Sandals Resorts International will pay approximately US$14.75 million for the property that housed the former Buccament Bay Resort and other lands surrounding the area on the south Leeward coast of St Vincent. This information comes from the Prime Minister Hon Dr. Ralph Gonsalves.
“The total amount is US $14.75 Million and Sandals has paid US $1.475; the ten percent deposit, already.” Gonsalves said.
Parliamentarians debated and passed an Appropriation Bill in Parliament last week, which sought approval for a loan of EC$36 million to purchase a large footprint of land in the Buccament area, which is to be sold to Sandals for development.
The land being acquired includes: that occupied by cabanas purchased by persons over the life of the Buccament Bay Resort project; land owned by farmers, the Roman Catholic Church and a local land owner, whose family owns a bulk of land in the area.
There are approximately 51 cabanas in the Buccament Bay Resort footprint and Gonsalves said at least 38 owners have already signed and agreed to the sale.
