Chance to live in ex­pa­tri­ate towns

Michelle Swart finds out more about RES de­vel­op­ments on the mar­ket in Mau­ri­tius

Business Day - Home Front - - MAURITIUS -

IN 2008 the Mau­ri­tian authorities in­tro­duced a new prop­erty scheme for for­eign­ers, named the RES, which pro­vided an al­ter­na­tive prop­erty type for for­eign buy­ers. Prior to 2008, de­vel­op­ers needed to de­velop un­der the In­te­grated Re­sort Scheme (IRS) guide­lines and in line with this large golf re­sorts, where prices started above $1m, sprang up around the is­land.

With the ad­vent of the RES and a new set of prop­erty guide­lines, de­vel­op­ers were able to de­velop with­out the large in­fras­truc­tural costs and on much smaller pieces of land and as a re­sult prop­erty prices now start at around $260 000. De­vel­op­ers are also able to ac­quire parcels of land closer to or in the towns of Grand Bay and Tamarin which presents a great op­por­tu­nity for for­eign­ers want­ing to live in the pop­u­lar ex­pa­tri­ate towns.

Jonathan Tagg of Pam Gold­ing Prop­er­ties says that in light of the above changes, Pam Gold­ing is now fo­cus­ing on de­vel­op­ments priced from $300 000 to $1m which are in Tamarin and Grand Bay. “These ar­eas have a good sup­ply of shops, restau­rants, schools, beaches, golf clubs and other sport­ing fa­cil­i­ties as well as large ex­pa­tri­ate com­mu­ni­ties and it makes it eas­ier for for­eign­ers to in­te­grate,” he says.

Tagg notes that over the past two years, they es­ti­mate that around 150 South African buy­ers have pur­chased in Mau­ri­tius, mak­ing South Africans the sec­ond largest for­eign buyer in Mau­ri­tius. “Our tar­get groups fall into three dif­fer­ent con­sumer groups, namely the couples near­ing re­tire­ment and look­ing for a des­ti­na­tion to spend their fu­ture re­tire­ment, younger couples with kids look­ing for a hol­i­day des­ti­na­tion and fam­i­lies look­ing to re­lo­cate to Mau­ri­tius in the fu­ture. Most buy­ers are look­ing for the res­i­dency so we find the price range from $500 000$900 000 to be very pop­u­lar, while we find the $300 000$400 000 price range pop­u­lar with re­tired couples look­ing to spend three to six months a year in Mau­ri­tius,” he says.

Tagg says that the Mau­ri­tian prop­erty mar­ket has seen strong cap­i­tal growth, mainly be­cause there has been a short­age of prop­erty sup­ply as the Mau­ri­tian mar­ket only opened to for­eign buy­ers around 2004 with the start of the first IRS. “With the in­tro­duc­tion of the RES in 2008 and the first RES prop­erty avail­able in 2009, we have also seen strong cap­i­tal growth in­creases, due to the short­age of qual­ity RES de­vel­op­ments and good avail­able de­vel­op­ment sites. There is a short­age of avail­able view sites in Tamarin and good beach ac­cess sites in Grand Bay and Pam Gold­ing ex­pects qual­ity RES sites to re­main in short sup­ply due to lim­ited land avail­able in Tamarin and Grand Bay.”

Pam Gold­ing Prop­er­ties is about to launch its first RES de­vel­op­ment in Grand Bay, with prices start­ing be­low R2m and with an ex­cel­lent lo­ca­tion in Grand Bay and a strong rental yield, they ex­pect buy­ers to get an ex­cel­lent life­style prod­uct and good in­vest­ment in a price range in­tro­duced for the first time.

In an ex­clu­sive of­fer from a mere R1,75m, South African buy­ers can ac­quire a prop­erty in a dream lo­ca­tion. Ideal for fam­ily hol­i­days, ro­man­tic get­aways or for those look­ing for­ward to a com­fort­able and unique re­tire­ment, El­e­ment Bay Re­sort is lo­cated a few min­utes from the world-renowned Grand Baie and of­fers own­ers ac­cess to a whole host of at­trac­tions, in­clud­ing vi­brant restau­rants, cov­eted shops, state-of-the-art sports fa­cil­i­ties and some of the best beaches in the world.

Pro­vid­ing easy ac­cess to the beach, El­e­ment Bay fea­tures 30 one-and two-bed­room apart­ments and pent­houses, and some of these boast sea views. The apart­ments also over­look the re­sort’s swim­ming pool and res­i­dents can ben­e­fit from the wide ar­ray of wa­ter sports fa­cil­i­ties pro­vided by the nearby Coin de Mire Ho­tel.

Each apart­ment of­fers a park­ing bay, as well as a pri­vate ter­race or bal­cony. For units on the ground floor, the pri­vate ter­races ex­tend into a gar­den with trop­i­cal land­scap­ing. Con­tem­po­rary de­sign and su­pe­rior fin­ishes are par for the course and fur­ni­ture pack­ages are also avail­able on re­quest.

El­e­ment Bay’s var­ied price range will ap­peal to both en­trylevel house-hun­ters and busi­ness­men with well es­tab­lished prop­erty port­fo­lios. It will also en­sure that in­vestors will see sig­nif­i­cant growth on their cap­i­tal in­vest­ment. Rental re­turns are ex­pected to be ex­cel­lent.

Prop­er­ties at El­e­ment Bay Re­sort, which will be avail­able for oc­cu­pa­tion at the end of 2012, are priced from R1,75m to R 2,9m. The rental pool will be man­aged by Attitude Re­sort and Ho­tel group and the de­vel­op­ment of­fers a beach club and sports fa­cil­i­ties.

Tagg says this de­vel­op­ment is ide­ally suited to couples want­ing a Mau­ri­tius re­treat.

On the west coast of Mau­ri­tius, Pam Gold­ing is mar­ket­ing an­other RES de­vel­op­ment named La Tourelle Ocean View Res­i­dence. Here 48 high-end lux­ury apart­ments are set on the slopes of a prop­erty ex­tend­ing over some 1,74ha.

The eco-de­sign of the de­vel­op­ment com­bines en­ergy ef­fi­ciency and low main­te­nance and in­cludes nat­u­ral field stone with their brown colour vari­a­tions to match the rocky out­crops and cliffs of the moun­tain. The apart­ments blend smoothly into the hill­side of La Tourelle Moun­tain. A pur­posedesigned curved tim­ber per­gola acts as a sun screen to the build­ing while pro­vid­ing sup­port for creep­ing plants that sig­nif­i­cantly re­duces the heat trans­mis­sion and pro­vides nat­u­ral ven­ti­la­tion.

The in­te­rior and the ex­te­rior have been de­signed to blend seam­lessly with a spacious, open floor plan that leads out to a large pri­vate deck. Prices: El­e­ment Bay Re­sort from R1,75m-R2,9m La Tourelle from R2,8m Con­tact: Pam Gold­ing Prop­er­ties Jonathan Tagg 083 680 6012 Benoit Main­gard +230 250 3108

An artist’s im­pres­sion of the La Tourelle Ocean View res­i­dence.

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