CABOT Saint Lucia Inc., the company that wants to set up a touristic/residential and golf course on one of the most scenic sites on the island, Point Hardy, Cap Estate, is pushing ahead to execute the project, seemingly unfazed by comments earlier this year that the loan it received from the National Insurance Company (NIC) was somewhat unjustified.
The company’s development team met with officials from the DCA Thursday to discuss the finalization of their designs for the 375-acre peninsular in Point Hardy where the tourism project is to be built.
Cabot representatives indicated that they were committed to executing a design that had been tested and proven compliant with the highest international standards taking into consideration the environmental and archaeological sensitivity of this Cap Estate/Cas En Bas coastal area.
The meeting between the two groups was also to ensure that the project was executed to the standards of the DCA and other related agencies.
The NIC found itself under much criticism during the first half of this year when word spread that it had granted Cabot Saint Lucia Inc. an EC $27.5 million loan. The NIC defended its decision saying that the loan was given in accordance to Section 5 (2) of its Investment Policy and Guidelines.
The NIC further stated that the loan it gave was 100 percent secured and structured in a manner that would cause it no exposure during the loan’s currency, which has a maximum repayment period of 12 years. The NIC also said that the security held by the NIC included a first mortgage debenture on Cabot’s fixed assets including over 360 acres of land that was independently valued at approximately EC$91 million in August 2018.
The NIC further stated that its investment in Cabot Saint Lucia Inc., will in no way affect NIC’s ability to service its commitments to its stakeholders.
Cabot St Lucia Inc. and Invest Saint Lucia have expressed their willingness to comply with all the requirements of the DCA in observing the conditions under which approval can be obtained.
On completion this will be Cabot’s third golf course and second resort in its portfolio. This will be the brand’s first international property.