UK property developer to invest $500 million into new holiday resort in Cuba

Posted: 10-Jun-15 12:52

A UK property developer is planning to develop a luxury tourist resort in Cuba which will allow foreigners to own beachfront property on the communist island for the first time. London and Regional is investing more than $500 million into the project following the recent changes in U.S-Cuba relations.

UK property developer to invest $500 million into new holiday resort in Cuba

London and Regional, a UK property develop is planning to invest more than $500 million into a brand new luxury tourist resort in Cuba.

The company made the move after the recent changes n relation between the United States and Cuba, and the resort will allow foreigners to own their own beachfront property on the island for the first time.

Just recently Ian Livingstone, the Co-executive Chairman of London and Regional, explained in press release:

"We've long liked Cuba, and signed this deal before the US talks began. I think the Cubans see it as something of a pathfinder project."

The luxury resort will be called Carbonera and will be located on 1.5 million square-feet of land, 100 kilometres north of Havana near the popular Varadero coastal resort. The development will include an 18-hole golf course.

London and Regional is a privately-owned company by Mr Livingstone and his brother Ian, which has a £9bn property portfolio. One of the company's largest projects is a six million square-foot redevelopment of Panama's old US Air Force base which now operate as a mixed-use business, residential and recreational centre, with a golf course.

In December 2014, President Obama announced that Cuba and the United States would resume relations following an embargo that has lasted more than five decades.

Travel restrictions on travel to Cuba for American residents have been relaxed over recent years, and though general tourism has not yet been approved as a reason to visit the country, Americans can visit for educational, religious, academic and cultural and family purposes across 12 categories, without having to obtain a licence.

Cuba is a island nation located in the Caribbean Sea, east of Mexico and south of the United States. The communist country is rich in political history and boasts some of the world's most breathtaking natural landscapes, such as white sand beaches, turquoise lagoons, virgin cays, and the world's second largest barrier reef.

Popular tourist destinations on the island include Varadero with 21 kilometres of coastline and white beaches, the historic capital city Havana, and the Jardines del Rey with turquoise waters that are perfect for scuba diving and snorkelling.


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