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St Lucia – What happens when the bowling is over?

30th March 2007 Print
St Lucia The 2007 Cricket World Cup will sadly be remembered for what happened off-field. The unusual death of Pakistan cricket coach Bob Woolmer, allegations of match-fixing and Freddie Flintoff’s pedalo imbroglio off the waters of St Lucia at 4am will be hard to forget. But after the wickets have been dismantled and Freddie’s hangover has eased – what’s next for St Lucia? The feeling on the Island is that it’s only just begun.

The Government of St Lucia committed $57 million EC (approx 11 million GBP) towards hosting the ICC event and plans to reap the rewards in terms of destination awareness. Not only was the Beausejour Cricket Ground upgraded, but new roads were built, hotel accommodation improved, the airport and seaports given a face-lift and restaurants in small villages learned the value of staying open later and turning tables around faster through better service. The Cricket World Cup was a grand dress rehearsal, now St Lucia knows that it can accommodate, entertain and keep safe large numbers of people through a tried and tested operating procedure. A good thing, as with the massive TV exposure, the number of tourist arrivals is expected to soar in double digits.

St Lucia has always had plenty to offer from scuba diving to deep sea fishing and mouth-watering cuisine to dramatic landscapes. In Condé Nast Traveller’s Reader’s Travel Awards 2006 St Lucia featured in the coveted Top Ten, but it is golf, one of the fastest growing sports in the world, that is about to make a huge impact on St Lucia. The existing 18-hole St Lucia Golf & Country Club with Jack Nicklaus Academy and the 9-hole Sandals Regency St Lucia Golf Resort & Spa will be joined by the Westin Le Paradis St Lucia Beach & Golf Resort at Praslin Bay with an 18-hole Greg Norman designed course, scheduled to open in September 2008, and an 18-hole Jack Nicklaus Signature Golf Course at Cas En Bas alongside none other than a Raffles Hotel. A lot of golf and a lot of design talent for a 238 square mile island.

As sure as Posh comes with Becks, so too does golf come with property, and thanks to the aptly named ‘Cricket World Cup Incentives Act’ the Island’s builders have got their work cut out. The Act, passed in 2005, stated that anyone building new property (‘hotel, villa resort, condominium or an upscale residential complex’) would be exempt from paying income duty on the materials used and furthermore there would be an income tax holiday for up to ten years after the tournament ends, the property boom has begun. Property is currently pitched at up to 40% lower than neighbouring islands such as Barbados so investors are invited to get in early before the boat is missed.

With a sensible environmental approach to development, there will only be a finite number of investment opportunities. One such example is Trouya Beach Village, a luxurious development of 38 townhouses and apartments in the north west of the Island close to Rodney Bay. The 3.8 acre development is in three parts, Banbou Grove, Hummingbird Haven and Mango Close, and surrounded by tropical gardens and freshwater pools complete with pool bar and restaurant. Properties are spacious with large terraces, most with private splash pools, and built to exacting European standards whilst making use of local Caribbean masonry and solid hardwood. One of the most attractive features of owning a property in Trouya Beach Village is the use of facilities of the neighbouring five star Windjammer Landing Resort. All Trouya Beach Village owners will have access to the facilities there such as swimming pools, outdoor Jacuzzis, five restaurants, tennis courts, the Serenity Health Spa, watersports program and nightly entertainment. There is also an option to join Windjammer Landing’s Resort own rental scheme if you so wish.

Trouya Beach Village, a gated community with 24-hour security, will have a professional rental program in place with a guaranteed rental income of 5% for one year. Returns are expected to be high; a townhouse property at neighbouring Windjammer Landing, based on a conservative 50% occupancy rate, currently shows a return of 30,334 GBP p.a.

All properties are being sold freehold and mortgages of up to 70% are available. As the project is off-plan (completion expected end 2008), necessary stage payments will be held in Escrow. To top it off, St Lucia has a no VAT, no capital gains tax and no rental tax for ten years.

Prices start from 213,667 GBP for a two bedroom apartment with splash pool.

For further information, visit investorsdiscover.com.

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St Lucia