Above: Christophe Harbour
By the Caribbean Journal staff
A group of Russian investors will be contributing $50 million to a pair of projects on St Kitts’ southeast peninsula, Prime Minister Dr Denzil Douglas announced.
The projects will see the construction of 50 two-bedroom villas in the $37 million Ocean Grove development and nine villas at a cost of $13 million in the Windswept Residence Club.
Ocean Grove Villas is a joint venture between Canada-based Apex Capital Partners and the Christophe Harbour Development Company.
Christophe Harbour was sold to one of its former developers earlier this summer, a group led by outgoing Kiawah Partners CEO Buddy Darby.
“We look forward to the start-up of construction of your villas which will be located so strategically next to the area of the Pavilion Beach Club,” Douglas said in a statement. “This project is also significant because it is the first major investment to be put together in St Kitts by a Russian group.”
Douglas said his government saw Russia as a “new and desirable market for both investors and visitors for our country.”
The government did not disclose the names of the investors.
Investments in Christophe Harbour is eligible for the twin-island federation’s Citizenship by Investment programme.