Another resort is being developed in the British Virgin Islands.
According to a report from Cabinet, a five-star luxury resort is to be developed at Blunder Bay, North Sound, Virgin Gorda.
Cabinet also reported that it has decided, in principle, for government to finalise negotiations to enter into a development agreement with the developers of the project, Blunder Bay Development Corporation Limited.
These negotiations will include a termination clause and what Cabinet described as a ‘performance bond’.
This clause and bond are conditions of the agreement that will be applied before government grants a lease to the developers.
News of this development follows an agreement between government and Audubon Holdings Limited to build a major resort on the privately-owned Norman Island.
The cost of that development is projected to exceed $200 million.
The funds will be pumped into three potential 20 to 30-room hotels and 75 to 100 residences.
Development will also include the addition of another restaurant on the island, a floating pool, a beach bar, a water sports centre, as well as a spa, an observatory, and boat slips for day visitors and residents.
Copyright 2023 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.