US$100 Million Redevelopment of Palm Island and Anchorage Resort Signed
In a major step toward revitalizing economic activity and expanding high-end tourism offerings in the Southern Grenadines, the Government of St. Vincent and the Grenadines (SVG) today signed a landmark agreement with Limestone & Palm Island Resorts Ltd. for the redevelopment of Palm Island Resort and the Anchorage Yacht Club on Union Island.
The Agreement, which was signed earlier today at Cabinet Room, represents a transformative US$100 million investment.
The project promises widespread economic benefits, new employment opportunities, and strengthened linkages across agriculture, fisheries, construction, and local business sectors.
The redevelopment includes the transformation of Anchorage Resort into a four-star bohemian luxury property with 30-40 rooms, a pool, restaurant, beach club, kids’ club, spa treatment center, tennis court, aquatic activities, and the return of the world-renowned kite surfing school.
Palm Island Resort will also undergo extensive reconstruction, including luxury private residences and upgraded guest accommodations.
Construction work has already begun, including reconstruction of the pier and preparatory works for the new kite school on Union Island, which is expected to open in the coming months.
The initiative is expected to generate 100-150 jobs during Phase 1 of construction, 150-200 jobs during Phases 2 and 3 and over 200 full-time jobs once the resorts become fully operational.