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Seychelles' Victoria Waterfront Project open for investors' proposals

Victoria, Seychelles | June 21, 2023, Wednesday @ 09:24 in Business » INVESTMENT | By: Salifa Karapetyan Edited by: Betymie Bonnelame | Views: 29279
Seychelles' Victoria Waterfront Project open for investors' proposals

The Waterfront Development project is part of the approved Victoria Masterplan 2040. (Seychelles News Agency)

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(Seychelles News Agency) - Investors are being called upon to submit their concept proposals for the Victoria Waterfront development project as the Seychelles Investment Board (SIB) launches the expression of interest for the project.

Aimed at making the capital of Seychelles - Victoria - livelier, the Waterfront Development project is part of the approved Victoria Masterplan 2040. It is to be carried out in the area most people know as the ex-Playground.

Originally proposed in 2019, the original Victoria Waterfront Masterplan has been revised to include more human-centric developments to reflect the culture of Seychelles, as well as provide activities for families, youths, and visitors.

The Minister for Investment, Entrepreneurship and Industry, Devika Vidot, told reporters on Tuesday that the development project will comprise five zones from A to E of different investment types, with the possibility of seven investors to be awarded.

She outlined that the main component of the project is a cultural or Creole village, Zone A, where the government seeks to see activities or services centered around the Creole culture. 

"We want the village to be one where tourists will be able to taste the Creole food throughout the year. We also want the space to be one where entertainment and cultural shows can be held. That is something that will be fairly unique to our country and we want it to be located within the Waterfront Project," said Vidot.

Another element that has been earmarked as a site for commercial and entertainment activities will be in the shape of a few buildings in Zone B and D. Within Zone B, there is the possibility for the development of three projects. 

Zone D is calling for investors who will be able to participate in the reclamation of 65 metres of water area to build a boardwalk that will later house bars and restaurants. There is also the possibility to have a marina within that space.

"We are giving investors the opportunity to come up with different ideas of entertainment activities which are not normally featured in other locations in Seychelles," said Vidot.

On a smaller scale, interested parties can also submit proposals for an artisanal corridor at Zone E. The minister explained that this will be a space where different artisans will be able to host live demonstrations when making their products - be it hats being made or artists painting their work.

"The final component that we have earmarked is a waterpark Zone D. This area will have a base on land. The waterpark has been something of high demand when we conducted surveys," said Vidot. 

Interested investors, both local and foreign, can collect the necessary documents as of June 20. The deadline for submission of applications is September 1, 2023, after which the selection process will commence. The documentation process is expected to be completed by December 31, 2023, with the hope that construction can commence in early 2024.

All the zones have a leasehold of 60 years and must be developed with Creole architecture in mind. Construction on Zones A, B, C, and E must be completed within two years. Due to the need for reclamation in Zone D, projects they are expected to be completed within three years.

 

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Tags: Victoria Waterfront development, Victoria Masterplan 2040

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