Newfound Developers pay US$10 million instalment for Pinneys Estate lands

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Representatives of the Newfound Group International, based in Newfoundland, Canada, presented a cheque of US$10 million,  as part payment of a US $12.5million price tag for the purchase of lands at Pinneys Estate where a half billion dollar five star 150 room hotel, 400 upscale villas and a 400-hole golf course is to be constructed.


The cheque was presented to Premier Hon Vance Amory by Mr Derrick White, Vice President, Corporate and Attorney at the conference room of the Administration Building at Bath Plains on Wednesday May 3, 2006.  He registered his thanks for the initial payment following nine months of negotiations which he referred to as being a relatively short period considering the magnitude of the project.


According to Mr Amory, the project is a demonstration of both partners’ commitment and its future viability.


“I just want to say how relatively pleased I am, the other ministers of government and the other technical staff  that we have been able to conclude the negotiations and come to a point where we will see some preparation and activity towards the construction taking place within that short period of time. I think it is a testament to the commitment and the viability the future profitability and the value of the project to the parties concerned.


“I am sure the people of Nevis are going to be really very happy with the final product and it is going to add a new dimension to our tourism product and to the attractiveness of Nevis and I look forward to really seeing this project unfold,” he said.


The Premier also spoke of the many opportunities the hotel development project would generate including the significant increase in employment and business. He also noted the significant growth in Nevis’ economy which he attributed to the Offshore Financial Services and Tourism Sectors and indicated that the Administration was now seeking to move Nevis’ continued growth to a new dimension.


“We are now looking to move Nevis to another level of economic development and I think this development with Newfound and the investing in Nevis is going to take Nevis to a much higher level of economic activity which is going to add to the quality of life of the people,” he said.


Meantime, Mr White explained that the payment signalled commencement of tangible preparatory work at Pinneys Estate which will be evident over the next few weeks.


“Now that we have closed the first phase with the land acquisition, this is the first step. With a project this size there is quite a lot of work and complexities involved and there are many things that had to be put in place – for the planning for the resort, environmental issues as well – so we made a big step today, now that this step has been done the next step for us is to map out the land and begin to cut the roads and the lots where we expect to build and that is the type of work that everyone will see commence within the days that pass in the next few weeks,” he said adding that Newfound Group International will soon have a physical presence on Nevis when they  open up an office in Charlestown.

Also present at the brief ceremony were Minister of Tourism Hon Malcolm Guishard, Mr Erskin Caines Legal Counsel in the NIA, Mr Bob Hull Manager of the Pinneys Development Corporation and local lawyers for Newfound Mr Charles Wilkin, Mr Vernon Veira and Mr Anthony Gonzalves.

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