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Caribbean Property Development On Target For 2010 Finish
July 6, 2009Article by Ray Withers
It’s full speed ahead for the popular and trendy Bacelot Bay resort and Spa – a leading Grenada property development, according to the local tourist board.Bacolet Bay Resort and Spa is set in a private position that fronts the Caribbean Sea and offers spectacular, ocean and mountain views.
Spreading over 41 acres of tropical gardens, the resort comprises a mix of apartments, villas and hotel cottages offering facilities including spa and fitness centre, tennis courts, beachfront bars and restaurants. This 5-star luxury project was launched in February 2007 and construction is on schedule.The completion date for the first phase of the project is targeted for the second half of 2010, according to the Grenada tourist board.Due to the recession, development of a lot of Caribbean property has stalled – Bacolet Bay is bucking the trend.
At the 2007 International Property Awards, the Bacolet Bay Resort and Spa Development was awarded best development and also picked up the award for the best developer website.From £71,550, investors can buy accommodation with a 70% loan-to-value mortgage with returns predicting net yields of between 11.3% and 14.3% Owners can play out their tropical island fantasies with four weeks personal use per year.
Bacolet Bay, Grenada, will feature a holistic spa created by the renowned designers of the Armani spas in Tokyo, Dubai and Milan. This resort features a beachfront wedding chapel, and crèche.Currently, Grenada has a handful of five-star hotels and resorts. Occupancy rates stand at 89% during the peak season, whilst a conservative estimate for future occupancy rates over the year is 65%.
An expert management company with a track record in controlling top international resorts will look after investment in Bacolet Bay.As one of the less developed islands in the Caribbean and with a shortage of high-quality property, Grenada is a wise choice as a property investment destination.With tourism thriving on nearby islands, the Grenadian government is looking to promoting tourism on former Spice Isle.
Benefits such as tax exemptions and customs concessions for investors in tourism are being implemented, and substantial infrastructure improvements are taking place.As a result, the World Travel and Tourism Council has predicted tourism growth of 2.8% per year between 2008 and 2017, reaching annual tourist arrivals of over 600,000 by 2017.