South Africans con­tinue to buy up Sey­chelles’ Eden Is­land

Weekend Argus (Saturday Edition) - - PROPERTY -

SALES at the $460 mil­lion (R3.377 bil­lion) Eden Is­land ma­rina de­vel­op­ment in the Sey­chelles con­tinue apace and Pam Gold­ing Prop­er­ties (PGP) na­tional and in­ter­na­tional projects divi­sion re­ports that the de­mand for th­ese homes among South African buy­ers is so strong that Eden Is­land has in­creased its sales force in South Africa.

“PGP has sold more than 270 prop­er­ties at Eden Is­land worth over $210m and just un­der 50 per­cent of sales are to South African buy­ers,” says An­drew Gold­ing, CE of the PGP group. “The strength­en­ing of the rand to the US dol­lar has fur­ther boosted lo­cal de­mand.”

Most of th­ese lo­cal sales are to Gaut­eng buy­ers, fol­lowed by the West­ern Cape, KwaZulu-Natal and the East­ern Cape. Other buy­ers at Eden Is­land in­clude those from France – an­other key tar­get mar­ket for this de­vel­op­ment – then the UK, Sey­chelles and Mau­ri­tius, Rus­sia, Italy, Spain, Por­tu­gal and Poland.

Richard Ep­stein, project sales man­ager for PGP’s na­tional and in­ter­na­tional projects divi­sion says this de­vel­op­ment is so pop­u­lar among French buy­ers be­cause they have al­ways viewed Sey­chelles as a prime lux­ury des­ti­na­tion.

Prop­erty in­vest­ment is con­sid­ered to be sound for rental for in­come and re­turns on long-term cap­i­tal value.

As a re­sult of the strong SA de­mand for homes on the is­land, Faye du Preez, sales man­ager for Eden Is­land, based in Sey­chelles for the past two years, has re­lo­cated to Cape Town to join forces with Ep­stein.

The de­vel­op­ers re­cently re­leased a fur­ther 18 apart­ments and 14 maisons (semi-de­tached du­plex homes), priced from $345 000 which in­clude a moor­ing, elec­tric buggy and ma­jor kitchen ap­pli- an­ces, and sales of th­ese have al­ready been brisk. Up to six fam­i­lies a prop­erty can ap­ply for res­i­dency of Sey­chelles.

“There is no doubt the im­proved rand/dol­lar ex­change rate and the SA Re­serve Bank’s in­creas­ing the off shore cap­i­tal in­vest­ment al­lowance for in­di­vid­u­als from R2m to R4m have fur­ther stim­u­lated de­mand for off­shore prop­erty in­vest­ments.

“As Sey­chelles is a Souther n African De­vel­op­ment Com­mu­nity (SADC) mem­ber state there is no limit to the amount South Africans can in­vest when buy­ing hol­i­day homes in Sey­chelles,” says Ep­stein.

Con­tact Richard Ep­stein on 082 882 8996 or richard.ep­stein@pam­gold­, or Faye du Preez on 072 650 7123 or e-mail faye.dupreez@pam­gold­

PAR­ADISE: Eden Is­land ma­rina with its lux­ury apart­ment blocks is in de­mand from lo­cal and in­ter­na­tional buy­ers.

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