In 2008, the World Financial Crisis had a major impact on banks globally.

The 608-acre multi-phased five-star master-planned luxury destination resort at Praslin Bay remained unfinished. Phase 1 of 4 was 52% complete. The property was subsequently put on the market for USD 29 million, although it was worth an estimated USD 250 million.

Recently, discussions have been brewing regarding a possible purchase of the expansive property on the island’s east coast.

Prime Minister Pierre had brief words surrounding the speculations of a recommencement of works at the site which has been dormant for 14 years. He says it is an evolving discussion.

“The Minister of Tourism is going to continue holding discussions with the developer. As you know, that development, when it happens, will transform the East Coast of the country. It’s what is called a challenged property. The Minister is in constant discussions with the [developer],” Pierre said.

Pierre, however, promised increased tourism investment for the new year as the government moves towards new housing schemes and the acceleration of at least five [5] new hotels on island.