$100-$150m boost for San Salvador
Construction could begin as early as September 2011 on Phase One of the$100-$150 million real estate project”The Residences at Columbus Isle”.
Partner of Club Med and owner of Sand and Oceans Investments Limited Jean-Marc Daigle told Guardian Business yesterday that the new development will not only reap benefits for San Salvador’s economy, but will increase the marketability and transparency of Club Med on the island.
“We just like the competition and to increase the activity of tourists on the island,”Daigle said.”We have a phase to put around 300 new rooms, so it’s twice as much as Club Med is offering. It’s good for the island, it’s good for everybody and it’s good for Club Med too.”
According to Daigle, Phase One of the project is valued at nearly$25 million and will feature construction of 60 condominiums, which will have 1, 2 or 3 bedroom designs. It will be located on Club Med’s Columbus Isle 4 Trident Village which will be dispersed over a 7.28 hectare area. Prices for the properties will range from$375,000 to$1 million.
He said the reason for the September 2011 start date was to be in line with Club Med’s regular closure during that period, saying that he wants to use the”same window”as the resort to undergo work.
Daigle also mentioned that it will be sharing charter services with Club Med as well, which could translate into additional passengers coming to the island.
The joint project between Sand and Ocean and Club Med will also provide additional opportunities for new owners, as they will have the option of letting Club Med manage their property during their absence, creating a route to generate revenue. They will also benefit from the amenities of Club Med four weeks a year either at The Residences or another property affiliated with the resort throughout the world.
The construction will be managed by Sand and Ocean and the Boulle School of Paris will be responsible for the interior and exterior design. Daigle didn’t specify the exact amount of jobs that will be created for the project, but he indicated that a”large amount”of jobs will come out of the development.
Daigle said he is targeting 2012 as a completion date for the entire project and is hoping that he could maintain the timeline he has set for it.
“Only God knows but we expect to finalize everything in 2012,”he said.”This is the goal.”