SIB awarding successful bidders for Victoria Waterfront Project |02 March 2024

Ms Rosette and Mr Gabriel during the press conference (Photo: Joena Meme)

The Seychelles Investment Board (SIB) is in the process of awarding successful bidders for the first phase of the Victoria Waterfront Development project.

Chief executive Anne Rosette yesterday announced a 'cooling off' period until March 6, to allow aggrieved bidders to appeal to the investment appeal panel for review. If no appeals are lodged, the successful bidders will be awarded.

Among the 21 submissions received for the project, all selected bidders are Seychellois investors, according to Ms Rosette.

She revealed that while foreign firms submitted proposals, none were successful.

Ms Rosette emphasised SIB's efforts to attract interest and investment in the project. She noted that although many individuals initially expressed interest, some preferred becoming tenants or operating businesses in the area rather than investing in infrastructure development.

The expression of interest phase commenced on June 20, 2023. Although 115 expressions were collected, only 71 parties attended the pre-bid meeting, with 25 individuals remaining after the evaluation committee's shortlisting.

Following the launch of the request for proposals on October 2, 2023, a total of 21 submissions were received. These included one for Zone A, 11 for Zone B, four for Zone C, and five for Zone D.

Deputy chief executive, Lenny Gabriel, disclosed that Zone E, designed as an artisanal corridor with ten kiosks for local artisans, received no submissions.

Zone A will host a Creole Village spanning 5000 square metres, featuring a large creole restaurant and creole-themed entertainment.

Zone B, designated as a commercial area, offers three plots of approximately 1100 square metres each for various tourism and entertainment activities. Zone C will house a waterpark covering 4500 square metres, including the existing lake, while Zone D will be 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 metre, the technical aspect of proposed developments holds 70 percent weightage in the evaluation, compared to 30 percent for financial bids.

Upon completing the award process, a technical body will oversee project implementation to ensure alignment with the government's vision and strategy. The body will engage with successful bidders to finalise project concepts.

Mr Gabriel outlined development timelines, specifying 48 months for Zone D and 24 months for Zones B, A, and C.

The initial phase of development will extend from the former playground to the Marine Charter.

The Enterprise Seychelles Agency (ESA) is currently managing the remaining tenants operating from the ex-playground, the project site.