BUSINESS MONDAY: SAGICOR PROMOTES PROJECT
SAGICOR’S corporate vision is driven by its desire to improve the lives of people in the communities in which the Group operates.
So said Ravi Rambarran, the Chief Operations Officer (COO) of Sagicor Financial Corporation, at the recent groundbreaking ceremony for a Sagicor project in St. George.
He said that the project, known as The Estates at St. George, is an important channel for the company’s vision.
“The project represents part of Sagicor’s strategic business diversification into the provision of active lifestyles for a key target group,” the COO told the groundbreaking ceremony.
“Sagicor will be looking to generate awareness and interest in The Estates at St. George, among age and income-qualified individuals within key audience categories,” he pointed out, while noting that those categories include Barbadians home and abroad, Trinidadians, snowbirds, and tourists from the UK, US and Canada.
According to him, “Our tagline is ‘Wise Financial Thinking for Life’. Our company is here for our stakeholders throughout all stages of their lives and we are committed to making a significant social contribution to our active baby boomers.”
The project is expected to cost about $170 million with the main construction scheduled to commence early next year.
“In this instance, we will be able to do so, while at the same time providing active adults with a place they can live where they love for as long as they live.
“We are taking the first steps towards filling the gap presented by the combination of the active baby boomer generation and our increasing life expectancy, and it is our sincere hope that the success of this venture and the experience gained can provide the ultimate footprint to replicate The Estates model in our neighbouring Caribbean countries.”
Rambarran said that the benefits to Barbados are obvious, and that they will provide jobs in construction and health care, which then helps to generate revenue through payroll taxes, value proposition to Caribbean diaspora and an opportunity to interest loyal and repeat visitors to Barbados. In addition, it will generate foreign exchange through investment and ultimately, contribute to Barbados’ economic recovery and transformation.
Prime Minister Mia Amor Mottley and other government officials were present along with Sagicor’s top personnel at the groundbreaking ceremony for the project two Fridays ago.