The government of St. Vincent and the Grenadines has finalized a landmark $100 million agreement with a UK-based investor for the comprehensive redevelopment of Palm Island, a private resort island severely impacted by Hurricane Beryl in July 2024. Prime Minister Ralph Gonsalves announced the partnership with Palm Island Resorts Ltd. during a signing ceremony in Kingstown, emphasizing the project’s potential to transform the island’s tourism and economic landscape. The investment will span 20 to 30 months, focusing on rebuilding and expanding the Palm Island Resorts and Spa, as well as the Anchorage Yacht Club on Union Island. The redevelopment will feature 34 freestanding bungalows, 31 private villas, and a range of luxury amenities, including restaurants, swimming pools, a spa, and aquatic activity centers. The Anchorage Resort will be upgraded to a four-star bohemian luxury property, complete with a kite surfing school. The project is expected to generate over 200 full-time jobs and significantly boost the local economy by sourcing agricultural products, seafood, and other inputs from Vincentian businesses. Additionally, the government has granted duty-free concessions on construction materials and equipment, along with a 15-year tax holiday under the Hotel Aids Act. Prime Minister Gonsalves highlighted the project’s role in revitalizing the Southern Grenadines and enhancing the country’s tourism appeal. Investor Zachary Bayman praised the resilience of the Vincentian people and expressed commitment to preserving Palm Island’s legacy while delivering lasting benefits to the region.
Gov’t, investor sign deal for US$100m redevelopment of Palm Island
