Sir Paul: A boom is com­ing

‘Ex­pect up­swing’ in lux­ury mar­ket con­struc­tion

UK Barbados Nation - - NEWS - By GERCINE CARTER [email protected] na­tion­news.com @Gercine_­na­tionbb

BAR­BA­DOS’ LUX­URY real es­tate mar­ket is set for a boom.

“I think you will see con­struc­tion fly­ing in Bar­ba­dos [this year]; you will see new in­vest­ment com­ing in and new pur­chases in sec­ond homes, which is a big sup­port to our econ­omy,” lead­ing real es­tate de­vel­oper Sir Paul Altman told the Bar­ba­dos Na­tion.

One of the lead­ing de­vel­op­ers in the lux­ury real es­tate mar­ket, Sir Paul painted an en­cour­ag­ing pic­ture of ma­jor projects due to come on stream in the tourism sec­tor, in­clud­ing ho­tel ex­pan­sion and con­struc­tion and the restart of over­seas-funded pri­vate res­i­den­tial de­vel­op­ments, while re­veal­ing that dor­mant plans for other de­vel­op­ments were be­ing dusted off in prepa­ra­tion for their be­ing put back on the ta­ble.

Sir Paul said he was con­fi­dent that a full Bridgetown re­de­vel­op­ment will be on the cards.

He dis­closed that stud­ies com­mis­sioned on the Mar­shall Hall project at Hincks Street, and the Pier­head Project on the south­ern side of the Ca­reenage had been com­pleted. He also spoke of the ben­e­fits of the Hy­att Cen­tric Ho­tel set for Lower Bay Street, St Michael.

Many signs

He also in­di­cated Bar­ba­dos would see many of the For Sale signs that had in­creas­ingly be­come a fa­mil­iar sight on up­scale prop­er­ties along the West Coast com­ing down, while point­ing out Bar­ba­dos had gone through “some tough times with real es­tate, cer­tainly in the tourist end of it”.

“We had reached a build-up of in­ven­tory of un­sold prop­er­ties like never be­fore,” he said, and breathed a sigh of re­lief that the huge in­ven­tory of prop­er­ties for sale was slowly “clear­ing it­self”.

It is the light from the other end of that gloomy real es­tate tun­nel that was be­gin­ning to push its way through as the tourism mar­ket was mak­ing its way back, Altman ob­served.

Sir Paul has just re­turned from the United King­dom with a team who went there on a Gov­ern­ment-sup­ported mis­sion to win back in­ter­est in in­vest­ment in Bar­ba­dos. “We went there with a theme and we were sell­ing Bar­ba­dos un­der the theme Bar­ba­dos Is

Open For busi­ness and he is up­beat about the pro­jected out­come.

“I am ex­cited,” the real es­tate mag­nate said, adding: “I be­lieve there is no ques­tion that Bar­ba­dos is right there, ready to fly new in­vest­ment and they [in­vestors] are ready to come.”

“The new Bar­ba­dos is now maybe more ex­cit­ing than it has ever been,” Altman con­cluded.

(Pic­tures by Reco Moore.)

THIS AREA on Hincks Street is ex­pected to be part of the Mar­shall Hall project.

SIR PAUL ALTMAN SIR PAUL ALTMAN says the Plat­inum Bay De­vel­op­ment is about to take off.

(FP)

Four Sea­sons is still a real project, says Sir Paul Altman.

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