Developers have finally started work on Oil Nut Bay, a luxury resort on the eastern tip of Virgin Gorda. Developers and local officials believe the resort could soon be one of the premier properties in the territory, if not the region, and hope it will mark a watershed moment for the territory, coaxing new clientele to the territory with its deluxe homes and mega-yacht harbour.
David Johnson, president of Victor International, said his company in unique because they have no debt. Victor International will finance the construction of the major infrastructural developments at the resort, including a desalination plant, roads, jetty, and an electrical system that Mr. Johnson hopes to power largely with carbon-free sources, like wind and solar energy. But individual buyers will finance the construction of the various residences. It’s a gamble, but one they are willing to take in this economic climate.
Victor International and their buyers will have to create a new product, marketable to a select clientele and attractive enough to buy in this economic climate.
According to Johnson, over the last few years, Victor International had considered 13 other locations but eventually settled on the VI because of the ‘tremendous physical beauty, great people, great government and stable economy.
People will realise we are a different hotel,’ he said at the groundbreaking. ‘We are setting a different paradigm at Oil Nut Bay because we are unbranded. Our brand is the people of the VI.’
Contact any Coldwell Banker BVI agent for information on the new Oil Nut Bay development.
