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Aimed at making the capital of Seychelles – Victoria – livelier, the Waterfront Development project is part of the approved Victoria Masterplan 2040. 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. 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.
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 development project will comprise five zones from A to E of different investment types, with the possibility of seven investors being awarded. 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.
Seychelles wants the village to be one where tourists will be able to taste Creole food throughout the year. Specify the space to be the one where entertainment and cultural shows can be held. That is something that will be fairly unique to the country and it to be located within the Waterfront Project, stated the Minister for Investment, Entrepreneurship, and Industry, Devika 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 to build a boardwalk that will later house bars and restaurants. There is also the possibility to have a marina within that space.
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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 are expected to be completed within three years.
