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11/05/07 - St Lucia
Property After the World Cup |
The 2007 Cricket World Cup will sadly be
remembered for what happened off-field. The unusual death of Pakistan
cricket coach Bob Woolmer, allegations of match-fixing and Freddie
Flintoff’s pedalo imbroglio off the waters of St Lucia at 4am will be hard
to forget. But after the wickets have been dismantled and Freddie’s hangover
has eased – what’s next for St Lucia? The feeling on the Island is that it’s
only just begun.
The Government of St Lucia committed $57 million EC (approx 11 million GBP)
towards hosting the ICC event and plans to reap the rewards in terms of
destination awareness. Not only was the Beausejour Cricket Ground upgraded,
but new roads were built, hotel accommodation improved, the airport and
seaports given a face-lift and restaurants in small villages learned the
value of staying open later and turning tables around faster through better
service. The Cricket World Cup was a grand dress rehearsal, now St Lucia
knows that it can accommodate, entertain and keep safe large numbers of
people through a tried and tested operating procedure. A good thing, as with
the massive TV exposure, the number of tourist arrivals is expected to soar
in double digits.
St Lucia has always had plenty to offer from scuba diving to deep sea
fishing and mouth-watering cuisine to dramatic landscapes. In Condé Nast
Traveller’s Reader’s Travel Awards 2006 St Lucia featured in the coveted Top
Ten, but it is golf, one of the fastest growing sports in the world, that is
about to make a huge impact on St Lucia. The existing 18-hole St Lucia Golf
& Country Club with Jack Nicklaus Academy and the 9-hole Sandals Regency St
Lucia Golf Resort & Spa will be joined by the Westin Le Paradis St Lucia
Beach & Golf Resort at Praslin Bay with an 18-hole Greg Norman designed
course, scheduled to open in September 2008, and an 18-hole Jack Nicklaus
Signature Golf Course at Cas En Bas alongside none other than a Raffles
Hotel. A lot of golf and a lot of design talent for a 238 square mile
island.
As sure as Posh comes with Becks, so too does golf come with property, and
thanks to the aptly named ‘Cricket World Cup Incentives Act’ the Island’s
builders have got their work cut out. The Act, passed in 2005, stated that
anyone building new property (‘hotel, villa resort, condominium or an
upscale residential complex’) would be exempt from paying income duty on the
materials used and furthermore there would be an income tax holiday for up
to ten years after the tournament ends, the property boom has begun.
Property is currently pitched at up to 40% lower than neighbouring islands
such as Barbados so investors are invited to get in early before the boat is
missed.
With a sensible environmental approach to development, there will only be a
finite number of investment opportunities. One such example is Trouya Beach
Village, a luxurious development of 38 townhouses and apartments in the
north west of the Island close to Rodney Bay. The 3.8 acre development is in
three parts, Banbou Grove, Hummingbird Haven and Mango Close, and surrounded
by tropical gardens and freshwater pools complete with pool bar and
restaurant. Properties are spacious with large terraces, most with private
splash pools, and built to exacting European standards whilst making use of
local Caribbean masonry and solid hardwood. One of the most attractive
features of owning a property in Trouya Beach Village is the use of
facilities of the neighbouring five star Windjammer Landing Resort. All
Trouya Beach Village owners will have access to the facilities there such as
swimming pools, outdoor Jacuzzis, five restaurants, tennis courts, the
Serenity Health Spa, watersports program and nightly entertainment. There is
also an option to join Windjammer Landing’s Resort own rental scheme if you
so wish.
Trouya Beach Village, a gated community with 24-hour security, will have a
professional rental program in place with a guaranteed rental income of 5%
for one year. Returns are expected to be high; a townhouse property at
neighbouring Windjammer Landing, based on a conservative 50% occupancy rate,
currently shows a return of 30,334 GBP p.a.
All properties are being sold freehold and mortgages of up to 70% are
available. As the project is off-plan (completion expected end 2008),
necessary stage payments will be held in Escrow. To top it off, St Lucia has
a no VAT, no capital gains tax and no rental tax for ten years. |
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