Anyone looking to acquire Gems of Barbados properties for a pittance can put that plan on the back-burner.
This point comes with Prime Minister David Thompson making it clear that under his watch no such deals will be brokered.
Thompson made this assertion last week at the official opening at one of the country’s largest condominium developments on the south coast of Barbados, Sapphire Beach Condominiums.
The announcement came just 24-hours after he suggested on a televised Press Conference, that Government is considering selling some of its assets during the current economic downturn.
Prime Minister Thompson stated, “There will be no more “Eastry House give-aways.” For those waiting in the wings to purchase property owned by Gems of Barbados for a pittance, my answer is clear and straightforward. You can Forget it.”
Sapphire Beach Condominiums, is a $50 million joint venture between Government’s Hotel and Resorts Ltd (HRL) also known as Gems of Barbados”, Consumers’ Guarantee Insurance (CGI) and Jada Development. 
According to the Prime Minister the stated mission of Gems when it was established in 1995, was to acquire hotels located primarily on the South Coast of Barbados that were indebted to the Barbados Development Bank, and to bring them up the high standards of comfort and service enjoyed at the best hotels on the West Coast.
With a strategy to earmark 15 hotels and reach a target of 500 rooms that would enable HRL to benefit from economies of scale and then systematically sell off the shares owned by the Government of Barbados.
The Prime Minister pointed out that HRL never made a profit and that by 2005, 10 years after HRL (Gems) was established, 7 hotels owned by HRL has been reduced to 3, together with other real estate assets.
He argued that HRL never made a profit. The Prime Minister also believes that the strategy which was employed was not the best for the development of South Coast Tourism. But he noted that it was a catalyst for changing the face of tourism along the South Coast.
The East Coast of Barbados is set for major real estate development over the next 18 months to the tune of $25 million.
The new project, is located at the site of the Edgewater Hotel Complex at Bathsheba St. Joseph.
The new development named Edgewater Villas, will feature 16 condos and 14 duplex villas and a family duplex on 7.3 acres of land with the picturesque Atlantic Ocean as the backdrop.
Prime Minister David Thompson turned the sod at the groundbreaking ceremony on February 10, 2010 where he promised that development on the East Coast would not mirror that of the West Coast and it would still feature open windows to the sea.
The upcoming complex will be of the four-star standard and listed on one of the UK’s largest and most notable realty firms, Sotheby’s.
The development will employ 50 people when in full operation and as described by Prime Minister Thompson it would ensure diversification of the island’s tourism product, and still preserve the natural environment.
Co-owner of the new development Anthony Maughn, noted that such a complex was needed in Barbados, and would rival anything built on the west coast. Development projects on the west coast set to begin or restart construction in the next few months include; Port Ferdinand, Beachlands and Four Seasons.Additionally St. Peter’s Bay is nearing completion and that sits on a large expanse of beachfront property on the island’s west coast.
Barbados’ largest workers’ union, The Barbados Workers Union (BWU)has made a major property purchase to the tune of $2 million.
The property called Hempstead which has been on the market for over a year consists of approximately 3 acres of land with a main house of coral stone and wood, cottage and other outstanding features such as a windmill and gazebo.
Located just a few yards away from the Barbados Workers Union Headquarters of Solidarity House, the new purchase sits on Hindsbury Road and has been highlighted as a significant investment for the BWU and would serve as an alternative venue for BWU events in the future.
The intention of the Union with the property, as the local media has reported, from BWU general secretary Sir Roy Trotman is that BWU officials felt that in ten years’ time the union would require additional space for its many Solidarity House functions.
It is also believed that the newly-acquired property might also prove useful for services such as a day-care centre and additional training facilities, Sir Roy told the local media.
In addition to its Solidarity House headquarters, the union has a Labour College in St Philip and operates a credit union from its earlier headquarters on Fairchild Street in Bridgetown.
