Homes and jobs in £1.1 billion deal for Gibraltar

THE government has entered final negotiations with Cameron Holdings Limited for the development of ‘Blue Water, Gibraltar,’ a deal that will see £1.1 billion invested in a project to build luxury homes, public housing, a hotel and superyacht marina.
The Government of Gibraltar has now made a decision on the award of the project for the Eastside reclamation. Cameron’s bid for the project will provide a direct consideration to the government of £83 million by way of cash premium.
The total development value of the project will be an investment in Gibraltar in the region of £1.1 billion. A huge number of jobs will be created for the development period as well as for the running of the developed areas once built.
The project will consist of the development of a resort that will provide:
• More than 450 high-end apartments and suites.
• More than 1,000 affordable homes available on the government’s co-ownership scheme.
• A marina exclusively for superyachts.
• A number of commercial units which will provide for luxury shopping and cafes and restaurants.
• A five-star hotel.
The project will also include provision for the development of a multistorey car park in the area of Catalan Bay which is being developed with the convenience of beach users in mind. Indeed, the whole development will be designed to protect Catalan Bay and the interests of the residents of that area.