Memories of Four Seasons – but this time it’s different. Really.
Announcing a Canadian – Barbados joint venture for a new mega condo resort and residential development, this time at Foul Bay.
That’s good, I guess. If it is finished. If it doesn’t blight the coast.
If it doesn’t run out of money. If the developers have put up real hard cash and are not relying upon hype, investors and deposits from potential buyers to use as leverage for yet to be found finances.
I wonder who the “Barbados partners” are. I wonder if any government officials have a piece of the action. I wonder if any government resources will be diverted “unofficially” to construction. I wonder if the environmental concerns were really addressed and if they will be enforced in our headlong rush and desperation for new foreign investment.
I wonder about a lot of things as I read the news. Bajans are getting very jaded about such projects and that is no wonder.
Good luck to Ecoterra International Corporation
Good luck to the Ecoterra International Corporation in the development of their new five-star Pure Beach Resort & Spa. I pray they succeed, and I desperately hope this isn’t the start of yet another set of concrete bones bleaching in the sun.
One final, important message to the developers and our all-too-eager government: Bajans must have easy access to the beach and there must be nearby parking – because without the parking that’s the end of local access, isn’t it? That’s usually the end result of these projects and we’ve had enough of that.
New Luxury Resort for St. Philip
Barbados’ economic stewards have received some welcomed news amid the protracted financial gloom.
As efforts continue to attain finance to jump-start the stalled Four Seasons Project, a Canadian company and its Barbados partners will next week break ground to signal the start of a massive $541 million residential development in St. Philip.
The people behind it say it will be a five-star beach-front residential and brand name hotel development constructed on land valued at a whopping $119 million.
Barbados TODAY learnt that the Pure Beach Resort & Spa, which will be located on the coast at the picturesque Foul Bay, received approval from the Town and Country Planning Department in April this year, after Canadian company Ecoterra International Corporation submitted the necessary master plan application in May 2008.
“The Master Plan consists of a total of 300 plus units of luxury residential villas, condo, penthouse suites, boutique hotel suites, luxury spa. The amenity rich Pure Beach Resort & Spa boasts boutique shops, fine dining restaurants, and bars where stunning panoramic view of the ocean awaits you,” the developers stated in an outline of the project.
… continue reading the Barbados Today story New luxury resort for St. Philip
Barbados Free Press 
Barbados TODAY learnt that the Pure Beach Resort & Spa, which will be located on the coast at the picturesque Foul Bay,….
Well there goes the picturesque part, but then again “picturequism” is not highly rated in Barbados anyway.
I know this project will bring jobs for Barbadians, injecting a fair amount of money into the economy (we would hope.) But I can’t help but wonder, why on earth we talk about expanding our scope of tourists to target one minute by discussing the lowering of the value of our dollar. And then deciding instead to make another monstrosity targeting a market that we already have more than enough accommodations for in the island. Not to mention, it would destroy foul bay! When will our addiction to useless condos be Kicked?
While I wish everyone the best of luck, the reality is that the market in Barbados is such that most internationals now know all that glistens is not gold. Buyers to -day are much more in tune with the realities of the Barbados real estate market. The reality is there are a lot of unfinished projects all over the island where investors are waiting for completion of units that have had up front payments. Developments requiring up front cash payments have a bad history in Barbados. Until it is known who the partners in this development are no conclusions as to its success can be made. From the perspective of Planning, it would make a lot more sense to complete the inventory of unfinsihed units before starting yet another project takng away yet another piece of coastal view.
@ LT:
Investment in condo real estate is a way of laundering ill gotten gains.
Does Barbados have an inventory of unsold luxury properties at present?
Apologies for the long post but this is quite complicated.
For a company which says it is a leading developer of waterfront locations throughout the world ecoterra is a bit shy about saying what they are. If you go by their website, they only seem to have one project on – Foul Bay. The company was incorporated in 2008. Its filings for 2009, 2010 and 2011 are overdue.
Its Director of Development, Kris Parthiban, has been associated with two previous projects, 11 Christie Street, Toronto and Elevator Bay, Kingston, Ontario. Both were developed by a company called Lux Group Inc. Remember that company’s name.
Another Director of ecoterra is Lennox Gibbs . A Lennox Gibbs (charitably, it may be a different one) is also Managing Director of Global Operations and a Director of Strategy International Insurance Group Inc (Strategy Group).
Strategy Group gave a guarantee on both Christie Street and Elevator Bay. Two other Guarantors were Strategy Holding Company Limited (Strategy Holdings), a Barbados company and Strategy Insurance Limited (Strategy Insurance), which is listed as being at the Sagicore Corporate Centre, Wildey and is meant to be the “predominant subsidiary” of Strategy Group. Ever heard of it?
Strategy Group has a market capital of just $90,000 which looks a bit odd when its subsidiary Strategy Insurance, when it was approved by the Supervisor of Insurance here, was meant to have an equity value of $ 506,524,914.
Strategy Group owns a company called Strategy Real Estate Investments Limited (Strategy Real Estate). In the New York Courts, Strategy Group and Strategy Real estate were named in a legal action. The background to it was a deal to raise US$50 million of funds to invest in short-term mortgages in Canadian real estate being developed by Lux Group (that name again!), which was a company “under common control” with Strategy Real Estate.
From the Court judgement:
“Three individuals, John Hamilton, Sandro Sordi and Kevin Hamilton, were described as the management team in charge of investing the funds. Background information regarding their previous financial and business experience was provided. However, McMahan failed to disclose that all three men had either prior criminal convictions or other legal problems throughout their careers.
Specifically, in 1995, Sordi and John Hamilton were involved in writing false and postdated checks to their employees arising out of a failed donut shop. Also in 1995, Sordi pleaded guilty in a Canadian court to criminal charges associated from willfully furnishing false information and misappropriating government funds. In 2002, Sordi was found guilty in Broward County, Florida,….. of fraud and theft arising from two separate actions. John Hamilton was involved in the transactions surrounding each suit but was not found liable for any wrongdoing. Kevin Hamilton pleaded guilty in 2001 to Canadian charges of falsifying tax returns and was ordered to pay $5 million (Canadian) in back taxes and fines. In addition, Kevin Hamilton twice filed for bankruptcy, in 1996 and 2003.”
Kevin Hamilton was quoted as being the Chief Executive Officer of Lux Group in 2009.
So what does all this mean? One Director of ecoterra used to work on developments for a network of companies which were run by individuals who had criminal backgrounds. Another was a Director of an insurance company group which again had the same or similar Directors.
Neither may have had any idea about what was going on.
Do you think it is a good idea to invest in the Foul Bat development? Would you recommend it to your friends?
@St George’s Dragon
You have either done a great deal of research or you are very familiar with these people. Good post! As long as I can remember, these kinds of persons from both the UK and N. America have been coming to Barbados with grandiose investment projects. The whole idea is to get the project started and then go begging to government to bale them out as they (inevitably) run out of money. The modus operandum is to take out a big chunk of other investors’ money up front before anything has started, then try and build the rest with what’s left. So if it fails, they’ve already made their pile. Get it? Somewhere, along with Town & Country Planning permission, there should be an oversight board that refuses permission until it is certain that the project is viable and properly financed. Don’t hold your breath!
“Foul” Bay sounds like it is an appropriately named place for this type of development.
@St Georges Dragon
Excellent post. Hopefully potential investors do their due diligence. i wonder if the Barbados partners are “people” or companies. When you use the word partners there is more than one…….any clue as to who the “partners” are?
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See comments from frustrated buyer of 11 Christie Street condod back in 2009 at http://www.condoadvisory.com/item.php?item_id=9113
Buyer Beware
Took them 3 yrs. to get approval?? –three years??
did I read that right on the promotional website?
This is Barbados. Can only happen in Barbados. Barbados is corrupt.
These are all terms that seem to allow Bajans (i am a Bajan) to bury their heads in the sand and hope that the wrongdoers don’t kick them in the butt in passing.
I read somewhere that there would be no development of the East coast. What do you call the new condos being built near the coastline in St. Joseph? (DEVELOPMENT?). Politicians’ words are precisely that, just words, they tell you what they think you want to hear. As long as we the voting population accept that the terms used above are okay then it will always be the same in Barbados. Very soon the East coast will look like the West and South coasts, a concrete jungle.
We have the power to change things if only we can learn to stand together and say NO in the face of wrong.
What a quandary, come next election!
These Dems are a bunch of losers -that’s quite clear now…
and the prospect of Going With Owen AGAIN for another 14 yrs. of shiRt
is hardly a viable choice, I’m sure you’ll agree..
Even if Mia (or anyone else?) pops up a third alternative
Safe-within-the-box Bajans are incapable of such a third alternative
preferring to vote-in Their Team.
We’re STUCK.
……………………………………
Stories re. having to bring one’s own medical supplies (and food?)
to the country’s general hospital, remind me of identical stories ex-Guyana, not so long ago, but that kinda thing couldn’t possible happen ‘Here’
after all, this is Blessed Barbados!
– laughing out loud at alla wunnuh arrogant Bajans who thought it couldn’t happen here!
We are now at semi-Guyana conditions, but without Trinidad Money to fix anything!
We are in deep doodoo, no?
Soon time to apply for a Green Card.
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Did this company actually purchase the Land at Foul Bay? If so, how much land, at what cost, and can we see a plan on a map so we can see where the boundaries are? (Including Public Beach access)
And hello! What about the fantastic Merricks Development? I seem to remember Officials breaking ground many moons ago.
My belief is that these folks will be outa here with several millions in their pockets, and nothing will be built.
watch your comments green monkey,Foul bay is a lovely community with lovely residents who are likely to have their peace and quite, way of life totally ruined. If you can only say “sounds like” then dont comment
@flyingfish12: March 2, 2012 at 6:50 pm
“watch your comments green monkey,Foul bay is a lovely community with lovely residents who are likely to have their peace and quite, way of life totally ruined. If you can only say “sounds like” then dont comment”
I crave you indulgence to comment on this lovely area. Do you think it could do with a bit of sprucing up and de-bushing with some simple facilities installed, including the upgrade of the roads ( based on my last visit to the area)? A simple makeover is in order starting with change of name. The name “Foul” does not do justice to this serenely beautiful location and can be a bit off-putting to visitors to the area. Why not call it “Serenity Bay ” or “Bird Watch Bay” or Sea Ocean Point (where the cooler Atlantic Ocean starts to mingle with the warmer Caribbean Sea).
What do you think? Or do you feel that the residents like it so in order to remain in a “foul” way?
Yes always nice to have a nice clean spruced up area, debushing and simple facilities but there is absolutely nothing wrong with the name Foul Bay. Let’s leave our place names alone. They are part of our heritage.
@Nostradamus; March 3, 2012 at 12:59 pm
As you wish. A name says a lot. Hence the term ‘Re-branding’. I wonder if you would feel the same way if it was called “Shit(e)” Hole or “F(o)ulmouth” Bay. Do you think visitors (both local and from overseas) would be keen to, should we say, dig deeper into the origin of the name of the place?
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@millerthanunnnaki.
If one looks back at old maps of Barbados you will find it called Fowles’ Bay. It is part of our history and heritage. Call a rose by any other name, and it still smells as sweet. Leave our Foul Bay alone.
If you want to know about John and kevin Hamilton, go to Kingston ontario canada,speak with Sean hayes or theRCMP. They wil show you what crooks these guys are,run don,t walk away.
OMG, if you want to know what crooks john&Kevin Hamilton are, just go to Kingston Ontario, and speak with Sean Hayes or Ton Goedman, ex Army Corporals who are masterminds at forming companies, check it out, or goggle Kevin Hamilton Kingston, or John Hamilton Lux group, beware!!!
Here we are, nineteen months after this thread started, and Foul Bay remains secluded, serene and picturesque. And that is a good thing.
Wonder how many purchasers/investors have plopped down money for units in thenew five-star Pure Beach Resort & Spa.
Hello Not Taken,
Haven’t forgotten about you old chap! Appreciate your contributions to the ongoing discussions and will be publishing more soon. All was in chaos from the month before Marcus passed, but we’re getting there!
Robert
I am truly happy to read this webpage posts which consists of lots of valuable data, thanks for providing such statistics.
I WAS TAKEN, unfortunately i trusted and listened to my now EX HUSBAND and invested $75,000 of my daughters DEATH benefit into this project. I have been given the run around since 2009 , my ex worked for the company that brought investors together for this project so clearly you can not TRUST anyone. My legal docs say that the land is free and clear and I wish I had the contact information of the investors so I could get us all together and take action to recover some of our money. I will be contacting the RCMP you listed here and see where it goes. I feel sick every day over this scam. We had worked for this company for many years prior to this project coming along. if any investors read this or if any of you have any further information please send me an email emc_36@hotmail.com . Kindest regards,
E