‘Blue Sky’ thinking gets real

July

19

By admin // in Finance, World

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A new Indian Ocean Island development puts spice into life for investors, offering highly attractive tax concessions. For the local Zanzibar community, a new world of hospitality and tourism opportunities lie ahead…

Tanzania’s new president Samia Suluhu Hassan has begun her tenure with the reduction of barriers to investment in the East African country, including highly attractive tax concessions and a slew of further benefits for business investors. While the region itself is seen as a vibrant prospect in the emerging market sector, Hassan is quoted as saying that Tanzanians cannot ‘live in isolation,’ and believes that the country must look to becoming ‘part of a global entity.’

This is encouraging news for potential investors in the Indian Ocean sector, and for the semi-autonomous Zanzibar archipelago of islands, situated less than 40 km off the coast of Tanzania, a potential boon. Long romanticized as the “spice Islands” of the Indian Ocean, the island paradise has a tropical climate that hovers between 27-30 degrees centigrade all year round. In 2019 the island attracted over 500 000 tourists, a figure showing rapid recovery since 2021 with lifted travel restrictions.

If the East African region itself is seen as a buoyant emerging market hub, then Zanzibar is indeed its sweet spot for investors. Pennyroyal Limited’s new multi-faceted venture, Blue Amber Zanzibar, strongly buys into the enticement of new opportunities here, including a refreshing and flexible East African approach to the previously onerous red tape governing development. Blue Amber is well into the foundation stage of an extensive mixed development on the northeast of Unguja, the main island in the archipelago. Set on a 410-hectare tract of land, Blue Amber Zanzibar’s mixed-use ocean-facing development will include up-market resort hotels and residential properties with community amenities and sports facilities.

In terms of size, approach, and concept, the development offers a compelling proposition for those looking to balance investment, tax concessions, AND environmental responsibility coupled with a comprehensive community development strategy. Certainly, for a Zanzibari community that has relied overwhelmingly on seasonal subsistence fishing for survival, it’s good news.

Newly appointed CEO Grant Anderson joined Pennyroyal Limited in January 2022 and has been brought on board to drive the new direction the development has taken in the post-pandemic landscape. Anderson is a project phase specialist within the property development sector and has a passion for nurturing this type of balanced venture.

‘We understood that we would have to take a fresh approach in order for the development to benefit our investors and offer them beautifully designed and positioned properties, as well support the local community – not just through employment, but sustainable careers and opportunities to grow their wealth,’ Anderson explains.

‘With the incredible potential to have a significant Socio-Economic impact,’ Anderson continues, ‘we recognize that we would need to initiate and facilitate the training of local adult community members for careers in tourism and hospitality, and embark on partnerships that would inspire and guide children of school-going age for decades to come.’

With environmental impact assessments in place, Blue Amber Zanzibar’s Phase One villas are being built 30m back from the shoreline and 10m back from coral outcrop areas, to help maintain the integrity of the intertidal areas. Because the land has a low scrubland profile, it has never sustained livestock or any form of agriculture. This also proved ideal for a ‘ground up’ approach to the project.

While the first residential units to be completed by December 2022 will offer investors tastefully-designed pool villas with a choice of 2,3 or 4 bedrooms, the plan over the next 15 years includes significant development including hotels, wellness centres, and eco-sensitive golfing options that tread lightly on the earth.

Interest in the project is extremely high; 16 of the Phase One villas have been sold off-plan, meaning that 30% of the first phase has already been secured by those with a keen nose for the next big opportunity. That this opportunity is situated on un-spoilt, ocean-facing property that directly fronts one of Zanzibar’s foremost diving sites, is all the more reason to invest…

For more information, visit https://www.blueamberzanzibar.com/.

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