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STATE OF THE MARKET

TOP HOTEL CHAIN OT REDEVELOPE LAMBERT:
The Lambert Beach Resort is set to be redeveloped by Raffles Hotels and Resorts, says Mark Vanterpool, co-director of current owner Greenfield Property Holdings Limited. According to the Raffles website, the new venture is set to open in 2010.  The new venture will offer 100 luxury rooms and up to 250 residential units of varying sizes available for ownership.  Mr. Vanterpool, in a recent interview with the BVI Beacon, estimated the project would be worth approximately $200 million.  According to the Raffles press release, the Chief Minister, the Honourable Dr D Orlando Smith has wholly endorsed the development project, stating “The British Virgin Islands has long been able to offer world class accommodations; however, Raffles will bring to Tortola a degree of luxury which is truly first rate and world class. The business and tourism communities have long asked for a resort of this stature on Tortola and Raffles will meet that demand. The fact that this resort is 100% owned by British Virgin Islanders is a perfect example of how we as a people are able to develop a large scale project with the same quality and success enjoyed by major investors throughout the world. This is an accomplishment of which we are all extremely proud.”  
Source:  BVI Beacon, 28 June 2007; http://www.raffles.com.

ELECTION DATE SET:
His Excellency, the Governor of the British Virgin Islands, Mr. David Pearey has appointed as the date for the British Virgin Islands general elections.
Source: GIS Bulletin.

DRAINAGE IMPROVEMENTS IMMINENT AT SEA COWS BAY:
Residents in the Sea Cows Bay area are rejoicing as Phase 1 of a $350,000 project to improve drainage in the area commences.  The monies will be spent on repairing ghut walls and devising new water courses, alleviating the problems caused by water cascading down access routes and the hillsides.  Minister for Communications and Works Hon. Elmore Stoutt said the work is being done to improve the drainage problem in that area.  “It is important that all drains in the Territory are improved especially now that we are in the Atlantic Hurricane Season.  By ensuring that the drains are improved, we are ensuring that persons and property are safe.”  
Source: GIS Bulletin.

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