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Sao Francisco Bay Development SantiagoOutline planning consent has been granted for a £2.39m mixed-use development on the island of Santiago, Cape Verde. The first phase of the 4,000 acres tourist-led project, at Sao Francisco, has already received government approval and building work is expected to get under way late in 2008. Phase one will be a resort village, called Porta Morfina, which will include around 2,000 homes, hotels, watersports centre, marina, as well as shops and offices . Construction began in June 2008 of the road that will connect central Praia to Sao Francisco, with completion scheduled in 2009. . The tarmac road will be 6.2 km long and cost €4. Arlindo do Rosário of the Highway Institute, says that the Sao Francisco project is “part of the government’s commitment to all of the tourist enterprises built and projected for the zone. The road begins at the Pedreira roundabout and will end at Sao Francisco beach, next to the Kingfisher lodge.Developers will be responsible for the secondary roads connecting them to the main road. The new road will end the isolation of Sao Francisco close to Praia, but only linked by a poorly maintained, narrow and potholed road making the transport frustrating and hazardous. Ferenc Ebozue of Casa Group, the company responsible for the project, said: "We are delighted that our plans have received support from the Cape Verde Authorities and look forward to getting on site this year. Sao Francisco will be the largest development in Cape Verde, redefining the resort concept. With 23,000 homes planned the development will generate a community on the island, becoming a new coastal settlement rather than just another tourist resort." Andrew Fox is the UK based manager. Convex Capital has been appointed as one of the financial advisors to Casa Group Plc for their 1,650ha project on Santiago, Cape Verde. Convex Capital will be involved in raising both equity and debt funding alongside introducing appropriate operators for the two hotels associated with Phase I. Casa hopes to sell large packages of the site wholesale to third parties for resale and as a means of raising funds. This is another development down hill from the the Sambala site and closer to the beach a little to the south. It will eventually feature a very large number of houses and office space, perhaps as well suited to Praia businessmen as to holidaymakers. They are to be built with a mixed community of shop space, housing and offices and will also benefit eventually from the proposed local golf course and marina projects when and if they are completed. Prices are not yet announced. But building could start during 2008 with luck and if finance is in place. Casa Group has built a ski resort in Razlog Bulgaria and the room photos on the left are of the ski lodge. Photos are not yet availabe for Sao Francisco. |