Aerial View of Four Seasons Site
It appears that the multi-million dollar Four Seasons Resort and Residences in Barbados could soon see construction get back on stream.
This comes to light as the House of Parliament seeks to put the issue on the table for Government approval of the Guarantee Scheme which was hypothesized in January this year for the stall project. The Four Season Resort and Residences came to screeching halt last year, and since then brought a major shadow to property development in Barbados.
Speaking to media on May 6th 2010, Executive Chairman of the Four Seasons Resort project Professor Avinash Persaud was hopeful that it will restart shortly if a government guarantee for the development receives final Cabinet approval.
Reports state that Professor Persaud says all of the financial agreements to restart the development are in place and the only aspect that is outstanding is the guarantee from the Barbados government which will ensure the release of more funds.
He added that he is cautiously optimistic that the Cabinet will rubber stamp the deal, meaning the project can restart within weeks.
In January 2010, several months after the project stopped a plan was put forward by Government to get the multi-million dollar property underway that would put Government as a shareholder in the property.
At that time local media reports stated that the new deal would involve a refinancing plan, which was reached with lenders, creditors, private residence owners, shareholders and developers. The agreement, was confirmed by Prime Minister David Thompson, who is also the Minister of Finance, involves Government supporting the refinancing efforts to complete the project.
