Victor International, the developer of Oil Nut Bay in the British Virgin Islands, hosted a lavish party for attendees of the second annual Loro Piana Caribbean Superyacht Regatta and Rendezvous. It was in part an event to showcase how the 300-acre development has progressed since its 2009 groundbreaking.
About 300 guests, many of them wearing gold-coloured masks and wigs, gathered around tables at the Oil Nut Bay Beach Club celebrating another day spent on the water at Virgin Gorda’s North Sound.
The waters around North Sound, though, remain the draw for most recent visitors to the development. The superyacht regatta was held at the Yacht Club Costa Smeralda, an offshoot of an exclusive Sardinia, Italy-based club that Victor helped bring to the territory in 2010.
The development of the regatta and rendezvous businesses in North Sound will mean continued economic activity for the area, David Johnson, Victor International’s chairman, said. He added The beach club and some infrastructure at the development have been mostly completed, leaving contractors to focus on building villas. Two villas have been completed, and seven others are under construction.
The master plan for the development calls for 88 villas, but the developer said he hopes to have five built by the end of the year, with 10 or 12 completed by December 2013.
By 2013, the balance of the resort’s infrastructure, which will include tennis courts, a nature centre, the “Nut House” kids club and other facilities, should be completed.
Forty-six lots are on the market now, he said. But Mr. Johnson said he remains confident that despite an uncertain global outlook for real estate, villa sales will hold up at Oil Nut Bay.
He attributed his optimism to the development’s location, environmental characteristics and “family-friendly” approach.
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