CATEGORY:COMMENTARY ----------------------- INSIDE GRENADA FRIDAY April 20,2007 by Sandra C.A. Ferguson “The Government and people of Grenada are dedicated to the preservation of their surroundings, as much of their wealth and culture is due to the fruit of this rich land.” “For the Visitor” in Grenada Life, pp10-11 Courtesy the office of Savvy Grenada Ltd.., I have just finished reviewing the attractive, glossy, 70- page Grenada Life “brochure” which serves to market the “Savvy Destination” – the various projects that the millionaire/billionaire Mr. Peter de Savary is now undertaking in Grenada. It has quite been enlightening and I wish to thank his office and public relations consultants to whom I had made the request some weeks earlier. Are “we, the people” aware of the extent of the investment being undertaken by this millionaire/billionaire investor? According to the Grenada Life magazine, these investments are: • Port Louis - the development of the Lagoon area • Mount Cinnamon in the Grand Anse area • Azzurra Castle on one of the southern peninsula. “sitting on its own private shore” (?) – I have not yet ascertained whether this property was privately owned or belonged to we the people. • Mt. Edgecombe in St. Mark’s • Tufton Hall in St. Mark’s Grenada Life has described the Port Louis development as “A Feast of Opportunities”. The question is A FEAST FOR WHOM? It has provided the following information/Savvy perspective on the Port Louis development: • “We are thinking of St. Tropez of the 50s, Martha’s Vineyard of the 60s, Costa Smeralda in the 70s and Barbados in the 80s. Port Louis is set to become all of this and more. A Mecca for the aficionado. • “………………development is underway to create a new and vibrant “mediterranesque’ village community.” • Port Louis has been designated a freeport by the Grenada government and will provide duty-free shopping. A magnet for retailers and shoppers alike. • Port Louis will evolve as a complete village and one of the focal points will be the rebirth of a five-star hotel landmark hotel, “The Islander”…………….The new hotel on Pandy beach…………Two or three more contemporary boutique hotels are also planned with the maritime village. • HOME SITES ARE AVAILABLE FOR PURCHASE NESTLED ON THE BEACH, ……ALL ENJOYING THE COOLING WINDS. Isn’t it paradoxical that the Government of Grenada and Mr de Savary expect we natives to “get out of the way” to facilitate the multimillion dollar investment. Since it is our “caring government” that has turned over the control and use of the Lagoon property to Mr. de Savary with this expectation , we can conclude that it is the view of our ‘caring government” that home sites on the beach, enjoying the cooling breezes “too good” for we natives.. • The Grenada Life continues….”As well as home sites, enchanting, fully furnished, turn-key villas, town houses, apartments and penthouses will also be available for purchase off-plan from early 2007 at attractive initial prices. A limited number of opportunities are also available for fractional ownership.” • The mainstay of Port Louis ………..will be the PRIVATE Port Louis Club. A dramatic Club House…………….for CLUB MEMBERS. The area of the headland will offer exceptional PRIVACY and will be FULLY GATED. The Club House will offer eleven sumptuous, turnkey members’ penthouses available for purchase. A small number of EXCLUSIVE and dramatic home-sites are available within the Club’s GATED COMMUNITY. • “…………where yacht owners will tussle for the best position and the surrounding quays will be the place to see and be seen. A world class marina will accommodate boats up to 100m and berths will be available for sale.” • Compare the above to this information put out on behalf of Mr. de Savary in a press release by his public relations firm which appeared in Grenada Today, issue of March 9th, 2007, page 18: ”We must emphasize and clarify that OUR DEVELOPMENT IS NOT AN IVORY TOWER FOR THE RICH INVESTOR, THE BIG YACHT OWNER OR THE FOREIGN TOURIST BUT A DEVELOPMENT THAT IS ALL ENCOMPASSING, a development that has opportunities for all Grenadians to participate, a development that will cater for every walk of life.” I am truly confused. Maybe I really do not understand the English Language that well!! Or, some person or persons is/are “taking we, the people for a ride”. I take the opportunity to re-iterate my reservations/concerns about the APPROPRIATENESS and SUSTAINABILITY of this project. Has the Land Development Control Authority REVIEWED and APPROVED these plans. There is a really REVEALING piece, “Investing in Grenada”, pp 50-52. I am not quite clear which person or institution has authored that article but it provides the following information (for potential Savvy clientele I suppose. Not really intended for natives like me): • Living standards are good around the island. I wonder whether the author of this piece even considered the living standards of the so-called squatters in the Pandy beach area who are now being re-located (?). • The cost of housing is still relatively low but prices vary sharply between rural and urban areas. I wonder whether the author of this piece did a survey post-Ivan and is aware of the number of new working poor - persons who still cannot afford to repair/rebuild their homes but do not qualify for any of the special schemes because of their level of incomes. Ironic, isn’t it? • LAND COSTS have remained some years behind the rest of the world although THIS IS SET TO CHANGE WITH THE CURRENT INFLUX OF INVESTORS and local growth. Land owners in the Lagoon area should take note of this information. DO NOT BE FORCED OUT BY DE SAVARY!! HOLD ON TO YOUR LAND!! This is a signal that, not too soon from now, YOU, YOUR CHILDREN AND GRANDCHILDREN WILL NOT BE ABLE TO AFFORD TO BUY LAND. But I consider the following information even more ENLIGHTENING (ref. page 51): • “The Four Seasons development ………………..as well as Peter de Savary’s ventures………………all carry FULL Government endorsement and support. • With the new investment, international financial services including OFFSHORE BANKING, trust funds and international insurance companies are now arriving to support these schemes in addition to existing local suppliers. Given our past experiences, should we the people be worried /skeptical? Since the Van Brink fiasco - which continues to haunt us - has Grenada CLEANED up its act? Is the regulatory body GARFIN able and willing to deal with this? • There are SEVERAL incentive packages which the Government of Grenada has created to encourage the establishment and development of new business. TOURISM in particular has been strongly incentivised with FULL EXEMPTION from taxes and corporate profits for up to 10 years. ADDITIONALLY, CUSTOMS DUTIES AND TAXES ON ALL SUPPLIES NEEDED TO EQUIP HOTEL PROPERTY, COMMERCIAL VEHICLES AND ALSO UPGRADES ARE EXEMPT. It is reasonable to conclude that Savvy Grenada Ltd. is benefitting big time from these incentive packages. Let us take a closer look at this picture: (i) Savvy Grenada Ltd. is SIMULTANEOUSLY developing FIVE (5) tourism projects. (ii) Port Louis alone is a US$500 million investment (ref. page 20). (iii) Port Louis and Mount Cinnamon are real estate developments which will up for sale to the highest bidders – some Port Louis properties already available off-plan. (iv) Grenada’s main source of current revenue comes from customs duties. Can we estimate the amount of revenue that Grenada is FORFEITING as a result of this incentive package to five developments, all at the same time. Are we the people SUBSIDIZING these developments (?) We must also not forget that there are other foreign investors also enjoying these packages. There are a number of other ongoing (?) tourism projects. (v) The Treasury is EMPTY; Stand & Poors have just DOWNGRADED Grenada’s credit rating. Yet, Grenada is SUBSIDIZING tourism development to benefit millionaire investors and, pretty soon, we Grenadians will be called upon to digger deeper for money that we do not have to pay VAT (vi) While our country is being bled dry, we the people “ketching hell’ while millionaire and billionaire investors wax well with the FAVOURABLE INVESTMENT CLIMATE that is SUBSIDIZED by we the people. . And as if that were not enough, we learn that : “Guests of Peter de Savary Properties flying in by private aircraft may use his Private Air Terminal of Grenada International airport with PRIVATE CUSTOMS AND IMMIGRATION. Nutmeg One is available to guests of Peter de Savary Properties for private charter, for journeys between Grenada, Barbados and other neighbouring islands.” It would seem that Mr. de Savary has done much better than Sir Allan Stanford in Antigua. As far as I am aware, Sir Allan almost “owns” Antigua but he has not yet managed to get his private immigration and customs!! I refer back to the press release from Mr. de Savary public relations - We must emphasize and clarify that our development is not an ivory tower for the rich investor, the big yacht owner or the foreign tourist but a development that is all encompassing, Ah confess to my lack of savvy but ah must say “dis sound like recolonization all over”!! I am all for Grenada becoming the world class marina that it can become. I do have concerns/reservations about mega-yachts and the impact on the wider environment. I am against Grenada becoming another St. Tropez or whatever hit destination that is now passé – whose fortunes wax and wane with the whims and fancies of the spoilt rich. It is well documented that our Carenage/Lagoon area has its unique, quaint charm. We need to cherish and protect this for OURSELVES which we will share with our many guests and visitors. What we require is to develop a sustainable yachting destination that offers a character that is Grenadian – which values and respects the historical, cultural and environmental uniqueness of that it is seeking to develop. I remain steadfast in my view that Mr de Savary’s proposed plans for creating “a Mecca for the aficionado” is inappropriate and development which will have undesirable negative social, economic and environmental impacts that Grenada can ill afford. If the public expression of my queries and concerns makes me a destabilizer, unpatriotic or any other adjective as the “NNP spin doctors” as Preacher’s Wife may fancy, then I stand accused. GRENADA DESERVES BETTER! WE MUST STAND UP FOR GRENADA!!