A BILLION DOLLAR DEVELOPMENT set for the north of the island will not only offer luxury housing, but also provide considerable foreign exchange and employment for Barbados.

Apes Hill Club will occupy over 470 acres of land but houses will only be constructed on 35 per cent of the property, with the remainder as open space.

The venture is being undertaken by Sir Charles Williams and Jerry Barton of Landmark Land Company, developers of Palm Beach Polo, PGA West and Kiawah Island in the United States. They have come together to construct 200 single-family houses and 150 cluster units.

Lot sizes range from one-third of an acre to one-and-one-quarter acres.

Barton said he chose to invest in Barbados because he believes it is among the most beautiful places in the Caribbean.

"I have the best possible partner in Sir Charles, the prettiest land in Barbados, and there is no question that Barbados is the best island in the Caribbean," he said.

Robert LeHunte, managing director of the Barbados National Bank, bankers for the project, said not only would it provide good returns for shareholders but the project would positively impact several components of the Barbados economy.

"The Apes Hill Club will add capacity at the high end of the residential market and in so doing, impact on tourism and the delivery of services within that sector," he said.

Meanwhile, Sir Charles challenged his staff at C. O. Williams to complete the project in less than the 18 months given to it.

The project - which features an 18-hole golf course, spa, tennis courts and other recreational facilities - will employ 300 during construction and provide 500 permanent jobs.