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.
Showing posts with label Cardea Property Consultants. Show all posts
Showing posts with label Cardea Property Consultants. Show all posts
Monday, 5 July 2010
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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