São Francisco Development Company, Lda.

The 'São Francisco Development Company' (SFDC) is registered in Praia, Cape Verde. The sole shareholders are the Grepne family represented by two Directors, Daniel Grepne and his son, Jonathan. Both of them are British nationals. Jonathan is the Managing Director. Registered as an asset of SFDC, is terrain located within the 'Zona de Desenvolvimento Turístico Integral (ZDTI) do Norte da Cidade da Praia' (Integral Tourism Development Zone - North of the City of Praia). Such terrain was formerly owned by Daniel Grepne, having been transferred to SFDC in 1994.

The terrain starts in the South at the Baía de São Francisco and extends Northwards, along the coast, until reaching Móia-Móia. The terrain's Western boundary runs along the demarcation line of the said ZDTI, confronting with other property owned by the Grepne family. Click HERE to download map of the region with ZDTI and SFDC property demarcated.

The Government of Cape Verde signed a 'Protocolo de Acordo de Intenções' (Protocol Agreement of Intentions) with Daniel Grepne in April 1996. Under such agreement SFDC has the right to construct an hotel resort at the Baía de S.Francisco of up to 450 rooms and subsequently to develop another resort with a marina of up to 1500 rooms at Porto Lobo. These exceptional rights are given in exchange for Daniel Grepne renouncing his claim to the State of Cape Verde for compensation for damages caused by the enactment of a decree of nationalisation passed in 1985 by the PAICV single-party regime. Such decree of nationalisation was revoked in 1991 by the new democratically-elected MPD government and in 1992 all of the terrain owned by Daniel Grepne was correctly registered in his name in the Conservatória dos Registos da Região de Praia. In March 2001, the new democratically-elected government of the PAICV who had been in Opposition for 10 years, announced that it would respect all protocols and agreements that had been signed between the Grepne family and the MPD government and Cape Verdean authorities and that it was supportive of the family’s investment projects.

The above mentioned protocol agreement contains, in annex, a 'Development Agreement' specific to the development of the hotel resort at the Baía de S.Francisco. Under this agreement SFDC can develop a 450-room hotel resort, in phases if required, with buildings limited to a maximum height of 7 metres or 2 floors. The general design and layout for the overall development was presented by SFDC to the Cape Verdean Tourist Board (Inatur) in 1994 and such plans form an integral part to the Development Agreement. The Ministério do Mar (Ministry of the Sea) has granted an exceptional concession to SFDC to permit construction of the hotel resort inside of the 60 metre maritime zone within the smaller 'baía dos pescadores'. The hotel's rooms nearest to the sea can be located around 15 metres from the edge of the sandy beach thus allowing the development of the resort to stretch from near the bottom of the hillside to the top along the slope within the 'baía dos pescadores'. Every room within this bay will therefore have a splendid view looking down to the sea.

SFDC was awarded a ‘Certificado de Investimento Externo’ (‘External Investment Certificate’) in August 1998, by the Government, thus granting external investor status once the construction of the first phase (200 rooms) of the hotel resort is underway. For more information specific to the first phase 200-room luxury hotel resort planned within the ‘baía dos pescadores’ please read the section titled “Luxury Hotel Resort Project” under “Current Projects”.

The terrain owned by SFDC, comprising several hundred hectares with several kilometres of coast is without doubt of very high tourism development potential. This has been manifested through the region’s demarcation as a ZDTI. Planning has already been undertaken by the Government and the Câmara Municipal da Praia to construct a new coastal road running through this valuable section of terrain from Praia up to near Pedra Badejo. The road will link the Cidade da Praia with its new international airport (opening in April 2003) continuing on through the Nova Praia urbanisation zone to the hotel resort at the Baía de S.Francisco (only 4 kilometres from the new airport) and then beyond, Northwards, past the future tourism complex at Porto Lobo to meet the existing coastal road near Pedra Badejo. Specifically, the Baía de S.Francisco location probably has the greatest potential for tourism development on the whole of Santiago Island. It has a large white sandy beach with relatively calm waters protected by the headland of Ponta Leste. The region is secluded from the Praia urban area, thus offering exclusivity to tourists. The hinterland surrounding the hotel resort location is owned by SFDC and the Grepne family and therefore the risk of unattractive, damaging development by third-parties is avoided. In the future, when demand is sufficient, the option to consider the development of an 18-hole or even 36-hole golf course on SFDC's and/or Grepne family terrain in the Vale da Custa region including housing development will be considered. For more information specific to tourism village development in the region please read the section titled “Tourism Villages and Golf Resort Projects” under “Current Projects”.

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