Cardea Property Consultants are pleased to announce that a London-based consortium headed by British property developers Anthony Lyons and Gary Wilder has secured a substantial investment in the 130 acre Sugar Beach resort development in St Lucia.
The funds will be used to complete the US$100 million redevelopment of The Jalousie Plantation, creating a resort with 112 luxury rooms, 46 private residences, two white sand beaches, three new restaurants, four bars, a unique rainforest spa and walkway, a scuba centre, kids club and games rooms. The resort is being rebranded as The Tides Sugar Beach in 2011. Architects Lane Pettigrew Associates have been hired for the revamp.
Lyons and Wilder bring a wealth of property development experience to the project, having been involved with such projects as the O2 Centre and Earls Court developments in London, and more than US$57.8 billion in transactions since the late 1990s. They will be joining the board of Jalousie Ltd where owner Roger Myers will remain as Chairman and majority shareholder.
Roger Myers comments: “We welcome our new partners, who bring an unrivalled depth of property development experience and we look forward to working with them as The Jalousie Plantation continues its multi-million dollar transition to Sugar Beach.”
Myers has over 35 years experience in the leisure industry covering restaurants, pubs health spas and hotels. He was a founder and Chairman of the Pelican Group which developed a hugely successful chain of restaurants in the UK including Café Rouge, Dome and Mama Amalfi. After the sale of the group to Whitbread, he became a founder and Development Director of Punch Taverns plc, a company that grew to become a Footsie 100 company and own over 6000 licensed premises in the UK. He now lives in St Lucia and is exclusively focused on the development of Sugar Beach.
The Viceroy Hotel Group, keeper of The Tides brand, will manage the hotel when it is rebranded and re-launched as The Tides Sugar Beach in 2011.
There are 64 luxurious one and two bedroom hotel villas available for ownership, each with a private plunge pool and ocean or Piton views. Prices range from US$700,000 to US$2.1million. Owners are entitled to four weeks usage per year and a minimum 5% rental guarantee from villa handover until the end of the first year after the hotel re-opens.
The hotel villas at Sugar Beach are all fully furnished and are being sold as freehold.
There are also 41 Private Residences available for purchase. Each of these meticulously appointed spacious homes has two to six bedrooms with spectacular ocean and piton views. Prices range from US$2.4 million to US$6 million.
Wednesday, 18 August 2010
Monday, 2 August 2010
Money Observer - August 2010
Heaven sent in St Lucia
A villa at Sugar Beach, the five star renovation of the Jalousie Plantation resort in St Lucia, could be an investor’s dream purchase. Ruth Emery reports
Lying on a beautiful white sandy beach and being gently hypnotised by the waves lapping the shore. Watching the sun set over the turquoise Caribbean Sea from your private plunge pool.
Welcome to Sugar Beach, a five-star $100million (£66 million) renovation of the former Jalousie Plantation resort in south-west St Lucia Built on a UNESCO World Heritage Site, Sugar Beach is nestled between the Pitons, a pair of magnificent volcanic mountains. The renovation project should be finished in December 2011, when the resort will reopen as The Tides Sugar beach.
The resort marries beautiful countryside (the plantation dates back to the 1700s and is home to 20 different types of mango tree as well as other lush vegetation and wildlife) with luxury facilities. These include 24-hour butler service, three restaurants, two sandy beaches and a rainforest spa.
But it’s not all just about sunbathing and pampering. There’s potential to make money here too. The resort boasts 64 one- and two-bedroom fully furnished hotel villas, of which 17 are still available for sale. Prices range from US$700,000 to a cool US$2.1million.
Owners are allowed to stay in their villa for four weeks a year. For the rest of the year the villas are rented out and income goes into a pool. Just over a third of the pool (37.5 per cent) is released and shared by the owners, depending on what price they paid for the villa. So even if your villa’s occupancy is low, if you paid the highest price, then you’ll get the most money. Lisa Basire, marketing Director at Sugar Beach Villas, says this is unique. “Nowhere has a revenue split like this,” she explains.
As the recession swirled around the world, the St Lucian property market was not immune. Property prices have fallen by around 15 per cent over the past year, according to David Farrin, Managing Director of St Lucia estate agent Doubloon Real Estate.
Business is slow for many estate agents. Farrin admits that his agency was selling about four properties a week five years ago and now it’s more like one a month.
Developers have been hit hard too. One resort was backed by Lehman Brothers, so that development stopped. And construction on hotel and golf club Le Paradis is on hold.
That said, the Caribbean island is generally becoming more upmarket with boutique houses and hotels now dotting its coastline.
Although critics say the development of Sugar Beach is slow, Basire says there is no chance of it being halted. “The development is not reliant on bank finance, so it doesn’t matter if occupancy or sales of villas drop. Development will continue.”
The owner in question is Roger Myers, founder of Punch Taverns and the man behind Cafe Rouge.
Sasha Cole, sales manager of Island Villas, part of the Savills group, thinks Sugar Beach is as good investment. “It offers a 5 per cent annum minimum rental guarantee, and not many developments are offering this anymore. The occupancy levels are high: almost 80 per cent now, and this is low season. Sales are very good this year too.”
Indeed, three villas and four private residences have been sold in the first half of this year. As well as the rental villas there are 46 private homes for sale, ranging in cost from US$2.4million to US$9million.
Farrin calls the Sugar Beach project a ‘protracted job, but a good job’. He adds: “It’s a big challenge to bring the standards up in the hotel. It’s going in the right direction though.”
There are sweeteners for investors to help offset the inconvenience of the whole complex closing for five months next year before the reopening. As Cole mentioned, there is a 5 per cent rental guarantee that lasts from the handover and for the first 12 months after the hotel reopens in 2011. After the guarantee has finished, the villas are expected to deliver a 5.98 per cent return in 2012, 6.98 per cent return in 2013 and 7.48 per cent return in 2014.
Sugar Beach has also been granted a 15-year income tax holiday by the government, as well as a 50 per cent reduction on annual property tax for five years, which brings it down to 2.5 per cent. There is not VAT, inheritance tax or capital gains tax for St Lucian residents.
However, as expected with a million-dollar villa in a five-star complex, there are a few fees. The annual charges include around US$5,000 for insurance and US$2,000 for maintenance.
If you buy the villa before building has started, stamp duty is charged (2 per cent value of the lot – a lot is worth roughly US$75,000). Foreigners must also stump up US$2,500 for an ‘aliens land holding license’, while lawyer’s conveyancing fees come in at US$7,500.
When it comes to selling the property, there is a 10 per cent vendor tax. Farrin says a popular way to get around this is to set up a company to buy the property.
“Selling the property will then only incur a 0.5 per cent share transfer tax, rather than the 10 per cent vendor tax. Setting up a company takes about six to eight weeks and costs around US$2,000.”
So what about financing your luxury villa? Banks on the island such as Royal Bank of Cana and First Caribbean offer mortgage rates as low as 3.5 per cent to foreigners if they open a US dollar bank account, according to Cole, for up to 75 per cent loan-to-value. How-ever, Farrin says getting a mortgage in St Lucia is a ‘long drawn out process’ for foreign buyers. Instead, he recommends that people use any collateral they have in their UK property.
So why should investors choose St Lucia? Well, it’s cheaper than St Barts, Mustique and Barbados. Basire reckons a comparable purchase in Barbados would be 30 to 40 per cent more expensive.
Farrin says that although house prices have stagnated this year, there are signs that they will pick up soon and ‘we’ve seen quite a few enquiries from developers.’ He adds that the rental market is holding up well and tourism figures are up this year.
A villa at Sugar Beach, the five star renovation of the Jalousie Plantation resort in St Lucia, could be an investor’s dream purchase. Ruth Emery reports
Lying on a beautiful white sandy beach and being gently hypnotised by the waves lapping the shore. Watching the sun set over the turquoise Caribbean Sea from your private plunge pool.
Welcome to Sugar Beach, a five-star $100million (£66 million) renovation of the former Jalousie Plantation resort in south-west St Lucia Built on a UNESCO World Heritage Site, Sugar Beach is nestled between the Pitons, a pair of magnificent volcanic mountains. The renovation project should be finished in December 2011, when the resort will reopen as The Tides Sugar beach.
The resort marries beautiful countryside (the plantation dates back to the 1700s and is home to 20 different types of mango tree as well as other lush vegetation and wildlife) with luxury facilities. These include 24-hour butler service, three restaurants, two sandy beaches and a rainforest spa.
But it’s not all just about sunbathing and pampering. There’s potential to make money here too. The resort boasts 64 one- and two-bedroom fully furnished hotel villas, of which 17 are still available for sale. Prices range from US$700,000 to a cool US$2.1million.
Owners are allowed to stay in their villa for four weeks a year. For the rest of the year the villas are rented out and income goes into a pool. Just over a third of the pool (37.5 per cent) is released and shared by the owners, depending on what price they paid for the villa. So even if your villa’s occupancy is low, if you paid the highest price, then you’ll get the most money. Lisa Basire, marketing Director at Sugar Beach Villas, says this is unique. “Nowhere has a revenue split like this,” she explains.
As the recession swirled around the world, the St Lucian property market was not immune. Property prices have fallen by around 15 per cent over the past year, according to David Farrin, Managing Director of St Lucia estate agent Doubloon Real Estate.
Business is slow for many estate agents. Farrin admits that his agency was selling about four properties a week five years ago and now it’s more like one a month.
Developers have been hit hard too. One resort was backed by Lehman Brothers, so that development stopped. And construction on hotel and golf club Le Paradis is on hold.
That said, the Caribbean island is generally becoming more upmarket with boutique houses and hotels now dotting its coastline.
Although critics say the development of Sugar Beach is slow, Basire says there is no chance of it being halted. “The development is not reliant on bank finance, so it doesn’t matter if occupancy or sales of villas drop. Development will continue.”
The owner in question is Roger Myers, founder of Punch Taverns and the man behind Cafe Rouge.
Sasha Cole, sales manager of Island Villas, part of the Savills group, thinks Sugar Beach is as good investment. “It offers a 5 per cent annum minimum rental guarantee, and not many developments are offering this anymore. The occupancy levels are high: almost 80 per cent now, and this is low season. Sales are very good this year too.”
Indeed, three villas and four private residences have been sold in the first half of this year. As well as the rental villas there are 46 private homes for sale, ranging in cost from US$2.4million to US$9million.
Farrin calls the Sugar Beach project a ‘protracted job, but a good job’. He adds: “It’s a big challenge to bring the standards up in the hotel. It’s going in the right direction though.”
There are sweeteners for investors to help offset the inconvenience of the whole complex closing for five months next year before the reopening. As Cole mentioned, there is a 5 per cent rental guarantee that lasts from the handover and for the first 12 months after the hotel reopens in 2011. After the guarantee has finished, the villas are expected to deliver a 5.98 per cent return in 2012, 6.98 per cent return in 2013 and 7.48 per cent return in 2014.
Sugar Beach has also been granted a 15-year income tax holiday by the government, as well as a 50 per cent reduction on annual property tax for five years, which brings it down to 2.5 per cent. There is not VAT, inheritance tax or capital gains tax for St Lucian residents.
However, as expected with a million-dollar villa in a five-star complex, there are a few fees. The annual charges include around US$5,000 for insurance and US$2,000 for maintenance.
If you buy the villa before building has started, stamp duty is charged (2 per cent value of the lot – a lot is worth roughly US$75,000). Foreigners must also stump up US$2,500 for an ‘aliens land holding license’, while lawyer’s conveyancing fees come in at US$7,500.
When it comes to selling the property, there is a 10 per cent vendor tax. Farrin says a popular way to get around this is to set up a company to buy the property.
“Selling the property will then only incur a 0.5 per cent share transfer tax, rather than the 10 per cent vendor tax. Setting up a company takes about six to eight weeks and costs around US$2,000.”
So what about financing your luxury villa? Banks on the island such as Royal Bank of Cana and First Caribbean offer mortgage rates as low as 3.5 per cent to foreigners if they open a US dollar bank account, according to Cole, for up to 75 per cent loan-to-value. How-ever, Farrin says getting a mortgage in St Lucia is a ‘long drawn out process’ for foreign buyers. Instead, he recommends that people use any collateral they have in their UK property.
So why should investors choose St Lucia? Well, it’s cheaper than St Barts, Mustique and Barbados. Basire reckons a comparable purchase in Barbados would be 30 to 40 per cent more expensive.
Farrin says that although house prices have stagnated this year, there are signs that they will pick up soon and ‘we’ve seen quite a few enquiries from developers.’ He adds that the rental market is holding up well and tourism figures are up this year.
Monday, 26 July 2010
SVG launches St Lucia-Canouan Service
Regional carrier SVG Air launched daily, roundtrip service between St. Lucia’s Hewanorra Airport and Canouan Island in the Grenadines.
The 20-minute flight departs St. Lucia at 4:15 p.m., allowing travelers from the mainland U.S. to connect from earlier flights arriving on American, Delta, JetBlue and US Airways.
From Canouan, the flight leaves at noon, in time for onward return flights to the U.S.
Canouan is home to Carenage Bay (the former Raffles resort) and Tamarind Beach Hotel & Yacht Club.
The 20-minute flight departs St. Lucia at 4:15 p.m., allowing travelers from the mainland U.S. to connect from earlier flights arriving on American, Delta, JetBlue and US Airways.
From Canouan, the flight leaves at noon, in time for onward return flights to the U.S.
Canouan is home to Carenage Bay (the former Raffles resort) and Tamarind Beach Hotel & Yacht Club.
Caribbean Homes Magazine
Situated on the exclusive south west-tip of St Lucia are the twin peaks of the Pitons, the islands best-known landmark. Rising dramatically out of the turquoise ocean to over 2,000 feet these mountains cradle the Val des Pitons at their base. This area is a UNESCO World Heritage Site of outstanding natural beauty, and is also the location for a new five-star resort being constructed on the site of the original Jalousie Plantation.
Roger Myers, the former owner of the Cafe Rouge restaurant chain, bought the hotel in 2005 and is now spearheading a $100million transformation programme aimed at turning it into one of the Caribbean’s premier resorts. Managed by elite brand The Tides, part of the Viceroy Hotel Group, the resort will be rebranded at the end of 2011 as The Tides Sugar Beach.
Work on the project is well under way, and some of the major features have already been completed. These include a striking bar and club in the main building of the new hotel, where Roger Myers’ impressive personal modern art collection adds an uber-cool feel to the resort. Other amenities include two white sand beaches, beach club and lounge, gourmet restaurants, water sports centre, marine reserve for snorkelling, games room,
children’s play centre and a swimming pool.
A focal point of the resort is the Rainforest Spa, which consists of tree house treatment cabanas connected by wooden walkways that snake up the side of the hill under the rainforest canopy.
The strong focus on detail and design extends to the hotel rooms, which are actually luxurious colonial villas incorporating individual plunge pools and vast terraces with incredible views. Architect Lane Pettigrew is responsible for the redesign of both the resort and the luxury Sugar Beach Villas that are nestled in small clusters among the 130 acres of rainforest around the resort. Butler stations for each cluster take care of the individual needs of each guest.
Each of the freehold hotel villas is available to purchase fully-furnished. Prices start at US$700,000 for a one-bedroom villa and go up to US$2.1million for a superior deluxe two-bedroom villa.
Owners are entitled to four weeks personal usage of their villa each year and will also receive a 37.5% share of the total room revenue, which will be pooled. The purchase price of the villa determines the points allocated to each owner in the pool. Owners will also benefit from a guaranteed minimum return of 5% until the end of 2012.
There are also 31 meticulously appointed Private Residences available to purchase. These secluded Residences feature open living and dining areas perfectly designed for entertaining, complete with infinity-edged pools. Each spacious detached island home affords spectacular Piton or oceanfront views and can be used as little or as often as you wish. If you would like to rent out your residence, The Tides will manage everything for you providing the best of both worlds; the seclusion of an exclusive island home and the five-star marketing and management to enhance rental when not in use. Prices range from US$3million to US$7million for a three, four or five bedroom residence.
A little further along the beach British Aristocrat Lord Glenconner, who originally discovered the site between the Pitons in 1982, has put his name to five contemporary freehold residences to be known as Glenconner Beach. These immaculate homes are positioned directly on the beach with uninterrupted views of the bay and the Pitons.
Also designed by Lane Pettigrew with a modern twist on traditional Caribbean style with five or six bedrooms, the homes afford luxurious swimming pools and extensive terraces.
Owners are also able to meet with Lane to discuss any minor alterations or changes to perfect their ideal Caribbean residence. Each has five or six bedrooms, with prices from US$7million to US$9million.
The Jalousie Plantation has enjoyed 20 years of successful operating history, with a proven demand for the resort and average annual occupancy rates recorded at around 70% for the last five years. The St Lucian Government is vetting new developments very carefully and has granted owners at The Tides Sugar Beach a 15 year holiday on income tax and a 50% waiver on annual property tax for five years.
Properties of this calibre, in terms of beachfront location and an elite hotel management brand are 30-40% more expensive in Barbados. The accessibility is also a key selling point with daily direct flights to St Lucia from the UK, USA and Canada. What’s more, the UNESCO World Heritage Status of the Val des Pitons ensures protection from neighbouring overdevelopment, giving Sugar Beach the exclusivity you would find in other wealthier Caribbean Islands such as Anguilla, St Barts or Mustique.
Roger Myers, the former owner of the Cafe Rouge restaurant chain, bought the hotel in 2005 and is now spearheading a $100million transformation programme aimed at turning it into one of the Caribbean’s premier resorts. Managed by elite brand The Tides, part of the Viceroy Hotel Group, the resort will be rebranded at the end of 2011 as The Tides Sugar Beach.
Work on the project is well under way, and some of the major features have already been completed. These include a striking bar and club in the main building of the new hotel, where Roger Myers’ impressive personal modern art collection adds an uber-cool feel to the resort. Other amenities include two white sand beaches, beach club and lounge, gourmet restaurants, water sports centre, marine reserve for snorkelling, games room,
children’s play centre and a swimming pool.
A focal point of the resort is the Rainforest Spa, which consists of tree house treatment cabanas connected by wooden walkways that snake up the side of the hill under the rainforest canopy.
The strong focus on detail and design extends to the hotel rooms, which are actually luxurious colonial villas incorporating individual plunge pools and vast terraces with incredible views. Architect Lane Pettigrew is responsible for the redesign of both the resort and the luxury Sugar Beach Villas that are nestled in small clusters among the 130 acres of rainforest around the resort. Butler stations for each cluster take care of the individual needs of each guest.
Each of the freehold hotel villas is available to purchase fully-furnished. Prices start at US$700,000 for a one-bedroom villa and go up to US$2.1million for a superior deluxe two-bedroom villa.
Owners are entitled to four weeks personal usage of their villa each year and will also receive a 37.5% share of the total room revenue, which will be pooled. The purchase price of the villa determines the points allocated to each owner in the pool. Owners will also benefit from a guaranteed minimum return of 5% until the end of 2012.
There are also 31 meticulously appointed Private Residences available to purchase. These secluded Residences feature open living and dining areas perfectly designed for entertaining, complete with infinity-edged pools. Each spacious detached island home affords spectacular Piton or oceanfront views and can be used as little or as often as you wish. If you would like to rent out your residence, The Tides will manage everything for you providing the best of both worlds; the seclusion of an exclusive island home and the five-star marketing and management to enhance rental when not in use. Prices range from US$3million to US$7million for a three, four or five bedroom residence.
A little further along the beach British Aristocrat Lord Glenconner, who originally discovered the site between the Pitons in 1982, has put his name to five contemporary freehold residences to be known as Glenconner Beach. These immaculate homes are positioned directly on the beach with uninterrupted views of the bay and the Pitons.
Also designed by Lane Pettigrew with a modern twist on traditional Caribbean style with five or six bedrooms, the homes afford luxurious swimming pools and extensive terraces.
Owners are also able to meet with Lane to discuss any minor alterations or changes to perfect their ideal Caribbean residence. Each has five or six bedrooms, with prices from US$7million to US$9million.
The Jalousie Plantation has enjoyed 20 years of successful operating history, with a proven demand for the resort and average annual occupancy rates recorded at around 70% for the last five years. The St Lucian Government is vetting new developments very carefully and has granted owners at The Tides Sugar Beach a 15 year holiday on income tax and a 50% waiver on annual property tax for five years.
Properties of this calibre, in terms of beachfront location and an elite hotel management brand are 30-40% more expensive in Barbados. The accessibility is also a key selling point with daily direct flights to St Lucia from the UK, USA and Canada. What’s more, the UNESCO World Heritage Status of the Val des Pitons ensures protection from neighbouring overdevelopment, giving Sugar Beach the exclusivity you would find in other wealthier Caribbean Islands such as Anguilla, St Barts or Mustique.
Monday, 5 July 2010
Foreign Property Buyer
Female property investors are becoming increasingly confident about the overseas property market; Cardea Property Consultants, sales and marketing agents for Sugar Beach villas in St Lucia, have sold luxury villas totalling $14.5 million in their first six months of operation. Since the all-female agency set up in December 2009, four private residences and three freehold rental pool villas have been sold.
Their success is down to several factors:
- They are selling properties on a Freehold basis which is very unusual as beachfront land is leasehold in St Lucia
- Owners receive a 37.5% share of the total room revenue, which will be pooled and then split between owners proportionately according to the purchase price of their villa
- The developer is not reliant on bank finance to complete the renovation and the project.
There is a number of reasons to buy investment property in St Lucia:
A sound investment: St. Lucia offers the same advantages as other Caribbean properties, with prices currently 60-65 per cent less for the equivalent floor space. The island’s tax regulations ensure minimal taxes on re-sales; no estate taxes and no tax on rental income for the first 10 years of ownership (15 years for Sugar Beach).
Culture: St. Lucia provides the best of both worlds: a laid-back friendly island atmosphere with modern amenities and North American building standards. Influenced by a blend of African, French and English traditions, St. Lucians are known as the friendliest people in the Caribbean, if not the world. The island hosts a wide array of cultural festivals, giving visitors a true taste of the tropics.
Security: St. Lucia is a stable, independent nation, providing visitors with an established and trusted banking system, excellent medical services and a safe tourism environment.
Accessible location: St. Lucia is an ideal location for those looking to escape the cold winter months. It is easily accessible from London Heathrow and London Gatwick from where there are 5 flights per week with British Airways and 3 flights per week with Virgin. St Lucia is also accessible by sea as a popular cruise and sailing destination.
A tropical paradise: St. Lucia offers rainforest hiking and walking, some of the world’s best sailing, the Piton mountains and golden sand beaches.
Cardea Property Consultants, sales and marketing agents for Sugar Beach villas in St Lucia, have sold luxury villas totalling $14.5 million in their first six months of operation. Since the all-female agency set up in December 2009, four private residences and three freehold rental pool villas have been sold.
Lisa Basire, marketing director, puts Cardea’s success down to several factors. She says: “Sugar Beach is being sold on a freehold basis, which is extremely unusual in St Lucia as beachfront land is leasehold.
“We have been able to sell new-build rental pool villas, which form the accommodation for the resort because the existing hotel – the Jalousie Plantation – has 20 years of trading history. That’s why Sugar Beach is able to offer owners an exact 37.5% of the pooled room revenue rather than paying a split of the profit because they know what the running costs are and they know the occupancy levels. For added confidence, purchasers of these fully furnished rental pool villas enjoy a minimum 5% rental guarantee from handover and for the first 12 months after the hotel (Jalousie Plantation) re-opens as The Tides Sugar Beach in 2011.”
Owners are entitled to use their villa for four weeks each year. For a one bedroom villa this is the equivalent to a saving of around US$23,100 each year.
Lisa continues: “We are finding, however, that the three bed – roomed private residences are the most popular purchases. I think the reason for this might be that the type of purchaser coming in at this level is more focused on retaining privacy and anonymity.”
“Another positive of Sugar Beach in this difficult world market, is that the developer is not reliant on bank finance to complete the $100 million development, giving investors’ peace of mind that the resort will be re-developed as planned.”
Most investors at the Sugar Beach resort are primarily from Britain making up 56% of the total purchases, followed by Europeans and Americans which together make up for 30% of the sales. Buyers of the Private Residences get all the benefits of the ongoing US$100 million redevelopment of the former Jalousie Plantation resort which will redefine the concept of luxury when complete and re-launched as the Tides Sugar Beach Resort in 2011.
Their success is down to several factors:
- They are selling properties on a Freehold basis which is very unusual as beachfront land is leasehold in St Lucia
- Owners receive a 37.5% share of the total room revenue, which will be pooled and then split between owners proportionately according to the purchase price of their villa
- The developer is not reliant on bank finance to complete the renovation and the project.
There is a number of reasons to buy investment property in St Lucia:
A sound investment: St. Lucia offers the same advantages as other Caribbean properties, with prices currently 60-65 per cent less for the equivalent floor space. The island’s tax regulations ensure minimal taxes on re-sales; no estate taxes and no tax on rental income for the first 10 years of ownership (15 years for Sugar Beach).
Culture: St. Lucia provides the best of both worlds: a laid-back friendly island atmosphere with modern amenities and North American building standards. Influenced by a blend of African, French and English traditions, St. Lucians are known as the friendliest people in the Caribbean, if not the world. The island hosts a wide array of cultural festivals, giving visitors a true taste of the tropics.
Security: St. Lucia is a stable, independent nation, providing visitors with an established and trusted banking system, excellent medical services and a safe tourism environment.
Accessible location: St. Lucia is an ideal location for those looking to escape the cold winter months. It is easily accessible from London Heathrow and London Gatwick from where there are 5 flights per week with British Airways and 3 flights per week with Virgin. St Lucia is also accessible by sea as a popular cruise and sailing destination.
A tropical paradise: St. Lucia offers rainforest hiking and walking, some of the world’s best sailing, the Piton mountains and golden sand beaches.
Cardea Property Consultants, sales and marketing agents for Sugar Beach villas in St Lucia, have sold luxury villas totalling $14.5 million in their first six months of operation. Since the all-female agency set up in December 2009, four private residences and three freehold rental pool villas have been sold.
Lisa Basire, marketing director, puts Cardea’s success down to several factors. She says: “Sugar Beach is being sold on a freehold basis, which is extremely unusual in St Lucia as beachfront land is leasehold.
“We have been able to sell new-build rental pool villas, which form the accommodation for the resort because the existing hotel – the Jalousie Plantation – has 20 years of trading history. That’s why Sugar Beach is able to offer owners an exact 37.5% of the pooled room revenue rather than paying a split of the profit because they know what the running costs are and they know the occupancy levels. For added confidence, purchasers of these fully furnished rental pool villas enjoy a minimum 5% rental guarantee from handover and for the first 12 months after the hotel (Jalousie Plantation) re-opens as The Tides Sugar Beach in 2011.”
Owners are entitled to use their villa for four weeks each year. For a one bedroom villa this is the equivalent to a saving of around US$23,100 each year.
Lisa continues: “We are finding, however, that the three bed – roomed private residences are the most popular purchases. I think the reason for this might be that the type of purchaser coming in at this level is more focused on retaining privacy and anonymity.”
“Another positive of Sugar Beach in this difficult world market, is that the developer is not reliant on bank finance to complete the $100 million development, giving investors’ peace of mind that the resort will be re-developed as planned.”
Most investors at the Sugar Beach resort are primarily from Britain making up 56% of the total purchases, followed by Europeans and Americans which together make up for 30% of the sales. Buyers of the Private Residences get all the benefits of the ongoing US$100 million redevelopment of the former Jalousie Plantation resort which will redefine the concept of luxury when complete and re-launched as the Tides Sugar Beach Resort in 2011.
Wednesday, 30 June 2010
Trend Luxury
Private Villas at Sugar Beach Resort
Private Residences at Sugar Beach one of the most beautiful locations in the world between the magnificent Val des Pitons. Nestled within the rainforest on the hill overlooking the bay of Sugar Beach, there are 41 Private Residences just to the south on the other side of the pier there will be five additional ultra exclusive homes at Glenconner Beach.
Each of these spacious homes offers two to six bedrooms and affords spectacular, ocean and piton views with prices from US$2,400,000 to US$9,000,000. All properties have been designed by the award winning architect Lane Pettigrew in the same Caribbean white fretwork style. Four of these Private Residences are named Ocean Residences because of their idyllic location with striking views across the Caribbean Sea. Each of them ranges in size from 2,555ft² to 5,126ft² featuring spacious bedrooms with its own deluxe bathroom, oversized living and dining areas and a private swimming pool. Their prices range from $4 million for a three bedroom property to $6 million for a four bedroom property.
Sugar Beach refers not only to the crystal white sand along its shore, but to the fact that an historic Sugar Mill is still sited there. The Tides brand is synonymous with prime coastal settings, provocative design, intuitive service and an array of refined and modern amenities designed for the spirited traveller.
Private Residences at Sugar Beach one of the most beautiful locations in the world between the magnificent Val des Pitons. Nestled within the rainforest on the hill overlooking the bay of Sugar Beach, there are 41 Private Residences just to the south on the other side of the pier there will be five additional ultra exclusive homes at Glenconner Beach.
Each of these spacious homes offers two to six bedrooms and affords spectacular, ocean and piton views with prices from US$2,400,000 to US$9,000,000. All properties have been designed by the award winning architect Lane Pettigrew in the same Caribbean white fretwork style. Four of these Private Residences are named Ocean Residences because of their idyllic location with striking views across the Caribbean Sea. Each of them ranges in size from 2,555ft² to 5,126ft² featuring spacious bedrooms with its own deluxe bathroom, oversized living and dining areas and a private swimming pool. Their prices range from $4 million for a three bedroom property to $6 million for a four bedroom property.
Sugar Beach refers not only to the crystal white sand along its shore, but to the fact that an historic Sugar Mill is still sited there. The Tides brand is synonymous with prime coastal settings, provocative design, intuitive service and an array of refined and modern amenities designed for the spirited traveller.
Thursday, 10 June 2010
Dubai Property Weekly
Mubadala venture sets sights on St Lucia
Ginetta Vedrickas
Freelance Writer
One of Abu Dhabi’s leading investment companies has found a choice spot for itself under the Caribbean sun. This comes in the wake of Mubadala Development Company picking up a 50 per cent stake in Los Angeles-based Viceroy Hotel Group, and together they will be focusing on an aggressive rollout of newproperties bearing The Tides and Viceroy brands.
First up will be a hotel on the sunkissed island of St Lucia. A sizeable sum of $100 million is being invested to turn the world-renowned and much-loved Jalousie Plantation into a world-class five-star hotel and residential development.
The Viceroy Hotel Group was “specially selected from a beauty parade of hotel operators,” says Naomi Cambridge, sales director of Sugar Beach villas, who believes this would give potential buyers confidence in the product. “We believe that we have found the perfect combination of partners to provide the expertise necessary to create one of the best resort developments in the world.”
That the developer is not reliant on ban finance to complete the development may also add to investors’ sense of security at a time when many prestige projects are faltering across the world.
Wide reach
The Viceroy Hotel Group is one of the fastest growing deluxe hotel brands, currently opening hotels across the Middle East as well as flagships in London and New York, while continuing to manage existing properties in Miami, Los Angeles, Mexico and St Lucia.
With the World Bank placing St Lucia in the Top 30 countries to invest, 37 of the 85 privately-owned, buy-to-let villas have already been snapped up. Completion is expected by the end of 2011.
The Sugar Beach villas’ selling agents, Cardea Property Consultants, believe buyers won’t just be attracted by lifestyle opportunities but also by the investment potential. The villas form part of the hotel’s rental pool, affording owners four weeks free usage and a revenue split of the rental return, guaranteed at a minimum five per cent net until the end of the first year of operation. St Lucia may not yet have the profile of other Caribbean destinations such as Barbados, but Sugar Beach’s sales director Naomi Cambridge says: “Over the last few years property in St Lucia has experienced a 15 to 20 per cent annual appreciation, which is set to continue.
Buying would be 30 to 40 per cent more expensive in Barbados, in comparable terms of beachfront location and the five star hotel management company.”
Safe haven
Cost aside, few other developments in the world have a protected Unesco World Heritage status. Naomi predicts that returns on rental villas will be around seven per cent by the end of third year and adds the island is a safe haven for investors. There is no VAT, capital gains, inheritance or estate taxes in St Lucia, and a stamp duty of two per cent is payable only on the land if construction has not started on your particular villa.
The St Lucian government has also granted buyers at Sugar Beach a 15-year holiday on income tax and a 50 per cent waiver on annual property tax for five years.
The villas start from $610,000 up to $2,100,000 for buyers opting to use the rental pool model, but totally private villas are also being offered for $2.30 to $9 million. Private residence buyers can still rent their properties with full management from the Tides brand. Resort facilities include a luxury spa, three restaurants, four bars and beach club, while no other building permission will be granted on the 192 acres of rainforest and pristine beaches surrounding the development.
Naomi believes UAE-based investors will be tempted to followin Mubadala’s footsteps, “The Abu Dhabi Sovereign Wealth Fund has a lot of cache with UAE investors, the fact that they have chosen to invest in the Viceroy Hotel Group highlights that it is a solid investment.”
Ginetta Vedrickas
Freelance Writer
One of Abu Dhabi’s leading investment companies has found a choice spot for itself under the Caribbean sun. This comes in the wake of Mubadala Development Company picking up a 50 per cent stake in Los Angeles-based Viceroy Hotel Group, and together they will be focusing on an aggressive rollout of newproperties bearing The Tides and Viceroy brands.
First up will be a hotel on the sunkissed island of St Lucia. A sizeable sum of $100 million is being invested to turn the world-renowned and much-loved Jalousie Plantation into a world-class five-star hotel and residential development.
The Viceroy Hotel Group was “specially selected from a beauty parade of hotel operators,” says Naomi Cambridge, sales director of Sugar Beach villas, who believes this would give potential buyers confidence in the product. “We believe that we have found the perfect combination of partners to provide the expertise necessary to create one of the best resort developments in the world.”
That the developer is not reliant on ban finance to complete the development may also add to investors’ sense of security at a time when many prestige projects are faltering across the world.
Wide reach
The Viceroy Hotel Group is one of the fastest growing deluxe hotel brands, currently opening hotels across the Middle East as well as flagships in London and New York, while continuing to manage existing properties in Miami, Los Angeles, Mexico and St Lucia.
With the World Bank placing St Lucia in the Top 30 countries to invest, 37 of the 85 privately-owned, buy-to-let villas have already been snapped up. Completion is expected by the end of 2011.
The Sugar Beach villas’ selling agents, Cardea Property Consultants, believe buyers won’t just be attracted by lifestyle opportunities but also by the investment potential. The villas form part of the hotel’s rental pool, affording owners four weeks free usage and a revenue split of the rental return, guaranteed at a minimum five per cent net until the end of the first year of operation. St Lucia may not yet have the profile of other Caribbean destinations such as Barbados, but Sugar Beach’s sales director Naomi Cambridge says: “Over the last few years property in St Lucia has experienced a 15 to 20 per cent annual appreciation, which is set to continue.
Buying would be 30 to 40 per cent more expensive in Barbados, in comparable terms of beachfront location and the five star hotel management company.”
Safe haven
Cost aside, few other developments in the world have a protected Unesco World Heritage status. Naomi predicts that returns on rental villas will be around seven per cent by the end of third year and adds the island is a safe haven for investors. There is no VAT, capital gains, inheritance or estate taxes in St Lucia, and a stamp duty of two per cent is payable only on the land if construction has not started on your particular villa.
The St Lucian government has also granted buyers at Sugar Beach a 15-year holiday on income tax and a 50 per cent waiver on annual property tax for five years.
The villas start from $610,000 up to $2,100,000 for buyers opting to use the rental pool model, but totally private villas are also being offered for $2.30 to $9 million. Private residence buyers can still rent their properties with full management from the Tides brand. Resort facilities include a luxury spa, three restaurants, four bars and beach club, while no other building permission will be granted on the 192 acres of rainforest and pristine beaches surrounding the development.
Naomi believes UAE-based investors will be tempted to followin Mubadala’s footsteps, “The Abu Dhabi Sovereign Wealth Fund has a lot of cache with UAE investors, the fact that they have chosen to invest in the Viceroy Hotel Group highlights that it is a solid investment.”
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