From Belvedere to a new luxury skyline: The residential development boom is one-sided

Take a drive through Belvedere today and you will see something that St. Maarten has struggled to reproduce for almost two decades: a community where ordinary residents were given an opportunity to acquire land, build homes and establish a financial foundation for their families.

Some of those homes may now be worth US$500,000 or more. But their importance goes beyond property prices. A home that can be passed from parents to children is generational wealth. It can give the next generation financial security, access to credit and a considerable head start in life.

People might have forgotten or perhaps they don't even know that the late Roy Marlin, who served as Housing Commissioner, played a significant role in making that opportunity possible. In April 2007, he signed purchase agreements for an initial 25 prospective buyers from 184 Belvedere lots offered for sale by government. By 2009, many young St. Maarteners had acquired land, secured financing and begun building their homes.

He came under scrutiny as politicians tend to do with such projects, but today the people that own their homes in Belvedere are the last group of St. Maarten people to have been afforded such security. Roy Marlin's land-sale initiative remains an important example of government helping ordinary citizens become property owners.

Nearly twenty years later, where is the next Belvedere?

That question becomes increasingly difficult to ignore as luxury residential towers transform St. Maarten's skyline, while thousands of residents struggle to secure affordable accommodation.

FT Development and a Changing Skyline

Among the companies driving this transformation is FT Development, established by Frank Teboul in 2005. Its portfolio includes Fourteen at Mullet Bay, Aqua Resort, The Hills Residence, Lagoon Villas, Jordan Village and Dolce Beach Residence.

Fourteen's twin 20-story towers, comprising approximately 150 condominiums, represented a reported US$65 million investment. The Hills in Simpson Bay combines residential apartments with commercial facilities, while Aqua Resort has helped reshape the Cupecoy waterfront.

FT Development reports that its affiliated construction company employs approximately 100 people. Its projects attract international buyers, generate construction activity and create opportunities for businesses involved in maintenance, hospitality and property management.

Meanwhile, the luxury property market continues expanding. At Snoopy Island, Isle de Sol is being marketed by 4U Real Estate with waterfront studios starting at US$312,000 for approximately 33 square meters. The project has reportedly secured its building permit, although its developer has not been independently confirmed.

These developments demonstrate the strength of private investment and the continued attractiveness of St. Maarten's real estate market.

They also reveal an uncomfortable contrast.

Two Property Markets, One Island

For wealthy investors, St. Maarten offers luxury apartments, waterfront residences and potential rental returns. For many local workers, purchasing even a modest family home remains financially impossible.

A 2021 World Bank assessment found that the least expensive family homes were already priced above US$200,000, beyond the reach of up to 60% of residents.

More recent government housing discussions paint an equally concerning picture. Only approximately 3% of St. Maarten's housing stock is classified as social housing, while government figures indicate that at least 25% of the population could qualify for such accommodation.

The St. Maarten Housing Development Foundation manages 769 rental units, including 636 classified as social housing. Its housing waiting list reportedly contains approximately 4,000 requests.

These numbers illustrate a housing market that does not adequately serve substantial portions of the population.

The result is the growing perception of two St. Maartens: one where property ownership creates wealth, and another where rent consumes the income that families might otherwise save toward ownership.

The Criticism and the Other Side of Development

The expansion of high-rise developments has prompted questions about infrastructure capacity, traffic, drainage, environmental protection and the changing character of established neighborhoods.

There are also concerns about whether scarce land is increasingly being developed for those with the greatest purchasing power rather than those with the greatest housing needs. But blaming developers alone would overlook an important reality.

Private companies are responding to commercial demand. They invest capital, assume financial risks, employ workers and contribute to economic activity. FT Development is not legally responsible for solving St. Maarten's social housing shortage simply because its projects cater to higher-income buyers.

Furthermore, luxury development is not inherently incompatible with affordable housing. Both can exist within a properly managed national development strategy. The central issue is whether government has established the policies, incentives and safeguards necessary to ensure economic growth benefits a wider section of society.

What Has Government Actually Delivered?

Successive governments have recognized St. Maarten's housing shortage, but implementation has repeatedly fallen behind ambition. A proposed US$20 million social housing project supported through the St. Maarten Trust Fund was discontinued in 2024 after required agreements, land arrangements and preparations could not be completed within the necessary timeframe.

Government has since adopted its Housing Policy 2025–2035, targeting 1,200 housing opportunities over ten years, including 400 social units, 500 affordable units and 300 free-market units.

That represents an average of 120 housing opportunities annually, although the policy includes redevelopment, reuse of existing properties and partnerships rather than exclusively government-built homes. In December 2025, government also finalized the acquisition of approximately 288,402 square meters of land in Belvedere, opening possibilities for future housing development.

Minister of VROMI Patrice Gumbs has outlined mortgage guarantees, public-private partnerships and more effective land use as part of the proposed solution. These initiatives deserve consideration, but their effectiveness will ultimately depend on completed homes and families gaining access to them.

The larger historical concern remains that St. Maarten has not demonstrated a sustained public homeownership initiative comparable in visibility and impact to the Belvedere land-sale opportunities of the past.

The Wealth We Are Not Creating

The importance of homeownership extends far beyond providing shelter. Consider two young adults entering the workforce. One inherits a family home and can begin saving, investing or building a business. The other must allocate a significant share of monthly income to rent, potentially for decades. Their starting positions are vastly different.

Government-supported homeownership can help narrow that gap. It can create assets that remain within families, support financial independence and strengthen communities across generations.

This is why Roy Marlin's Belvedere initiative deserves renewed attention, not simply as a political achievement, but as an example of how public policy can create lasting private wealth for ordinary citizens.

St. Maarten should welcome responsible investment, and companies such as FT Development have demonstrated the capacity to transform the island's physical appearance. But government must demonstrate comparable determination to expand ownership opportunities for the people who live and work here.

The answer may involve affordable land sales, mortgage guarantees, mixed-income developments, incentives for private developers and partnerships that allow ordinary families to purchase homes. Nearly twenty years after Roy Marlin's Belvedere initiative, the island has become capable of building extraordinary residences for investors from around the world.

The unanswered question is why St. Maarten has struggled for so long to create comparable opportunities for its own people to become homeowners. A country's progress should not be measured only by how high its skyline rises, but also by how many of its people can build a life, own a piece of their country and pass something of lasting value to their children.

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