The Terraces Spa Resort, St Lucia, Caribbean

Saint Lucia is the sort of island that travelers to the Caribbean dream about. The island is a small, lush tropical gem that is still relatively unknown. One of the Windward Islands of the Lesser Antilles, St Lucia is located midway down the Eastern Caribbean chain, between Martinique and St. Vincent, and north of Barbados. St. Lucia is 27 miles long and 14 miles wide, with a shape that is said to resemble either a mango or an avocado. The Atlantic Ocean touches its eastern shore, while the beaches of the west coast are blessed by the calm Caribbean Sea.

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  A 21 acre resort on the Cap Estate overlooking the magnificent east coast of St Lucia with the amazing Jack Nicklaus golf course to the north. "The Terraces" offers a superb range of amenities including its own stunning spa centre.

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  Global Development (St Lucia) Ltd. is a local company whose key personnel have a proven track record in creating this type of resort.

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  Global acquired the land on 17th March 2007 on an Option Contract for an agreed purchase price of US$4.75m. A deposit of 10% was paid to secure the contract.* The purchase of the land was completed on 3rd September 2008.

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  "The Terraces" has a projected gross development value of US$ 136.9m with an indicated gross profit of US$31.12m.

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  Outline planning permission was granted on 21st November 2007. A revision to the plan was requested and this was approved on 19th March 2008.

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  Full planning is expected in the first quarter of 2009.* An independent valuation on 17th December 2007 valued the site at US$15.5m. A subsequent valuation on 31st July 2008, valued the site with full planning permission at US$30.74m.

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  The developer is looking to secure US$3.0m towards the professional costs involved in obtaining full planning permission and sales and marketing costs.

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  Institutional funding will refinance the project when full planning is obtained.