REAL ESTATE INVESTMENT POTENTIAL IN ST. LUCIA!
March 12, 2008
Edward Harris At Large!
REAL ESTATE INVESTMENT POTENTIAL IN ST. LUCIA!
Welcome to St. Lucia! It is a small island State located between 60 and 61 degrees West Longitude and 13 and 14 degrees North Latitude, approximately 1,300 miles Southeast of Florida. St. Lucia is part of the archipelago in the Windward island chain. The 238 square mile island is 21 miles from Martinique its nearest neighbour which is a French Department, 24 miles North of St. Vincent and 100 miles Northwest of Barbados.
St. Lucia is such a prized jewel that the French and British fought 14 battles before the French ceded their claim to the British in 1814. St. Lucia became an independent State on February 22, 1979 and retained the Queen as its titular head of State while maintaining a Westminster type Constitution which allows for good governance and a stable economy. St. Lucia is more than simply beautiful. Her people are noted as some the warmest and friendliest in the world. Her mountains have been and in some cases still are worshipped as demi-gods, adding to her mystery, her lure. Her waters offer safe swimming, excellent diving, and other water adventures such as kite surfing and parasailing. Land activities include but are not limited to games of golf, treks through the rain forest by land or zip line, horse back riding, turtle watching, spa treatments and more.
For many this small and exotic island in the Caribbean has been inspirational. Oprah Winfrey mentioned it in her O magazine as one of the top 5 places to see in your lifetime. She is on to something as in recent years St. Lucia has attracted some of the best developers in the world with International award winning plans that will cultivate and enhance St. Lucia’s natural beauty. This is your invitation to Own A Piece of the Rock!
St. Lucia welcomes direct foreign investment so there is nothing to fear in deciding upon St. Lucia as a destination whether for Business, Pleasure or Retirement or a combination of interests. It is important to note that St. Lucia is a preferred destination as it is evidenced by the heightened investment environment. The country is presently experiencing a construction boom in addition to a billion US dollars being invested in new tourism plants.
St. Lucia was rated #27 in a 2006 World Bank Report for “Ease of Doing Business†from among 175 countries surveyed. It is rated #1 Honeymoon Destination in the world. Visit http://www.stlucia.org Based on the foregoing information, it is evident that St. Lucia has all the attributes to fit the most discriminating life style. There is never a dull moment and the close proximity of neigbouring islands adds additional variety to the existing fun filled experience in St. Lucia.
Real Estate Investment has proven over time to yield substantial returns for investors engaged in the sector. In spite of rising prices in the North of the island fuelled by strong demand, property prices have remained at the 2005 level in most parts of the island. While prices in the North range between US$8.00 and $10.00, prices in the other parts of the island could be as much as 50% less. The challenge is to open up lands in the hinterland which beckons the future for serious developers.
The South of the island for several years now has been dubbed the New Frontier but so far real development is yet to make a major impact in that part of the island. However all indications are that this is about to change beginning with developments on the East Coast with the Le Paradis Development, http://www.leparadisstlucia.com taking up 554 acres along the main highway and the best beach front in the Praslin/Micoud area. There is also the possibility of a Ritz Carlton Hotel in Vieux Fort. Both developments are slated to have Signature 18 hole golf course.
Apart from investment possibilities for acquiring independent residential and commercial properties, there are numerous opportunities to invest in Villa and Condominium Developments, and Boutique Hotels on the island.
In an interview with Mrs. Patrice Esper, a prominent Realtor in the North of the island, she declared that “If St. Lucia were a young woman I imagine her putting her best clothes on, taking a deep breath and stepping out into the world. The world has taken notice!†She further stated that “St. Lucia is a young island in its development but it is all coming together nowâ€. The effect is being felt in the North and demand for properties has outstripped supply. She noted that Trinidadian and Barbadian investors are showing keen interest in the real estate sector and a new project – Villas on the Green in Cap estate, comprising of 75 apartments testifies to the confidence shown in St. Lucia. Mrs. Esper is the Lead Broker for the development which is owned by Fortress Caribbean Ltd., a Barbadian owned company.
Villas on the Green in the North of the island is a great example of a development that is balanced. Set on 17 acres of prime land in the exclusive residential area of Cap Estate, it adjoins the St. Lucia Golf and Country Club, currently the only 18-hole golf course on island and is only a short distance from the sandy beach of Cas En Bas, soon to be the home of the 5-star Raffles resort. Villas on the Green offers a choice of townhouses and custom built villas all featuring quality finishes and tropical details. A beautifully designed clubhouse, members’ fitness centre, swimming pool and terrace, bar, café and tennis court enhance this development and add to the enjoyment of the owners and their guests.
St. Lucia’s thrust into the promotion of Boutique Hotels was initiated by John and Judith Verity of Doubloon International who are the developers of Discovery at Marigot Bay. This property is small, exclusive, intimate and personalized, individually designed, not a part of a chain. It reflects the place it’s in and is very much a part of the environment. Discovery is all about St. Lucia, designed around the history and environment. The Verity family brought life and light to St. Lucia. The Marigot Bay community has been transformed into a unique tourist area in St. Lucia. There is added value to the Bay which is a must see for visitors to St. Lucia and home to some great movies that were filmed in the Caribbean. They have collaborated with world renown photographers, radio personalities among others to promote St. Lucia in such production of an exhibition of photographs by Gered Mankowitz entitled “The land, the people, the light – a portrait of St. Lucia†also available in print with stories by Molly Mc Daniel. They are not only investors, they are very much a part of the St. Lucian society and are directly involved in charting the way forward for the tourism industry. Their contribution has been recognized by fellow developers and with the establishment of Doubloon Real Estate Limited, http://www.marigotbay.com headed by David Farrin, the company is advising developers and promoting other existing properties including those soon to be put on the market. The Verity family has challenged St. Lucian Entrepreneurs to develop a new consciousness for their community and its environment. They targeted the children of the Marigot Bay Community and organized an Environmental Committee to teach the children to respect their environment. The Caribbean Students Environmental Alliance is in the making and will involve students in science based activities related to the environment. Their latest project is to launch a Solar Powered Ferry Boat to transport visitors and workers who need to cross the Bay. It will be the first Sunshine Ferry in the entire Caribbean.
Discovery on the Bay is a development with a difference. Investors in the project after their purchase, they do not continue pay cheques, they receive cheques. Here are some innovative features being offered by the Discovery at Marigot Bay Development:
The property has 57 Apartments available in 3 types namely: Festival, History and Mangrove. Owners enjoy 6 – 7 weeks occupancy per year made up of 3 High and 3 Low or 2 High and 5 Low Season. High Season is the period December 15 of one year, concluding April 15 of the following year also if Easter falls outside of the official High Season and the week of Jazz. During the period when the apartment is not occupied by the owner/s it goes into the Hotel Stock. The hotel is managed by GLA Hotels, http://www.glahotels.com Investors physically own the Block and Parcel Number for their property. Revenue that comes in from rent goes into one pot and all costs for operating the hotel is taken out. The accounting period for the rental pool is January 1 to December 31. There is also a sinking fund for maintenance of the property. After allocation of the general overheads, the net profit is divided as follows, 50% to the Developer and 50% to the Apartment owners. A minimum return on investment of 6% is guaranteed for the first 2 years. No additional cost once the property is paid for. No payment of income tax to the St. Lucia Government for 10 years. Up to 70% Mortgage is available from a local Bank. It is a mixture of life style and investment. Visit http://www.discoverystlucia.com
This article points to a few important facts: 1. That ownership of property by foreigners in St. Lucia is welcomed by the Government and citizens. 2. That an Investor could be actively involved in the development of St. Lucia. 3. That St. Lucia offers a life style suited to the most discriminating client. 4. That St. Lucia is an Investors Dream and it is all coming together now! Important Websites: http://www.stlucia.gov.lc http://www.stluciandc.com http://www.stlucia.org
If Island Living is your lifestyle choice, experience St. Lucia first hand, stay for a visit or for a while!!!
Article produced by: Edward A. Harris, Chairman of the Steering Committee of the National Association of Realtors, Realtor, Business & PR Consultant, Networker & Freelance Journalist. Email: eaharrisdestiny@gmail.com Websites: http://www.stluciarealtors.com http://www.stluciasimplybeautiful.com http://EdwardHarris.myvisalus.com