Now, thanks to World Cup Cricket 2007, renewed interest by property developers and favourable exchange rates as well as tax-free status, the Caribbean is becoming a treasure trove for hoteliers and overseas property investors.

Topping the list of developers entering the Caribbean is Irish company Roebuck International, whose ambitious 942.7m development at Half Moon Bay in St Lucia goes from strength to strength. Hot on the heels of its 68.5m sales at launch late last year, the company has just signed a deal with RitzCarlton, which will see the five-star hotel group take on joint ownership of The Residences, the 225-bed hotel complex as well as managing property rentals and the Arnold Palmer golf course at the luxury resort.

The deal will see the young Irish company move swiftly to the major league of international developers. It also means significant gains for early investors, according to CEO Neal Sweeney.

"Now the deal with RitzCarlton is finalised, prices will rise substantially, with units that were selling at 469 per square foot rising to 781 per square foot. Those who invested early will have seen a doubling of their investment in less than six months, " explained Sweeney.

"American investors follow five-star developments because a five-star hotel increases values of property around it by 50%. And with beach front property in Florida becoming more expensive, the Caribbean is primed to take over from Florida."

According to Sweeney this is an ideal time to buy in St Lucia. "With property prices about 50% lower than on Barbados, St Lucia will continue to give plenty of room for capital appreciation. The tourist market is strong. Average occupancy rate is 67%, with some hotels achieving 85% - 95%."

Sweeney's is not the only vote of confidence. The island was recently voted best wedding destination by American Express. Oprah Winfrey, who owns property on the island, has proclaimed it one of the 10 places you must visit. World Cup Cricket 2007 will also raise the profile of the region and with nearby Barbados and St Lucia set to host the finals and the semi-finals respectively, interest in these islands is only just beginning.

Made up of partners Neal Sweeney, ex-Galway hurler Brendan Lynskey and Brian Kennedy, Roebuck International was established in 2001. The company has developed apartments in Canary Wharf, Spain, Monaco as well in Fort Myers and Naples, Florida and is in the process of agreeing a significant site for development in the Bahamas.

At the signing, Ezzat Coutry, senior vice president of Ritz-Carlton, said St Lucia was part of the hotel group's strategic plans for the Caribbean.

"We have been looking at several islands including St Lucia but hadn't found the right location until now. We like St Lucia because it is an island with a lot of natural beauty and it also has incredible airlift, which is critical to our strategic approach."

Location was a key factor.

"We choose Half Moon Bay because of its location close to the airport as well as its stunning scenery. We believe that because of the higher numbers of Europeans visiting St Lucia, occupancy rates could be even higher here."

The development has government and local backing.

"St Lucia has the desire to increase its tourist industry and to meet the high standards of service that come with a five-star development.

The island is eager to provide the people for the tourist industry and willing to learn, " said tourism minister Philip Pierre.

Situated on over 190 acres fronting the sea, Half Moon Bay is in the undeveloped south of the island, just 10 minutes from the airport.

One of the first five-star luxury developments on St Lucia, the development will include 150 condos in two blocks around a 225-bed fivestar hotel, The Residences at Ritz-Carlton. Amenities include a marina, four restaurants, a gym with indoor swimming pool, a large infinity pool, a state of the art spa treatment centre as well as a conference centre and two PGA standard golf courses.

Work on the development, which will be handled by EllisDon, is due to begin shortly. The first phase is due to have 50 units ready for the World Cricket championships in March 2007 . . . St Lucia is to host the British cricket team and their fans, the so-called 'Barmy Army'.

The Residences are due for completion in December 2009.

Christy O'Connor Jnr has devised a plan for his links golf course on the Atlantic side of the island. The Arnold Palmer course will be designed by Harrison Minchin, who designed the course at the K-Club. The plan is to make this one of the top golf courses in the world.

The development will consist of four phases. The first phase of 73 condos sold out late last year. The second phase of 75 condos will be launched on 13 July from 6pm-8pm at 90 Merrion Square West, Dublin 2.

Fast facts Getting there: There are no direct flights from Ireland yet. Access from Britain is frequent with Virgin Atlantic, British Airways, Air Jamaica and Air Canada all flying to St Lucia. Virgin has three weekly flights to St Lucia from Gatwick with another weekly flight from Manchester starting this November.

Development details: The second phase of 75 condos will be launched 13 July. Units are one-bed, 990 square-foot condominium suites with 440 square-foot balconies.

Prices start at 776 per square foot, depending on location and level.

Amenities: A 20,000 sq ft spa with a fitness centre and treatment rooms, in"nity pool, tennis courts, the Ritz Kidsregistered program, games room, business centre, concierge services, and gift shop. The resort will have a marina, four restaurants and a 7,000 sq ft conference space.

Championship golf will also be a huge draw, with two fabulous golf courses spread over a 432-acre site.

Tax incentives: Units come with wear and tear allowance and there is no stamp duty on the purchase price and no capital gains tax. The development also qualifies for the self-administered pension scheme, on top of a guaranteed rental return of 5% on the initial purchase price for two years.