Invest Saint Lucia (ISL) is dedicated to enriching the lives of citizens by giving them a chance to acquire ownership of residential and commercial property at a reasonable cost. During the agency’s rebranding exercise in 2019, ISL fashioned new strategic statements towards socio-economic development in Saint Lucia. This includes: Developing programs that enable land ownership by Saint Lucians in order to improve the socio-economic return on assets.
ISL’s contributions to land development were repeatedly underscored in Prime Minister Allen Chastanet’s Budget Address this year, referencing land rationalisation on the agency’s lands, as well as three fully serviced developments in Bois Jolie, Beauchamp and La Fargue.
For the fully serviced developments, ISL covers road infrastructure, utility connection and Development Control Authority qualifications for residential or commercial use before putting the properties on the market. ISL’s aim is to generate between 500 and 600 new landowners either by development or land rationalisation.
At the beginning of 2019, ISL announced the Bois Jolie Residential Development as prime residential property located on approximately 8.43 acres of sloping land and comprises 25 single unit residential lots ranging in size from 3,800 to 8,400 square feet. The development has garnered interest from the constituents of Dennery and its environs and by December 2019, it was completely sold out and the new owners were handed-over their lots.
ISL is looking into other initiatives that will target the middle-class spectrum, exploring options such as multi-family offerings in which case persons can purchase the unit within a duplex or apartment complex at a lower reasonable cost. This includes the Beauchamp Land Development, which has been designated for both residential and commercial use which makes it a very attractive option for potential landowners of this subdivision.
The multi-purpose prime property is located on approximately 20 acres of relatively flat land and comprises 59 lots ranging in size from 5,000 to 26,000 square feet. Ideally, the lots will consist of four multifamily lots, five commercial lots, two institutional lots and forty-eight single family lots.
The lot sizes are prepared for marketing to the higher end of middle-class buyers, especially young professionals. With five commercial lots, there are five opportunities for economic activity in a development as large as the one in Beauchamp.
Sales for this development were halted during the country’s initial responses to the COVID-19 pandemic. ISL is currently processing applications for this development and it is about 80% sold so far.
The newest land project for ISL is the La Fargue Development in Choiseul. This prime property location shares views of the calm waters of the Caribbean Sea or the peak of Gros Piton. The La Fargue Development is another project that offers both residential and commercial use lots and runs along approximately 28.4 acres of flat land and comprises 114 lots ranging in size from 4,193 to 26,000 square feet.
Originally, this development had an estimated completion for the first quarter of 2020. Although progress was hindered as with most economic activity in Saint Lucia, ISL is pleased to be back on track. The development will be done in four phases as opposed to the original three, and three contractors from the Choiseul area are working towards its completion.
ISL will be announcing the La Fargue Development groundbreaking in the coming days.
Anyone wishing to apply for ISL’s land sales can find application forms at either its Castries or Vieux Fort office.
