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