Multiple companies and investors have chosen

The Seychelles Investment Board (SIB) is currently awarding selected bidders for the first phase of the Victoria Waterfront development project.

CEO Anne Rosette announced on March 1, 2024, a reflection period until March 6, allowing aggrieved bidders to appeal to the Investment Appeals Committee for review. If no appeals are lodged, the selected bidders will be officially awarded.

Among the 21 applications received for the project, all selected bidders are Seychellois investors. Ms. Rosette emphasized SIB’s efforts to stimulate interest and investments in the project. She noted that while many expressed interest, some preferred to become tenants or operate businesses in the area rather than investing in infrastructure development.

The expression of interest phase commenced on June 20, 2023. Although 115 expressions were received, only 71 parties attended the pre-bid meeting, and 25 remained after the evaluation committee’s pre-selection. Following the launch of the proposal call on October 2, 2023, 21 applications were received.

Zone B, designated as a commercial area, offers three plots of approximately 1,100 square meters each for various tourist and entertainment activities. Zone C will host a water park covering 4,500 square meters, including the existing lake. At the same time, Zone D will feature reclaimed waterfront land, with plans for a boutique hotel and waterfront activities.

Mr. Gabriel clarified that while the government sets a reserve price per square meter, the technical aspect of the proposed developments accounts for 70 % of the evaluation, with financial bids making up 30 %. Once the award process is complete, a technical body will oversee project implementation to ensure alignment with the government’s vision and strategy. The body will collaborate with selected bidders to finalize project concepts.