Ocean on your doorstep

La Balise Ma­rina will be ready to wel­come own­ers by next year, writes Michelle Swart

Business Day - Home Front - - HOMEFRONT -

AN UP­MAR­KET res­i­den­tial de­vel­op­ment for boat­ing and yacht­ing en­thu­si­asts is be­ing built in Mau­ri­tius, with phase one of the La Balise Ma­rina due for com­ple­tion by De­cem­ber next year.

Lo­cated on the south­west coast, the ma­rina de­vel­op­ment be­gan in Novem­ber 2009 with site en­able­ment and in­fra­struc­ture works com­pleted in the frame­work of a strict en­vi­ron­men­tal im­pact and man­age­ment plan.

The start of phase one fol­lowed in March this year.

“Phase one of the de­vel­op­ment in­cludes 55 res­i­den­tial units con­sist­ing of vil­las and du­plexes that all have di­rect ac­cess to the ocean, ei­ther on the canals and ma­rina quays or on the Grande Rivière Noire es­tu­ary,” says Do­minic Dupont, GM of La Balise.

“The com­mer­cial cen­tre, which will in­clude restau­rants, shops, bou­tiques and Le Sun­set — a se­ries of ameni­ties and fa­cil­i­ties con­sist­ing of a spa, gym, kids club and fine-din­ing restau­rants — will be ready dur­ing 2012.”

The only In­te­grated Re­sorts Scheme (IRS) de­vel­op­ment not on a golf course, sales of units in phase one have been ro­bust de­spite global eco­nomic con­di­tions.

“With only lim­ited res­i­dences in phase one left we plan to start sales of units in phase two of the de­vel­op­ment in the com­ing months,” says Dupont.

In to­tal, the de­vel­op­ment con­sists of 113 lux­ury res­i­dences on 14,5ha of free­hold land.

The strong phase one sales have en­abled the de­vel­op­ment team, con­sist­ing of ENL Prop­erty, the de­vel­op­ment man­agers, and their fi­nan­cial part­ners, In­vestec Bank (Mau­ri­tius) and the MCB Eq­uity Fund, to con­tinue the R4,7bn project with­out hav­ing to lever­age any debt.

“To date the project has been to­tally fi­nanced by R450m of pri­vate fund­ing from the ma­jor share­hold­ers,” says Dupont. “This has en­abled the project to con­tinue amid global eco­nomic uncer­tainty. We have se­cured a fi­nan­cial guar­an­tee of com­ple­tion from MCB, which of­fers buy­ers a de­gree of se­cu­rity not found any­where else.”

Dupont be­lieves La Balise has been at­tract­ing global buy­ers.

“The con­cept is a mix of tra­di­tion and in­no­va­tion, as the ar­chi­tec­ture har­mo­niously blends its Mau­ri­tian in­spi­ra­tion with a con­tem­po­rary de­sign in­te­grated into the coastal environment.”

Each res­i­dence has its own anchorage. Upon com­ple­tion, the ma­rina will con­sist of 17 vil­las rang­ing from three-bed­room 429m² units to five-bed­room 482m² units. Vil­las fac­ing the canals will have their own berths next to their homes that can han­dle 9m ves­sels. Vil­las over­look­ing the river have berth points at the Dock Orca with space for ves­sels up to 12m long.

Each of the 13 Ma­rina quay du­plexes are 200m² units that over­look the water di­rectly, each with three bed­rooms and en suite bath­rooms, as well as di­rect ac­cess to an anchorage.

Lo­cated in the heart of the ma­rina, they will ei­ther over­look the Sun­set pier or the La Balise pier, and their berths can ac­com­mo­date ves­sels up to 12m long. The 38 ma­rina du­plexes will ac­com­mo­date ves­sels be­tween 7,5m and 11m me­tres in length. The 45 canal du­plexes of­fer two- to three­bed­room units rang­ing from 175m² to 190m² that will of­fer di­rect ac­cess to an­chor­ages that can ac­com­mo­date ves­sels up to 7,5m long.

“All own­ers will be able to turn their prop­erty into an in­comegen­er­at­ing as­set by plac­ing it a com­mon rental pool.

“This op­tional ser­vice will be man­aged by Ve­randa Leisure and Hos­pi­tal­ity and will of­fer long- term rental pos­si­bil­i­ties.”

Ini­tial fore­casts show that own­ers will be able to re­cover the costs of their prop­erty, in­clud­ing taxes and main­te­nance costs, with an oc­cu­pancy rate as low as 15%.

“There is added ben­e­fit for for­eign­ers ac­quir­ing prop­erty in the de­vel­op­ment as they re­ceive Mau­ri­tian per­ma­nent res­i­dency, which will en­able them to do busi­ness and in­vest in the fi­nan­cial hub of the In­dian Ocean,” says Dupont.

The com­mis­sion­ing of phase two, which in­cludes con­struc­tion of the fi­nal res­i­den­tial units, is ex­pected to be com­pleted by De­cem­ber 2014.


From 27m ru­pees to 52m ru­pees for du­plexes From 81m ru­pees to 99m ru­pees for vil­las



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