Venture capital firm Asia Pacific Investment House has successfully completed its round one funding for the proposed Paradise Haven resort development on the Caribbean island of Nevis, raising US$50m. A second round has been launched to raise the remainder of the project's US$250m budget.

A 500 acre golf and beach resort development, Paradise Haven is planned to include ultra-luxury villas, condominiums, retirement and family residences as well as an internationally branded five star plus hotel, health and wellness spa. In support of the St Kitts & Nevis government's tourism development programme, upwards of 1000 local jobs will be created. The first of the four stage construction phases is anticipated to be operational during 2013/14.

Paradise Haven MD Keithley Warner said: “We are extremely pleased with the US$50m landmark investment achieved by APIH in this oversubscribed first round. Round two is now open to investors and besides offering great investment benefit returns, Paradise Haven is approved under the St Kitts & Nevis Citizenship by Investment Programme.”

No architect has yet been announced for the proposed course.