNING PERMISSION was secured in December 2007. A selection of units will be released at pre-launch prices to registered clients and enquiries during the first quarter of 2008.
• Governmental concessions have been agreed re transfer tax arrangements for The Residence owners.
• Construction is to commence in June 2008.
As the news began to sink in, we the people began to do a “little digging” and we have found out the following:
• The principals behind this development called The Residence are:
(i) Parc Investments
(ii) Andrew Hogan and Michael Gunn who are also major shareholders in the Bacolet Bay Resort and Spa project in St.David’s
(iii) Nigel Renwick – associated with TVA consultants.
• The Residence development proposes:
(i) 270 condos and apartments. The apartments will range from one (1) bedroom to three (3) bedrooms with verandas and a sea view.
(ii) 12 penthouses
(iii) A private jetty for owners of the apartments – to create accommodation of the highest quality to match the location.
(iv) private parking
(v) private pool complex
(vi) landscaped gardens
(vii) a spa
• The apartments and condos will be sold. However, they will be leased back from the owners for 40 weeks of the year to be utilized for tourism purposes.
• Tax concessions and tax holidays have been granted. These concessions and tax holidays are transferable to the purchasers:
(i) exemption from the Alien Land Holding Licence and Property transfer tax.
(ii) The tax concessions are transferable to the purchaser and property tax has been reduced to 2.5%. The normal property tax payable by vendor is 5 % on the consideration (the selling price less the first EC$20,000.)
(iii) Exemption from Stamp Duty ( Stamp duty is normally paid by the purchaser, approximately 1 % of the consideration – i.e. the selling price less the first EC$20,000)
(iv) Exemption from Common External Tariff and General Consumption Tax on materials, equipment, furnishings, fixtures, fittings, vehicles, construction machinery, water craft
(v) Exemption from GCT on consultancy fees.
(vi) Write off of investments
We the people are INCENSED at this ASSAULT on our beloved Grand Anse beach. We are PERPLEXED that to date all of our Ministers of Government have denied any knowledge and claimed that permission has not been granted for any such development while approval was confidently announced by Mr. Renwick on a recent Sundays with George Grant programme and on the website of the Residence. As usual, we are left to wonder WHO IS IN CHARGE.
We are APPALLED that full planning permission has been granted to these developers. We are amazed that we have not heard a word from the Grenada Hotel Association or our tourism authorities. It is ironic that The Residence website lists a number of FAMILY RESORTS on Grand Anse Beach. How does The Residence integrate with these existing developments on Grand Anse Beach?
How come our planning authority and our tourism authorities are not talking about CARRYING CAPACITY and the PROTECTION OF THE REEF WHICH PROTECTS GRAND ANSE BEACH. Mr. Renwick seemed to be stunned when George Grant mentioned the TOURISM MASTER PLAN and he sought to dismiss it. Yes, this is the same plan that was developed with OAS financial support, that SAME plan that our Minister of Tourism says she will ask OAS for MORE support to revise and update.
We the people find the following observations in the Tourism Master Plan ((Section 7.2.1, pp. 119-121) particularly noteworthy:
• Grand Anse Beach is the best beach and also the most popular attraction in Grenada – it is used by cruise ship passengers, stayovers, local residents and vendors.
• Cruise ship passengers are the largest category of users of the beach at PEAK times.
• EXPANSION OF ACCOMMODATION CAPACITY on Grand Anse Beach should be CONDITIONAL upon the implementation of measures to control the number of cruise passengers using this particular beach.
• To avoid continuous development along this area of coastline, no more building should be permitted along the beach front.
It is interesting to note that among Peter De Savary’s plans for the Mt. Cinnamon beach front area are: - a luxury hotel/club on Grand Anse beach with resort amenities, 30 properties for fractional ownership (refer to pp. 34-35 of the Grenada Life brochure of Savvy Grenada Ltd.). Note as well that a “PRIVATE PROPERTY” notice has gone up right on the water’s edge.
• THE MARSHLAND AREA SOUTH OF THE ABANDONED SILVER SANDS HOTEL SHOULD REMAIN UNDISTURBED AS THIS AREA HELPS TO RETAIN AND FILTER FLOOD WATER.
This recommendation speaks directly to the proposed location of The Residence so we the people are at an absolute loss to understand HOW full planning permission could have been granted. Any construction in this area puts an already endangered reef at further risk and in turn jeopardizes the very attraction, the Grand Anse beach.
• The AVERAGE DENSITY for future accommodation north of the Cinnamon Hill Hotel should be 10-15 room per acre.
Note that The Residence is proposing 270 rooms with luxury facilities and amenities on 10.5 acres – an average of 25 rooms per acre.
• There should be strict adherence to the 50 m set back regulations.
There is no reason to believe that we are going to see this regulation being respected. Jenny’s Place has already set the trend in the area by building on the high water mark. If we are to be guided by what we notice going on in the Bacolet Bay project and Mt. Cinnamon we also expect to see notices on the high water mark advising “PRIVATE PROPERTY”.
We the people are reeling under the impact of Min. Boatswain’s Home Grown Structural Reform Programme as cost of living skyrockets and we the people PAY OUR SHARE - National Reconstruction Levy, increased fuel prices and increased taxes. Yet all of these developers/real estate speculators continue to receive all manner of exemptions and concessions while the Treasury is denied of much needed revenue and we the people must pay all taxes and duties.
Under the home grown structural reform programme, Hon. Boatswain committed Grenada to the introduction of reforms to address the “current costly and complex system of tax incentives”. The Memorandum of Economic Policies acknowledged that during 2000-02, revenue foregone from import duty and consumption tax concessions were 11 percent of GDP. Among the commitments of the fiscal reform programme were:
(i) Publishing all new concessions granted on a quarterly basis, starting in June 2006 – with information on the beneficiaries of tax concessions, their intended purpose and the costs of the concessions in terms of revenue foregone.
(ii) Effective from January 2006, stopping the granting of tax holidays or renewing existing ones.
(iii) Provision of incentives in the form of tax write –offs for investments and after June 30th, 2006 through accelerated depreciation with loss carry forward provisions.
Minister Boatswain’s Memorandum of Economic Policies acknowledged that tax holidays are an inefficient tool to promote high investments. They provide incentives to investors with short horizons and continue to bestow tax relief irrespective of whether further investments are made,
Yet in his 2007 Budget speech, the Hon. Minister was proud to announce that Grenada is a “millionaires paradise” - as the government trips over itself to provide all manner of concessions and holidays for these REAL ESTATE SPECULATORS (?) – Peter De Savary and his 5 projects including Port Louis and Mt Cinnamon, Paul Taylor and the Levera Resort Development, Mike Pemberton and the Hog Island-Mt. Hartman Development, Zublin. These are the most celebrated ones. Let us not forget Cohen on Calivigny Island, Bacolet Bay project and all the others that we have not yet heard about - and now, The Residence. As Grenada haemorrhages, the response of the government is to sell our last little bit of assets in Cable & Wireless. And to add insult to injury to offer it to we the people at a rip-off price of $12.50 per share. Again, we the people must finance the Treasury while these speculators are granted all manner of concessions and holidays while we the people are increasingly marginalized and dispossessed. What are we the people going to do about it? It is time to stand up for Grenada!!
No to The Residence on Grand Anse beach!!
No to cottages on the Lagoon!!
No to privatization of beaches!!
GRENADA DESERVES BETTER! WE MUST STAND UP FOR GRENADA!!
By
Sandra C.A. Ferguson
In January, we the people had scarcely gotten over the shock that Peter De Savary had sold over the Port Louis marina to Camper and Nicholson for a whopping US$24million. We were still trying to determine whether the Treasury had benefited in any way from this transaction when we got wind that the last bit of virgin space on our prized Grand Anse Beach had also been sold to some obscure group for a development to be known as The Residence. We the people went “basody”! This had to be a sick joke or a bad dream.
We visited the website www.parcinvestmentsgroup.com which confirmed the SHOCKING news. We noted the following:
• Parc Investments group is a privately owned property investment and development company specializing in land-mark property resorts in emerging and undervalued territories. They are currently active in the U.K., Portugal, Bulgaria and Grenada.
• The website had the following description of the property - The Residence land is one of the LAST PLOTS OF PRIME BEACH – FRONT LAND on Grand Anse. The plot is 10.5 acres and is directly adjacent to 300m of the best of Grand Anse beach.
• The Residence will be a spectacular land mark 5- star beach front resort, the first of this style and quality in Grenada.
• Among the Development Team are:
(i) Parc Investments Ltd. (UK)
(ii) Napiers Villages Ltd. (U.K) – technical and legal input (with Grenada experience)
(iii) TVA Consultants (G’da) – design and architectural
(iv) Altman (G’da) - marketing, sales and co-ordination
• FULL PLANNING PERMISSION was secured in December 2007. A selection of units will be released at pre-launch prices to registered clients and enquiries during the first quarter of 2008.
• Governmental concessions have been agreed re transfer tax arrangements for The Residence owners.
• Construction is to commence in June 2008.
As the news began to sink in, we the people began to do a “little digging” and we have found out the following:
• The principals behind this development called The Residence are:
(i) Parc Investments
(ii) Andrew Hogan and Michael Gunn who are also major shareholders in the Bacolet Bay Resort and Spa project in St.David’s
(iii) Nigel Renwick – associated with TVA consultants.
• The Residence development proposes:
(i) 270 condos and apartments. The apartments will range from one (1) bedroom to three (3) bedrooms with verandas and a sea view.
(ii) 12 penthouses
(iii) A private jetty for owners of the apartments – to create accommodation of the highest quality to match the location.
(iv) private parking
(v) private pool complex
(vi) landscaped gardens
(vii) a spa
• The apartments and condos will be sold. However, they will be leased back from the owners for 40 weeks of the year to be utilized for tourism purposes.
• Tax concessions and tax holidays have been granted. These concessions and tax holidays are transferable to the purchasers:
(i) exemption from the Alien Land Holding Licence and Property transfer tax.
(ii) The tax concessions are transferable to the purchaser and property tax has been reduced to 2.5%. The normal property tax payable by vendor is 5 % on the consideration (the selling price less the first EC$20,000.)
(iii) Exemption from Stamp Duty ( Stamp duty is normally paid by the purchaser, approximately 1 % of the consideration – i.e. the selling price less the first EC$20,000)
(iv) Exemption from Common External Tariff and General Consumption Tax on materials, equipment, furnishings, fixtures, fittings, vehicles, construction machinery, water craft
(v) Exemption from GCT on consultancy fees.
(vi) Write off of investments
We the people are INCENSED at this ASSAULT on our beloved Grand Anse beach. We are PERPLEXED that to date all of our Ministers of Government have denied any knowledge and claimed that permission has not been granted for any such development while approval was confidently announced by Mr. Renwick on a recent Sundays with George Grant programme and on the website of the Residence. As usual, we are left to wonder WHO IS IN CHARGE.
We are APPALLED that full planning permission has been granted to these developers. We are amazed that we have not heard a word from the Grenada Hotel Association or our tourism authorities. It is ironic that The Residence website lists a number of FAMILY RESORTS on Grand Anse Beach. How does The Residence integrate with these existing developments on Grand Anse Beach?
How come our planning authority and our tourism authorities are not talking about CARRYING CAPACITY and the PROTECTION OF THE REEF WHICH PROTECTS GRAND ANSE BEACH. Mr. Renwick seemed to be stunned when George Grant mentioned the TOURISM MASTER PLAN and he sought to dismiss it. Yes, this is the same plan that was developed with OAS financial support, that SAME plan that our Minister of Tourism says she will ask OAS for MORE support to revise and update.
We the people find the following observations in the Tourism Master Plan ((Section 7.2.1, pp. 119-121) particularly noteworthy:
• Grand Anse Beach is the best beach and also the most popular attraction in Grenada – it is used by cruise ship passengers, stayovers, local residents and vendors.
• Cruise ship passengers are the largest category of users of the beach at PEAK times.
• EXPANSION OF ACCOMMODATION CAPACITY on Grand Anse Beach should be CONDITIONAL upon the implementation of measures to control the number of cruise passengers using this particular beach.
• To avoid continuous development along this area of coastline, no more building should be permitted along the beach front.
It is interesting to note that among Peter De Savary’s plans for the Mt. Cinnamon beach front area are: - a luxury hotel/club on Grand Anse beach with resort amenities, 30 properties for fractional ownership (refer to pp. 34-35 of the Grenada Life brochure of Savvy Grenada Ltd.). Note as well that a “PRIVATE PROPERTY” notice has gone up right on the water’s edge.
• THE MARSHLAND AREA SOUTH OF THE ABANDONED SILVER SANDS HOTEL SHOULD REMAIN UNDISTURBED AS THIS AREA HELPS TO RETAIN AND FILTER FLOOD WATER.
This recommendation speaks directly to the proposed location of The Residence so we the people are at an absolute loss to understand HOW full planning permission could have been granted. Any construction in this area puts an already endangered reef at further risk and in turn jeopardizes the very attraction, the Grand Anse beach.
• The AVERAGE DENSITY for future accommodation north of the Cinnamon Hill Hotel should be 10-15 room per acre.
Note that The Residence is proposing 270 rooms with luxury facilities and amenities on 10.5 acres – an average of 25 rooms per acre.
• There should be strict adherence to the 50 m set back regulations.
There is no reason to believe that we are going to see this regulation being respected. Jenny’s Place has already set the trend in the area by building on the high water mark. If we are to be guided by what we notice going on in the Bacolet Bay project and Mt. Cinnamon we also expect to see notices on the high water mark advising “PRIVATE PROPERTY”.
We the people are reeling under the impact of Min. Boatswain’s Home Grown Structural Reform Programme as cost of living skyrockets and we the people PAY OUR SHARE - National Reconstruction Levy, increased fuel prices and increased taxes. Yet all of these developers/real estate speculators continue to receive all manner of exemptions and concessions while the Treasury is denied of much needed revenue and we the people must pay all taxes and duties.
Under the home grown structural reform programme, Hon. Boatswain committed Grenada to the introduction of reforms to address the “current costly and complex system of tax incentives”. The Memorandum of Economic Policies acknowledged that during 2000-02, revenue foregone from import duty and consumption tax concessions were 11 percent of GDP. Among the commitments of the fiscal reform programme were:
(i) Publishing all new concessions granted on a quarterly basis, starting in June 2006 – with information on the beneficiaries of tax concessions, their intended purpose and the costs of the concessions in terms of revenue foregone.
(ii) Effective from January 2006, stopping the granting of tax holidays or renewing existing ones.
(iii) Provision of incentives in the form of tax write –offs for investments and after June 30th, 2006 through accelerated depreciation with loss carry forward provisions.
Minister Boatswain’s Memorandum of Economic Policies acknowledged that tax holidays are an inefficient tool to promote high investments. They provide incentives to investors with short horizons and continue to bestow tax relief irrespective of whether further investments are made,
Yet in his 2007 Budget speech, the Hon. Minister was proud to announce that Grenada is a “millionaires paradise” - as the government trips over itself to provide all manner of concessions and holidays for these REAL ESTATE SPECULATORS (?) – Peter De Savary and his 5 projects including Port Louis and Mt Cinnamon, Paul Taylor and the Levera Resort Development, Mike Pemberton and the Hog Island-Mt. Hartman Development, Zublin. These are the most celebrated ones. Let us not forget Cohen on Calivigny Island, Bacolet Bay project and all the others that we have not yet heard about - and now, The Residence. As Grenada haemorrhages, the response of the government is to sell our last little bit of assets in Cable & Wireless. And to add insult to injury to offer it to we the people at a rip-off price of $12.50 per share. Again, we the people must finance the Treasury while these speculators are granted all manner of concessions and holidays while we the people are increasingly marginalized and dispossessed. What are we the people going to do about it? It is time to stand up for Grenada!!
No to The Residence on Grand Anse beach!!
No to cottages on the Lagoon!!
No to privatization of beaches!!
GRENADA DESERVES BETTER! WE MUST STAND UP FOR GRENADA!!