The government looks quite impatient to see the Integrated Resort Scheme (IRS) projects become a reality. Since it has set up a fast track committee, some projects have been boosted thanks to the quicker processing of construction permits. The first villas of the Medine project in Wolmar should be ready in August while Ciel has initiated the first steps of hotel construction in Beau-Champ. Representatives will be in Paris at the end of the month to try and awaken foreign investors? interest in such projects.

About 60% of reservation contracts have already been signed, among which 40% have already signed their sale contract, hence becoming owners of the villas. The Medine chief executive, Dany Giraud, asserts that these people are of different nationalities ? ?French, British, Swiss, South African, Asian, Reunionese and even some Mauritians?.

With its 119 villas, Medine is far from being the only IRS project. Six other promoters will also be in Cannes in mid-March for the international market of property professionals. The delegation, which will try and sell their projects to potential investors, will be led by officers of the Board of Investment (BOI).

The IRS, a project initiated by the former government and aimed at bringing foreign direct investment into the country, seems to be interesting more and more promoters. Seventeen such projects have been submitted to the BOI so far. And, with the fast track committee, they should get a quick answer. The Société de la Réserve, Société Morne Brabant, Food and Allied Industries Ltd as well as Club Med should soon be launching their projects.