Developers of Ocean Pearl Zanzibar offer property to investors
Dar es Salaam. With actual construction of a $100 million (about Sh236 billion) resort and residence facility currently in progress in Zanzibar, its developers have officially put it up for grabs.
Squid Limited Zanzibar is developing the facility known as The Ocean Pearl Zanzibar at Nungwi East in the Isles.
The firm’s managing director, Mr George Alexandru, said in a statement yesterday that with an initial investment of $50,000 (about Sh118 million), any local or foreign investor could own a stake in the project.
Actual construction started in December, 2022 and the first phase is expected to be competed in January, 2025.
According to Mr Alexandru, the first phase will consist of 238 units.
The project is registered by the Zanzibar Investment Promotion Agency (Zipa).
Unit owners will thus be granted with title deed/lease agreement for 99 years.
Those investing in the luxury resort stand to gain from tax and residency benefits along with an estimated 12 percent return on investment annually in a payback period of seven years, Mr Alexandru said.
“After investing in The Ocean Pearl Zanzibar, be it a studio, duplex or luxury villa, the investor has the option to rent it out as a serviced holiday or corporate stay space through our on-site hospitality management company,” he said.
The first phase of the project sits on an area of more than 130,000 square meters consisting of a commercial center of more than 12,000 sq. while most of the area will be dedicated to common pools and greenery.
