LAC (Latin American and the Caribbean ) Segment generally refers to the different business sectors carried out by Realord Group's investment in Latin America and the Caribbean.
The education sector
The Grenada Project is planned to be developed into a university town, a resort and hotel complex and a university campus. Two to three internationally renowned universities will be invited to set up a campus in Grenada. As such, the Group is currently in discussion with the University of the West Indies in the Caribbean region, the University of Wales in the United Kingdom, the Vaughn College of Aeronautics and Technology and the Northeastern University in the United States of America. It is expected that such arrangement will be materialised in 2022, and the first phase of operation of the university is targeted to commence in August 2025. Apartments which could accommodate a total of 8,000 student will also be built. For the development project in Panama City, the Group is planning to develop a complex of international school campuses, apartments for student, commercial complex, hotel resorts, residential villas and other ancillary facilities. Renowned universities will be invited from each of China, Europe and the United States of America to establish campuses in Panama City. It is planned that student apartments which could accommodate a total of 18,000 student and teaching buildings will be built. Besides, 4,500 residential apartments, 1,500 townhouses and 100 luxury villas will also be developed in the project. It is expected that the relevant approvals for the development project would be obtained in August 2022. Further, the Group is also negotiating with the local government of Antigua and Barbuda to relocate the existing Hospitality Training Institute to a new address and to undergo an expansion.
The clean energy sector
The renewable energy projects would help the respective government gradually implement the goal of reducing carbon dioxide emissions and achieving carbon neutrality. Currently, only about 7% of the electricity is generated by solar power in Antigua and Barbuda and about 5% of the electricity is generated by renewable energy in Saint Kitts and Nevis. In Grenada, Saint Lucia and Dominica, only about 1% of the electricity is generated by renewable energy. The majority of the electricity of these Designated Caribbean Countries is still generated by crude oil. In light of the fact that the clean energy sector in the Caribbean and Latin American region is still at an early stage, the Group is confident that it would be able to reach strategic alliance with the respective local government to establish sustainable clean energy policy and further deploy the Group’s investment strategy in this area. The Group is planning to establish a sustainable clean energy hub in the region by investing in BOT (build-operate-transfer) projects approved by the local governments. These BOT projects include but not limited to the construction of power storage facilities, power management and grid management systems, wind power generation, solar power generation and application of clean power on infrastructure and buildings. The investment is expected to be carried out in two phases. The first phase would be establishing photovoltaic power plants in the Designated Caribbean Countries including ground centralised photovoltaic power station, lithium battery energy storage system, energy management system and grid control center. The second phase would be establishing smart grid upgrade and energy storage facilities. As at the date of this announcement, the Group is in negotiation with the local governments of Grenada and Dominica to enter into memoranda of understandings (“MOUs”) to formulate the form of cooperation. The planning and feasibility studies would be finalised before June 2022, and construction of the BOT projects would commence in second half of 2022.
The tourism sector
The Group has entered into an MOU with the government of Antigua and Barbuda in respect of the hotel and property investment, pursuant to which the Group shall invest in the construction of hundreds of hotel rooms, and the local government shall approve the projects to be under the CBI Programme and grant various preferential tax benefits to the construction of the projects. Under the MOU, the Group will proactively develop and plan for different projects. Projects which are currently confirmed include: (i) a luxury hotel villa project; (ii) an airport project; and (iii) a project involving cruise terminal, international cargo center, Caribbean maritime transportation hub and duty-free business center. The Group is also considering taking over the development of a resort development project in Saint Kitts which has completed phase one and in the course of constructing phase two.
The retail sector
Leveraging on the brand name of “Sincere” and the experience in operating department stores, the Group plans to enhance the appeal of image and atmosphere in the retail environment in different locations. It is expected that retail stores and shopping facilities of “Sincere” will be established in collaboration with the university cities and investment activities of the Group in the area as discussed above.