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In the News The Government has announced the agreement for the development and construction of an upscale villa hotel at Smuggler´s Cove at Tortola´s West End. Under the agreement, Villa Paradisio, the hotel´s developers, plan to invest up to $50 million over a five-year period to complete the project, which will be done in four phases if final approval is received. The development will be called “Villa Paradisio Tortola” and is planned as a luxury development that would include several individual villas, a main hotel building with a number of luxury suites, gourmet restaurant and bar, conference facilities, spa and tennis courts among other modern amenities. “It is our hope that the proposed project will help in offering upscale tourism facilities in the BVI,” Mr Harold Lynn, Managing Director and Pricipal of Villa Paradiso, commented. “I think it is going to be an exciting project for both the BVI and us as there will be lots of opportunities for managerial work when the project is completed, and throughout the construction phases there will be plenty of work for both major and petty contractors.” Source: GIS Press release, 11th October 2006. State of the Market: Government figures from January 2006 to July 2006 demonstrate that 473.226 acres of land across the BVI have been sold in 434 transactions. These figures show a slight increase (less than 15%) in sales transactions for the same period in 2005.
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