Playa Grande Sale
Aegap from DR1 sent me the link to the article in Dominican Today which you might enjoy reading. I posted in the Living Section of DR1 several days ago, but it's definietly big news and I thought you might like reading it. Thanks to Aegap. I appreciated receiving it.
Jack
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Playa Grande Sale
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December, 31 - 8:31 AM
Central Bank sells major beach resort to US investors
US$100 MILLION TO BUILD THREE HOTELS and VILLAS
Negotiations between the investors and the Central Bank will last over 1year
SANTO DOMINGO.- The Central Bank formalized the sale of lands of the Playa Grande beach resort and golf course, in Rio San Juan (North), for close to US$50 million and the purchasing group had to commit itself to invest another US$100 million in hotel infrastructure and villas, it was learned yesterday in private and government sources.
The transaction for the 8 million square meters that includes the golf course closed on December 26 with the company Playa Grande Holding, whose investors are mostly American, the sources said.
In that zone the company sets out to build three hotels, villas around the Golf course -considered one of the best in the Caribbean- as well as to sell lots to individuals for the construction of summer residences, they said.
The negotiations leading to the close of this contract lasted nearly a year and a half, because the Central Bank?s present authorities objected the operation that had been formalized by the organism?s previous top officials. "The sales contract has been closed for a sum of nearly US$50 million," affirmed a government source, information which was later confirmed by another private source linked to the purchasing company.
The lands, with a spectacular view of the Atlantic, has level and mountainous terrain as ideal conditions to promote a high end tourism, very similar to what the Casa de Campo complex develops in La Romana, they said.
They affirmed that Playa Grande Holding would build infrastructure without affecting the vegetation and recondition the two areas of beach. Despite that no dates were given as to when the infrastructure works would begin, the sources said that among the investors there is much interest in developing the project as rapidly as possible.
"This will represent a new tourism offering of quality for the Dominican Republic, that without a doubt will have an impact in the increased flow of foreign visitors in this country, especially because of the excellent conditions of this golf course,? including its short distance from the International Airport at Puerto Plata, just one hour away, said the source.
In addition, the investors intend to request a permit to build a small airport in the Rio San Juan zone, to land small craft such as executive jets, as well as helicopters.
Although the company?s initial investment is estimated at US$100 million, this amount would substantially increase with the sale of lots to individuals for building villas and caba?as, the said.
