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Experienced Caribbean lovers will be aware that on neighbouring islands, West coast properties command a substantial premium as they boast the quieter, more sedate waters of the Caribbean sea as opposed to the Atlantic.
The finished resort will have a mixture of properties, from studio apartments to four bedroom villas in their own landscaped grounds. Facilities will include a gymnasium, full hotel facilities, pools, spa and casino.
Rental occupancies for neighbouring St Lucia and Barbados currently run at over 80% and with property prices a fraction of those of it's West Coast neighbours, the rental returns are likely to be incredibly substantial in the next few years.
The finished resort will have a mixture of properties, from studio apartments to four bedroom plantation houses residing in their own landscaped grounds. Facilities will include a gymnasium, full hotel facilities, pools, spa and casino.
The cabanas make up the infrastructure of the hotel supplying five star rooms with the freedom of your own private villa. Aimed at the investment market the cabanas come fully furnished with air-conditioning and free occupancy for the owner one month per annum.
The whole complex will be run as a hotel, much as the famous 'Plantation Beach' in St Lucia. This provides an excellent investment opportunity and the fulfilment of a lifelong dream to own property in the Caribbean.
The Cabana's come fully furnished to a five star standard as necessary for the hotels envisaged classification, whilst furniture packages will be available for the apartments and villas.
Payment Schedule
£1000 reservation fee
OPTION 1
10% after 15 days (less the reservation fee)
20% after 45 days.
70% non status Mortgage at Completion
OR
OPTION 2
Financing 100% (* subject to status)
30% financing by lending institution at exchange
70% non status mortgage at completion.
Example:
FINANCING 100%. (How it Works with Example.)
This is an excellent opportunity to invest in a brand new property with only £1000 deposit required. See the example process below:
£1000 non-refundable reservation fee required for reservation of a specific property.
30% deposit required (less £1000) within 45 days of reservation. Should you choose to borrow the 30% deposit, the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
Example (Sterling): Property price £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080 added to the purchase price upon completion.
Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 ($370,000) purchase price will have grown to a property value at completion of circa £325,000 ($601,250)
At this point a 70% loan to value guaranteed mortgage is available and therefore you will be able to borrow up to £227,500. This is clearly ample to pay for the £199,000(purchase price less £1000 reservation fee) that you owe as well as the accrued interest of £7,080 - from the above example.
Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 on which the annual interest payment would be £18,200 based on a rate of 8%. The rental guarantee of 10% of your purchase price of £200,000 will generate you an income of £20,000 each year, should cover your mortgage payments. If you wish you could retain the £59,000 loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase.
We would be delighted to answer any further questions you have regarding the exciting opportunity as well as helping you to make your reservation in the Caribbean.
Prices for the St Vincent Resort are as follows:-
Apartments : (Fully Furnished)
Studio Apartment 688 sq ft from £145,000
1 Bed Apartment 827 sq ft from £175,000
2 Bed Apartment 1,139 sq ft from £225,000
2 Bed Apartment (end terrace) 1,336 sq ft from £275,000
Penthouse Suites from £750,000
Cabanas : (Fully Furnished)
1 Bed Cabana 700 sq ft £295,000
1 Bed Deluxe Cabana 900 sq ft £375,000
2 Bed Cabana 1300 sq ft £550,000
2 Bed Plantation Cabana 1672 sq ft £695,000
3 Bed Plantation Cabana 2,064 sq ft £795,000
4 Bed Plantation Cabana 2,524 sq ft £875,000
All of the above come with a 10% guaranteed rental for 2 years, then 5 years 50% room rate share.
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