Caribbean Sugar Beach villas a sweet reward
The World Bank has placed St Lucia among the top 30 countries in the world in which to invest, making it the only Caribbean country on the list.
Some of this may be down to the fact that it remains one of the most reasonably priced islands in the Caribbean for property acquisitions, with real estate costs 40% less than neighbouring Barbados.
The south-western corner of the island is generally considered its most exclusive area. Here you will find the Jalousie Plantation Resort which is currently undergoing a transformation aimed at making it the best 5-star resort in the Caribbean.
The resort is located on a crystal white sand bay between the island’s iconic Piton Mountains on a protected UNESCO World Heritage Site. It is currently the venue for a massive $100million redevelopment programme due to complete in 2011.
On completion the resort will be managed by the Los Angeles-based Kor Hotel Group, operator of The Tides, an elite brand with resorts in some of the world’s most desirable locations.
The Tides Sugar Beach Resort is to contain 85 luxurious state-of-the-art villas, which are currently under construction in phases. The villas are being sold as freehold buy-to-let investment properties, giving owners four weeks usage per year and offering a percentage of the hotel room profits.
The resort’s owners will receive a 37.5% share of the total room revenue, taken without deductions, which will be pooled and divided pro-rata. The proportional split, based on the original property sales prices, will remain the same regardless of any future price increases.
There is a guaranteed minimum rental return of 5% per annum for the first year after handover of the completed villas. The government has also granted investors a 1q5-year holiday on income tax and a 50% waiver on property tax for 5 years.
Occupancy at the resort for the last two years it was open averaged around 80%. The developers expect this figure to rise once the resort is brought up to five-star international standards and The Tides takes over management of the resort.
The owners say they are not reliant on bank finance, so completion of the development will not be dependant on villas sales.
Prices range from $700,000 (€486,600) for a one-bedroom villa, with two-bedroom villas from $1,310,000 (about €910,600). Each villa is sold fully furnished and comes with its own private plunge pool and ocean and/or Piton views.
For further information contact +44 208 812 4773 or visit www.sugarbeachvillas.com