Prince Albert in the DR

Prince Albert II of Monaco was in the Dominican Republic to lend his name to the re-launch of the Punta Perla development in the Cabeza de Toro area of Punta Cana.

Punta Perla is marketed as a luxury development featuring high-rise condominiums, beach and golf villas and 3.5kms of beachfront. The property extends over 10.2 million square meters and stretches for five kilometers inland. The golf course is responsibility of golf designer Colin Montgomerie.

President Leonel Fernandez and several government ministers, including Foreign Relations Minister Carlos Morales Troncoso, Tourism Minister Francisco Javier Garcia, Public Works Minister Victor Diaz Rua, Industry & Commerce Minister Jose Ramon Fadul and Labor Minister Max Puig were all at the re-launching ceremony. President Fernandez, Prince Albert and developer Paraiso Tropical president Spaniard Ricardo Miranda gave the ceremonial ground breaking start for the Punta Perla, Caribbean Golf, Marina & Resort.

Speaking at the event, President Leonel Fernandez reminisced that on a trip he had made to Monaco he had seen parallels and dreamt of making the DR the “Monaco of the Caribbean.” Fernandez said the plan is to link both countries with a permanent flow of travelers. He added that the Prince’s presence ensures a connection between this country in the Caribbean and that country in the Mediterranean.

Miranda said that as part of the first phase, they would build a boutique hotel, a beach club, the marina and a first golf course. 1,082 residential units are expected to be completed during the first phase, along with commercial locations.

Prince Albert heads the Prince Albert II of Monaco Foundation that recently won a prestigious Green Apple Award in recognition of its pioneering work for the environment and sustainable development. Hoy newspaper reported that Prince Albert is an investor in the Punta Perla development.

Units at the development were initially marketed in 2006, but sales softened after news reports linked investors to the Marbella real estate scandal in Spain.

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For more on real estate in the DR, see http://dr1.com/realestate/