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Paulson sees big things coming for Puerto Rico

San Juan, Puerto Rico.
Sean Pavone | iStock | Getty Images
San Juan, Puerto Rico.

Puerto Rico may be set to turn its economy around and become the Singapore of the Caribbean.

That's what hedge fund manager John Paulson thinks, according to remarks Thursday reported by multiple media outlets.

"I think tomorrow the island will develop into the Singapore of the Caribbean." Paulson said, according to remarks reported by the Associated Press and FINalternatives.

Paulson is building a home in Puerto Rico and his firm recently bought new government bonds and a majority interest pair of two oceanfront resorts, Condado Vanderbilt and La Concha Hotels.

In all, Paulson plans to invest $1 billion in Puerto Rican projects over this year and next, according to local officials.

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A spokesman for Paulson declined to comment to CNBC.com.

Read the full story here.

Wall Street