BARBADOS – The Sapphire Beach development project in Barbados epitomizes all that is right about the CARICOM Single Market and Economy (CSME), particularly in the number one economic earning sector, tourism.
This observation was made Wednesday, July 11 by Barbados Minister of Tourism and International Transport, Noel Lynch, as he delivered remarks at the ground-breaking ceremony for the, 50 million, six-story, beach-front condominium projects.
“For one thing, this is a beach-front development which is being sold as individual units on the open global market. The rooms, even though individually owned are mostly expected to be put back into a wider pool, as is the national experience with development of this kind, thus contributing to the available tourism room stock on the island,” the Minister stated.
He pointed out that although the true economic impact of developments of Sapphire’s type was still being studied, the preliminary results spoke to a sector that was benefiting substantially from such projects and concepts, particularly if the development replaced underperforming, traditional accommodation properties.
Mr. Lynch also observed that what formerly existed on the prime beach- front site was a convention centre, adding that without having all the accounting figures and speaking futuristically, the new development was likely to contribute more to Barbados’ socio-economic development than when it was in its former state or former use.
The Sapphire Beach development will comprise 54 luxury units and is expected to generate close to $85 million in foreign exchange. It will employ some 300 people during construction, and approximately 60 persons on an ongoing basis, after completion.
