BASSETERRE, St. Kitts – AS the Federation continues to see significant increases in tourist arrivals, the tourism sector received a boost when T-Loft Property Development Limited turned the sod to mark the launch of its 216-room condominium project.
The development event was held at the Pirates Nest, located at the C.A. Southwell Drive in Frigate Bay on Friday (Dec. 6).
In giving an overview of the project, President of T-Loft Property Development, Timmas Tang explained that his company found it favorable to invest in the twin-island Federation because of its growing popularity in Asia.
According to Tang, it is “an easy island to invest in”.
He added that with its beautiful scenery, magnificent blue sky and its hospitable people, St. Kitts has all the recipes for a great tourism destination.
“And our company with a history of land development in Asia, we are putting a little bit more effort here to develop the land here in St Kitts. This project itself is a condominium project and in total will have 216 units,” Tang said.
He also said that the land has been in Frigate Bay undeveloped for some time, but now it is the perfect time for all that to change with this development plan overlooking the city.
Tang explained that when completed, the condominium would add to the scenery of the country’s skyline, which draws tourist to this part of the world.
Meanwhile, in his feature address, Prime Minister the Rt. Hon. Dr. Denzel Douglas commended T-Loft Development for its investment and stated that it is rewarding for investors to develop lands on the island
Dr. Douglas explained to the gathering that the development project would mean a lot in terms of the current downturn in global expansion.
He insinuated that the global downturn did have significant impact on the Federation but his government had found ways in combating the situation with some outside assistance.
“But here we are in St. Kitts, tiny yet stable, holding our very own and moving ever forward economically; firstly by the grace of God and secondly as a result of extremely hard and indeed unrelenting work on the part of your government.
“I further thank those investors and developers who have yet again demonstrated confidence in the government and its economic development and policies and programmes,” Douglas said.
He told the gathering that with the striking topography of St. Kitts and the lands to be developed, also with the current pro-business and pro-policies in place, the 216-room condominium project would only mean well for the Federation as T-Loft has decided to join other large investors who are already making their impact.
“St Kitts is a place in which the skills that exist are to transform the development dreams into reality in which the business environment facilitates the positive returns on one’s investments. And the sound political and social economic realities that exist here rewards the decisions to invest,” said Dr. Douglas.
He stated that when completed, the development project would tremendously transform the strategically located land on the slopes overlooking downtown Basseterre.
He explained that when construction on the project begins nationals who have the requisite skills would be employed and, on completion, the condominium would increase the capacity of tourists to St. Kitts.
“Moreover, the construction represents an economic stimulus the world over; it generates new revenue streams for the local building material corporations. Construction generates value and business opportunities for those who provide services on projects such as this one,” Dr. Douglas explained.
Also giving remarks at the Sod Turning was CEO of T-Loft Development, Ins Zhao , who stated that Pirates Nest would be one of the best projects to have been completed in St. Kitts, which would be use to promote the island and bring visitors from China and other Asian countries.
The Project is worth some US$25M and will take approximately 12-15 months to be completed.
The development was in the making for some two years, and with its popularity in Asia it was a greater venture for the Asian tycoons to venture into St. Kitts.
It was highlighted that the Citizenship for Investment had brought significant and lucrative investments to St. Kitts and Nevis, and that T-Loft Property Development Limited had utilised that programme to invest in the country’s hotel industry.
