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					From The
Welcome to the 2010 edition
of     Caribbean      Property
Magazine. It has been a
challenging        year    for
Caribbean real estate, but
positive        things     are
happening throughout the
region, and a fresh optimism
is in the air for 2010.
      Marketing real estate in tough        may not be as plentiful as a few       outrageous claims, but we believe
    times is a big challenge, but if        years ago, but they will always        that only people that are
    your products are not in the shop       come back, as our product is           interested in real estate pick up a
    window, then you can’t expect to        unique, and the economic cycle         real estate publication, and when
    get sales. If you don’t get sales,      will eventually swing back to          it comes free that’s an added
    your business can’t survive. Too        better times.                          bonus. Caribbean Property
    many business people apply                Many of our readers enjoy the        Magazine is available free in hard
    knee-jerk short-term solutions to       Business and Finance section of        copy at hundreds of locations,
    a drop in revenue, and marketing        the magazine because the articles      and we can also provide an
    budgets are often their first line of   feature industry giants across the     electronic read-through copy on
    attack. However, all marketing          whole spectrum of Caribbean            the Internet to anywhere in the
    experts will tell you that reducing     business life. These are business      world.
    or eliminating your marketing           people that have an intricate            Please enjoy our 2010 edition
    budget also drops your sales, and       knowledge of what’s happening          and if the home of your dreams is
    this is a guaranteed road to            in the heart of their industry, and    in this publication, then buy it
    decline. That’s why Caribbean           their opinions and observations        and tell us later. If you have good
    real estate marketers need to step      count. Many thanks to our              news, then spread it!
    up to the table in 2010 and win         featured experts once again for
    back the customers. Our                 being so open and informative in       Best wishes,
    beautiful islands haven’t changed,      telling us what’s happening out
    and the quality and variety of real     there.
    estate is unrivalled anywhere in         Finally, a big thank you to all our
    the world. What we have in the          advertisers and supporters of this
    Caribbean is very special, so let us    vibrant        niche      property
    combine our resources and tell          publication that travels all over      J Clarence Hiles
    everyone about it. The buyers           the world. We don’t make               Editor
    Contents                                                                   Acknowledgements
                                                                           7   Caribbean Property Magazine, is
From The Editor - We Have Something Very Special                               a Caribbean production published by
                                                                               Hiltop Publications Ltd, 11 Cottage Ridge,
Antigua - Aidan McCauley Answers Our Questions                            11   St George, Barbados.
      Sugar Ridge - Antiguas New Jewel                                    14   Tel: (246) 228-9122 Fax: (246) 228-0243
                                                                               email: sportingb@caribsurf.com
                                                                               Distribution: Jan Musi - Antigua,
Barbados - Richard Young’s Insight into What’s                            19   St. Kitts & Nevis, Pamela Hiles - Trinidad
Happening                                                                      & Tobago, Barbados, Canouan & St. Lucia
                                                                         26    Important Websites:
      Individual, Original, Traditional, Modern that’s Gajah
      Claridges - The Perfect Ten & Maybe More                           32
      The Unspoilt Natural Beauty of Edgewater                           34    www.sportingbarbados.com
      Vuemont Captivating Rual Ambience                                  36    www.barbadospropertynews.com
                                                                         38    Editor:                Clarence Hiles
      Royal Guard Impact Resistant Windows & Doors                             Advertising:           Pamela Hiles
      Dwellings - Contemporary Home Furnishings                          42                           Jan Musi
      Live The Royal Westmoreland Life                                   47    Design:                809 Design
                                                                               Editorial thanks to Aidan McCauley,
                                                                               Richard Young, Scott Jaynes, Patrick
St. Lucia - Ollie Gobat answers Key Questions                             51
                                                                               Harrington, Allen Chastanet, Cecil
      Sugar Beach Refined                                                57    Harewood, Jacob Hassid, Kim Goddard,
      Beautiful Allamanda                                                60    Sanjay Amin, Dereck Foster, Lisa
                                                                         62    Harridyah-Sodha, Ryan Williams, Peter
      Sea Breezes For Golfers and Home Owners                                  Thompson, Anita Ashton and Ollie
      Villa Akasha is Something Special                                  68    Gobat. Unless stated otherwise, the
                                                                               other editorial is attributed to the editor.
St. Kitts - Scott Jaynes Gives Us an Overview of                          71   Photography Thanks to the various
                                                                               developments for their permission to
This Lovely Little Island                                                      reproduce photographic material.
                                                                               Copyright: Caribbean Property
Other Islands -                                                           75   Magazine 2010 Volume 9. The
                                                                               material and editorial content in this
                                                                               publication was deemed correct in
Dominica - an Ecological Beauty                                           77   March 2010 when it went to print.
                                                                               The publisher accepts no responsibility
Turks & Caicos - In The News For All The Wrong                           79    for any change or error and recommends
                                                                               all readers should verify the current
Reasons                                                                        details direct with the advertiser and
      Our Second Home - Patrick Harrington on his 2nd Home               80    where appropriate seek professional
                                                                               advice. No part of this publication

Business & Finance Section                                                     may be reproduced without the consent
                                                                               of the publisher.
      Surviving The Recession - Senator Allen Chastanet                   84
      What Is Private Wealth Banking - Cecil Harewood                     86
      Diamonds Are Forever - Jacob Hassid                                 90
      The Recessions Affect on Property Valuations - Sanjay Amin          92
      The State of Real Estate - Derek Foster                             96
      What’s Happening At The Crane - Kim Goddard                         98
      Thinking Like A Lawyer - Liza Harridyal-Sodha                      100
      Mortgages Are Still Available in The Caribbean - Anita Ashton      104
      Has Haiti Brought Greater Awareness of Insurance - Ryan Williams   106
                                                                                COVER IMAGE
      Energy Savings & Efficiencies; Vital in Property Management -      110    Sugar Beach, St. Lucia
      Peter Thompson                                                            Compliments of Sugar Beach

We Have
Very Special
Editor Clarence Hiles assesses what has happened
in the Caribbean real estate market in the past 18
months and where it goes from here...
      In the aftermath of global           speculators who had no allegiance
meltdown, economic decline or              to anything other than a quick
recession, depending on your               buck. Everyone was on the crest of
preferred      terminology,      the       a prosperity wave as the
business world is coming to                construction industry and foreign

                                                                                   m a g a z i n e
terms with the new landscape               currency from overseas property
and moving with the times.                 investment boosted small and
Things may not be as good as               fragile economies. There seemed
they were two years ago in many            to be no end to the boom, but then
commercial sectors, but things             along came the global economic
are what they are, and you either          meltdown, and gradually over the
sink or swim in this frenetic dog-         first few months of 2009 the

                                                                                   p r o p e r t y
eat-dog world we live in. This             buyers disappeared, thousands of
means a line has to be drawn               holidaymakers took a year out,
under the past, and we all have to         rentals plunged, and the real
move forward with realism and              estate market became saturated
renewed optimism if we are to              with over supply. Lenders reacted
succeed. You are owed nothing in           quickly and pulled the plug on

                                                                                   c a r i b b e a n
life, and the people who adapt             projects that were in the pipeline,
quickly will be the first to prosper       developers backtracked on the
in this new environment.                   scale of their operations,
    However, to take two steps             speculators ran for cover, and the
forward sometimes we need to               wheels of construction almost
take one step back, if only to             grinded to a halt.
appraise the situation, and                  It would be all too easy to say the
evaluate where, and if we went             events which caused last year’s
wrong. We can all learn from               demise were nothing to do with
mistakes. Such analysis might              Caribbean real estate or the
suggest that we lived in a dream           quality of its product, but there
world of rising property values            were mistakes made and they
fanned by the insatiable demand            contributed to the worst year in
of second-home buyers and                  real estate sales in the last decade.
property investors who had                 Too many properties were built on
money        to     burn.       New        ambitious sales expectations and
developments sprung up all over            projected rental income that never
the Caribbean, and there seemed            materialized, most big builders
to be no end to the asking prices          abandoned their local markets to
of prime beachfront properties.            chase the overseas dollars, the
Inevitably overseas buyers were            price of materials and labour went
followed by overseas developers,           through the roof, vendors were
and from within their midst came           asking too much for their

                                                                                      The real estate industry in
                                                                                   developed countries like the
                                                                                   UK and United States has
                                                                                   endured periods when the
                                                                                   market has slumped, but it
                                                                                   has always recovered. The
                                                                                   Caribbean           has    never
                                                                                   experienced such peaks and
                                                                                   troughs, so the last 12 months
                                                                                   have         brought    a   new
                                                                                   perspective, and with the
                                                                                   benefit of hindsight, realtors,
                                                                                   property         owners     and
                                                                                   developers now have to react
                                                                                   to a different market to
                                                                                   prosper. The customers are
                                                                                   slowly coming back into the
                                                                                   market place, but not in the
                                                                                   numbers as before, so the
                                                                                   sales pitch has to be adapted
                                                                                   to meet their demands. That
properties,       and       lenders   Also within the region, some             requires change, and moving with
compromised their traditional         islands have developments that           the times, as the discerning buyer
tight credit controls to capture      have achieved good sales figures,        in 2010 has also benefitted from
more market share. Everything         barely a few miles from others           hindsight, and will be a lot more
was driven by demand, but when        that are struggling. Investors are       careful about where to spend
the gravy train of customers          slowly coming back into the              hard-earned savings.
stopped, many of the flawed           market, but they are more                  One thing that will ensure that
business models collapsed like a      demanding and diligent in their          the Caribbean market recovers
pack of cards.                        enquiries, and in most instances         from its 2009 period of slumber
    There is no substitute for        they are buying because of               is that well-worn real estate
experience gained in the              lifestyle preferences as opposed to      slogan that has stood the test of
university of life, and many          capital appreciation and projected       time and examination, namely
people in the Caribbean property      revenue returns. These buyers are        location. The quality and
and finance business are a lot        in the market because they like          uniqueness of our product cannot
wiser from the experience of the      the Caribbean, and perhaps that          be found anywhere else in the
past 18 months.                       should be the marketing focus for        world. Quite simply, there is only
  But times have moved on, and        the future. Sell the Caribbean way       one Caribbean. Even within the
most players in Caribbean real        of life and the virtues of living in a   islands there is a diversity of
estate in 2010 have come to terms     peaceful part of the world with an       climate, culture and people that is
with reality. That means price        amazing climate and therein lies         vibrant and embracing, and which
expectations have to reflect          the path to solid growth and             fine-tunes personal preferences.
market demand and inevitably          prosperity? After all, those who         But it is still the Caribbean.
some negotiation in certain           bought in places like Dubai and            People will always want to come
instances, and the product has to     Eastern Europe were only                 and live here because it is a lovely
be better to woe customers, that      interested in making easy money,         place. Lifestyle is the main reason
are fewer in number. There is         and when the global recession            to buy in the Caribbean, and that
light at the end of the tunnel, and   gathered momentum, their                 hasn’t changed in the past 18
the signs of recovery are good, as    speculation collapsed around             months. This market will bounce
some European countries are           flawed business models. In               back quicker because it didn’t fall
already technically out of            contrast, property owners in the         too far.
recession, but the pace of recovery   Caribbean have still got beautiful
has      been     sluggish      and   properties in a peaceful part of the
inconsistent across the world.        world with an amazing climate!

Clarence Hiles has been editor of Caribbean Property Magazine for ten years and is also a director in Caribbean
Mortgages Services. He is a former bank manager and has written many articles on property, finance, tourism and
marketing. He can be contacted at: Tel :(246) 228 2188 or by Email: clarence@caribbeanmortgages.com


Population: 75,000
Size: 108 sq. miles
Capital: St John’s
Language: English
Currency: East Caribbean
Dollar Location: Centre of
Leeward Islands, East of St.
Kitts and Nevis.

                                                m a g a z i n e
                                                p r o p e r t y
Aidan McCauley is a director in
the Sugar Ridge development
and has a wealth of experience
of real estate on the island.
Who better to tell us what’s

                                                c a r i b b e a n
happening there...

What attracts people to your beautiful

365 beautiful beaches, great hospitality and
a unique local culture, some of the finest
small hotels in the Caribbean, ease of travel
nonstop flights from the UK and the US
and a great base to explore different
islands. Antigua is also a great place for
commerce and international business.

What's the buzz with real estate in Antigua
in 2010? What are the exciting real estate
things that are happening?

Everything is happening on the South West
coast. Sugar Ridge hotel has now opened its
doors and is making a real name for itself
with its facilities, which are adding real

value to the surrounding area.         Who are the rich and famous that
Although purchasers at Sugar           come to Antigua?
Ridge will enjoy complimentary
use of the facilities, many other      We have lots of famous people
residents in the area are delighted    and celebs who love Antigua!
to have a new place to relax and       David Dickenson, Thandie
enjoy the hospitality of the hotel.    Newton, Claudia Winkleman,
Tamarind Hills is still under          Gianluca Vialli, Gianluigi Buffon,
construction but like Sugar Ridge      Richard Branson, Oprah Winfrey,
it is performing much better than      Camilla Parker-Bowles, Eric
other developments.                    Clapton, Giorgio Armani, Roger
                                       Daltrey. Piers Morgan, Chris
Is there genuine value for money       Moyles, Lisa Snowdon, Emile
in Antigua?                            Heskey, Amanda Holden, Peyton
                                       Manning, Silvio Burlesconi,
Antigua is still an undeveloped        Andriy       Shevchenko,     Lord
island compared to some of its         Sainsbury, Jazzie B and Ken
neighbours, and we do not have         Follett, to name just a few!
the volume of buyers or timeshare
owners like perhaps Barbados or        What are the price bands for
St Martin. That means beachfront       prospective buyers?
and sea view property offer great
value in comparison.                   The average price of a house sale
                                       last     year      was    around
Have     property      valuations      US$850,000 but two-bedroom
dropped in the past 12 months?         waterfront properties in Jolly
                                       Harbour      start    at  approx
Some properties in Antigua have        US$250,000. Antigua has a
dropped by around 15-20% in the        fantastic mix of properties up to
past 12 months because of the          over US$8 million in value, and
world wide economic crisis, but the    we are seeing a trend towards
new high-end developments like         people buying into developments
Sugar Ridge and Tamarind Hills         but wanting to be involved in
are holding their value and selling.   designing their dream homes.
Sugar Ridge
Antigua’s New Jewel
  Sugar Ridge is Antigua’s newest hotel built at a cost of US$25 million opened
for business in December 2009, breaking new ground in concept and design.
The hotel has 60 bedrooms and all are finished in chic contemporary style with
amenities conducive to today’s lifestyle.

                                                              Sugar Ridge homes are
                                                              of classical Caribbean
                                                              design with high vaulted
                                                              ceilings and hardwood
                                                              louvered doors and
                                                              windows to take
                                                              advantage of the
                                                              cooling tropical breezes.

And now a program is about to        windows to take advantage of the       boasts two excellent restaurants,
commence to build up to 54 fully     cooling tropical breezes. The          which are fast building great
serviced 3, 4 and 5 bedroom villas   interiors feature high specification   reputations. Carmichael’s sits on
on plots from 0.33 to 0.84 acres,    European kitchens, spacious open-      top of the ridge with Sugar Ridge’s
all with the most breathtaking       plan rooms, tiled throughout with      trademark views. To say that the
panoramic views over the palm        travertine, and bathrooms like         sunsets from here are sensational
lined beaches and the turquoise      caramel dreams. Outside, there         is an understatement. Restaurant
Caribbean       Sea     to    the    are extensive covered terraces, sun    Manager Clifford Haynes who is well
neighbouring islands of Redonda,     decks and infinity edge swimming       known on the island for his superb
St. Kitts and Nevis.                 pools for year round outdoor           smile, great professionalism and
  Sugar Ridge homes are of           living.                                affable nature, coupled with his
classical Caribbean design with       As a resident of Sugar Ridge, the     excellent knowledge of wines
high vaulted ceilings and            owners have privileged use of our      guarantees you impeccable food and
hardwood louvered doors and          excellent facilities. Sugar Ridge      unrivalled service in a perfect setting.

    The other is in Sugar Club, which     which opens from 4.00pm until           area is approximately 6,000 sq. ft.
   is Antigua’s most fashionable spot.    late, where tapas and sushi are on      – a serious amount of space to be
   The restaurant overlooks two of        offer. It features live entertainment   pampered, relax or tone up.
   the hotel’s swimming pools, and        in stylish surroundings several            So whether you need to
   dining is both indoors and             nights each week.                       accommodate, family, business
   outdoors on the covered verandas.        But Sugar Club is so much more        partners, entertain guests, reward
   The food on offer by Head Chef         than a restaurant and bar; it is the    your workforce or have fun with
   Marvis Brade keeps on coming all       very heart of Sugar Ridge and it is     your friends and colleagues then
   day long – from breakfast through      fast becoming the venue for big         you need look no further. We look
   to dinner. The main menu has an        events. Sugar Club also houses our      forward to welcoming you to
   American slant to it, with great       Aveda Concept Spa and an                Sugar Ridge. You might never
   salads, sandwiches, steaks and         extensively equipped Cybex gym,         want to leave. One of our 54 luxury
   fish. There’s also the piano lounge,   and Yoga/Aerobic Studio. This           villas might just be for you!

                                          FOR MORE INFORMATION;
Tel: +1 268-562-7700 Fax: +1 268-562-7701 Reservations: +1 268-562-7700 Email: reservations@sugarridgeantigua.com
           Toll Free USA: 1 866 591 4881 Email: hotel@sugarridgeantigua.com www.sugarridgeantigua.com

Population: 270,000
Size: 166 sq. miles
Capital: Bridgetown
Currency: Barbados Dollar
Language: English
Location: The most easternly
of the Caribbean Islands and
the first port of call for sailors
crossing the Atlantic.

                                                    m a g a z i n e
                                                    p r o p e r t y
Local realtor Richard Young
gives an insight on what’s

                                                    c a r i b b e a n
happening in the island
affectionately dubbed the jewel
in the Caribbean crown?
What attracts people to your beautiful

In a word..."Home."
After speaking with some of my colleagues in
Sotheby's Realty offices worldwide it is clear
that Barbados is seen by overseas property
owners and visitors as home from home.
With most destinations you'll visit once or
twice, but rarely will you return year after year
and that’s what happens with Barbados clients
as they start to plan their next trip as soon as
they leave. Some clients spend up to 3 - 6
months every year in Barbados, particularly
over the winter months. This attraction and
the importance of each aspect of what makes
Barbados what is today varies from person to
person - it could be the lifestyle, the climate,
the warmth of the people and the friends they
have made, sports tourism - being either golf,
polo, cricket or surfing - the fine cuisine and

world-class ocean front restaurants      forward to seeing activity on the site   offer, and the fact that prices
and hotels - the nature, wild life,      once again. We are proud to have         continue to rise and property
beaches or tourist activities - or the   been involved with the sales and         continues to sell even in the most
business opportunities, or simply        marketing        of   the    Portico     depressed business climates, then
the laidback atmosphere of the           development and the awards that it       Barbados does still offer value for
island. It could also be the fact that   has won in the last two years, and       money. I would also say that
Barbados offers a Caribbean              especially the Best International        Barbados offers great investment
equivalent of the comforts and level     Apartment 2009. Portico has also         opportunities, not just for the
of infrastructure similar to Europe,     reached the heady heights of             quality of its lifestyle, but for years
Canada or the USA. This includes a       achieving the highest price per sq ft    to come for both family and
good road network, reliable and          sale of any apartment in the history     friends. Not only can home
regular airlift both internationally     of Barbados real estate. At over         owners live the dream, but they
and regionally, a stable and             US$1,850,000 per sq ft this is a         can be assured that their property
progressive government. A strong         real record breaker for the island       will appreciate in value and if
police presence which helps keep         and a very positive signal for the       managed correctly, could also
crime levels low, and quality health     developers of true luxury real estate    create a useful rental income to
care, great schools, sophisticated       in Barbados and the Caribbean.           assist in covering the running costs.
banking, offshore or legal sectors       However, we are just as excited
and the efficient mobile and             about what is yet to come - The          Have property valuations dropped
internet connectivity. Barbados          construction of The Edgewater            in the past 12 months?
offers so much as a second home          Villas project in Bathsheba, The
destination. There is freedom,           Villas at Little Good Harbour in St.     Some property values have fallen
variety and flexibility to live how      Peter, Pure Beach Resort and Spa         over the last year, but thankfully we
you are accustomed to at home, but       on the South East Coast, and             have seen the beginnings of a
at a pace where you can truly enjoy      further ground breaking and              recovery in the early part of 2010.
the experience with people who are       inspiring projects created by the        I believe that Barbados has
generally interested in your             Portico Team in St. James. It is an      weathered the global economic
welfare. Of course, and the warm         impressive list. In broader policy       storm well and generally listed
and sunny climate helps keep a           issues we are looking towards            prices have remained unchanged
smile on your face too...                more stable and responsible              as most owners have simply sat
                                         development of the tourist               out the uncertainty of late 2008
What’s the buzz with real estate in      product, where projects are              and most of 2009. Admittedly
Barbados in 2010? What are the           properly conceptualized, designed,       some overseas owners hit
exciting real estate things that are     planned and built to meet the            problems and needed working
happening?                               dreams and aspirations of the            capital, so luxury items like their
                                         modern owner. We sincerely hope          holiday home in Barbados were
Well from our point of view the          that Barbados continues to win           liquidated, but they know and love
buzz is all about what is unique,        awards, break records and lead the       the island so they may well be back
exciting or luxurious. We are big        field in quality, innovation and         in the market when their
fans of Royal Westmoreland and           responsible development.                 circumstances improve. Other
Apes Hill which will epitomize the                                                beleaguered owners have secured
best in luxury resort living - we are    Is there still genuine value for         a fixed rental income to keep the
looking forward to enjoying the          money in Barbados?                       status quo for a few years and then
lifestyle that Lime Grove will offer.                                             review the situation later as this
We are also big supporters of            I think we can learn from the past,      approach can generate the income
country plantation style estates         and create more imaginative and          locally to cover their property
which remind us of the old               elegant designs, and lower density.      expenses. There is no doubt that
Barbados lifestyle of a bygone era.      That way Barbados can offer              the slow down in the market has
The old colonial town of                 higher quality, innovation and a         attracted more investor-type
Speightstown is experiencing a           truly world class product as well as     buyers who are looking for a deal
sensible, sensitive and steady           value for money. If you compare          rather than the traditional lifestyle
growth with new local restaurants,       Barbados with other international        buyer looking for the right
bars and coffee shops popping up         markets it could be seen as              property, but whilst valuations may
almost every month, and we               expensive, especially the West           have dropped in some areas, this
admire what the developers of The        Coast beachfront product, which          may reflect a short-term change in
Sands have achieved and the levels       ranges from US$800 per sq ft to          buyer's objectives, because in our
they have gone to achieve the            over US$2,000 per sq ft and              opinion the value of property in
highest quality. We are over the         competes with some central New           the luxury market has mostly
moon with the news of the re-            York and London prices. However,         remained unchanged. The deal-
establishment of the Four Seasons        if you then look at prices in the        makers may have distorted the
Private Residences and look              context of what Barbados has to          market short-term, but luxury

homeowners who have weathered          we believe that the main reason         piece of land with sea views to a
the storm, will profit long-term as    why these individuals travel to         luxury coral stone beach front
values will return to former levels    Barbados, and in many instances         property in the tens of millions or
and above. And whilst some             buy a home here, is because they        a glamorous penthouse with the
people may think that Barbados is      love our island and are generally       best finishes available today.
getting over developed, in the         left alone whilst they are here. I’ll   Generally however, we represent
international context, the island is   leave it to the glossy magazines to     the high-end luxury market on the
still viewed as very quaint, local     spill the beans!                        West      Coast    of   Barbados.
and under developed. Therefore it                                              Beachfront prices are listed on
does not require much demand to        What are the typical price bands        average at around US$1,000 per
keep prices and valuations buoyant,    for prospective buyers?                 sq ft - however we have achieved a
and thankfully we have a good level                                            record sale at US$1,857 per sq ft
of demand all year round...            We try and represent the best and       earlier this year with the sale of
                                       most luxurious properties, but we       one of the penthouses at Portico.
Who are the rich and famous            also represent the unique, and a        Product on the other side of the
people who come to Barbados?           property is unique because of its       road from the beach normally
                                       location, view, development             reaches US$350 - US$500 per sq
I am sure that the rich and famous     potential, successful rental history,   ft. Golf / resort type properties
who travel to Barbados attract         heritage, design and possibly, and      range between US$400 and
enough attention in the media or       most importantly in this climate        US$800 per sq ft for the best-
business world outside Barbados!       price, our portfolio of homes range     positioned villas.
At Sotheby's International Realty      in price from a well positioned

Richard Young launched West Coast Villas in 2004 as a dynamic boutique real estate agency focusing exclusively
on the sales, rentals and property management of luxury real estate on the West Coast of Barbados. Two years later
West Coast Villas were appointed as the exclusive Sotheby's International Realty representatives for Barbados. The
company also launched Barbados Sotheby's International Realty in 2009 which represents the best of island wide
developments and homes operating alongside West Coast Villas. He can be contacted at; Barbados Sotheby's
International Realty, or West Coast Villas Sotheby's International Realty, The Beach House, St. James, Barbados
Tel: (246) 432 5050 Fax: (246) 432 5051 email: info@westcoastvillas.com or info@sothebysrealtybarbados.com
www. westcoastvillas.com www. sothebysrealtybarbados.com
                               Individual, original,
                               traditional, modern…
                              THAT’S GAJAH!
  When you walk into the spacious Gajah Home you immediately know that
you are entering a store where the owner has style!
    Sophia Nassief- Kong started     obtained licenses to produce           Today at Canewood ,you can still
Gajah in Barbados about eight        international brand names and to       find the staple furniture pieces that
years ago, and has never looked      be exclusive providers to certain      Gajah is well known for, but in her
back. She quickly established a      cruise lines and companies such        words, “we have changed with the
reputation for high quality,         as those of Donald Trump. The          trends” and Sophia has added
innovation, and originality, and     company was sold to Colgate            some modern concepts to her
she introduced many ‘one-off’        Palmolive in 1995. We have always      collection, and an impressive array
pieces – all individual and very     had a good work ethic so not           of beautiful kitchen and home
distinctive. From a modest store     surprisingly, today my father,         accessories.
at the Corner of Hart’s Gap in       brother, cousins and uncles, are all      “With the economic downturn,
Hastings, she has grown her          well known on the island and run       we have seen an increasing trend
business in a quiet but highly       a variety of successful businesses.”   to buy accessories that have a
effective manner. The store was         Sophia still credits most of her    purpose and these lines have
easily recognizable by its Eastern   business acumen to her father,         proved very popular.”
flavour exterior, but it was         Joseph, better known as Usief!           Gajah has certainly moved with
bursting at the seams with Asian     “My father, who is still operating a   the times, even although some of
treasures so the need to move to     successful business and attending      that oriental mystique remains.
more spacious surrounds became       tradeshows at the age of 82, was       The store now boasts a wide range
a necessity. An ideal location was   my guiding light and he taught me      of curtains, bathmats, kitchen
found within the popular             a lot of what I know in business       utensils, vases, and outdoor and
Canewood complex and the airy        today. He continues to be my           indoor furniture to suit many
warehouse environs not only          source of inspiration.”                tastes. The dynamic never stops,
provided more space to exhibit         Sophia moved to Barbados from        and for Sophia the challenge is to
more products, the whole             Dominica via Australia, and has        constantly update and research
ambience created a refreshing        an interesting story that whet her     new stock, as there will always be
new shopping experience for old      business buds and led her to this      room for exciting new products.
and new customers.                   new enterprise;                          Gajah is also positioned to ship
   Sophia has an entrepreneur        Sophia’s first interest in home        items duty free from its bonded
pedigree and comes from a long       décor started right here in            warehouse in Barbados to
line of business people within       Barbados in 1998 when she first        anywhere in the world. This is a
her family;                          visited the Pot warehouse. “I          great advantage especially for
    “We originally came from         knew these pots would be a hit in      Caribbean customers who may
Lebanon and settled in beautiful     Dominica       and     immediately     visit Barbados, see something they
Dominica where my grandfather        ordered 30 pots. Over time, this       like or visit the Gajah website and
    Elisa Nassief established        initial small order expanded to        are able to order the item without
Dominica Coconut Products in         include containers from Mexico.”       paying double duty. Gajah can also
1965 with a small processing plant   My Australian experience allowed       arrange shipping.
at Belfast. This grew under the      me to visit Indonesia numerous           Interior design services are also
management of his son, Phillip, to   times and that led to the Gajah        offered at Gajah so you can be
become the most successful local     concept. Sophia has also visited       guided in your choices. Don’t miss
manufacturing company ever.          India, Vietnam and China and           the opportunity to go and enjoy the
Starting with a basic range of       continues to sources and grow her      Gajah shopping experience!
laundry and toilet soaps, DCP        business.

  Located within the proverbial stone’s throw off the Platinum West Coast in
Barbados, the Claridges development is a gem in Caribbean real estate. The
ten property gated community is completely finished, and therein lies its
beauty, as prospective owners can see the finished article in its full splendour.

         This is no ordinary           and that’s a unique feeling in any     are stained solid cedar, satin
development, and once inside the       development.                           chrome        and      euro-profile
community, there is an inherent           The upstairs/downstairs units       hardware. The attention to detail
feeling of oasis, of another world,    offer a spacious 3,176 sq ft of        is impressive and endless.
of privacy, of excellence, of          expertly designed living space           Claridges is much more than an
quality, and above all, attention to   that has taken into consideration      exclusive high quality lifestyle
detail in both design and finish.      many of the different needs of         environment because it offers
Nothing has been spared by             Caribbean living. The ground           and manages a whole range of
experienced developer Mike             floor includes a double height         extra features. An experienced
Challis in making Claridges            entrance vestibule with stairway       property manager oversees all the
special, and owners will delight in    and powder room, open plan             property              management
the wide range of top quality          living and kitchen layout, an en-      requirements, and a full
services that enhance a unique         suite guest bedroom with walk-         concierge services facility is also
peaceful ambience.                     through closet, covered terrace,       available to all the owners. Beach
   The layout at Claridges is          utility room with housekeeper’s        chairs, side tables and umbrellas
dominated by the all-embracing         attached bathroom, and a wide          are available for everyone’s use,
3,000 sq ft swimming pool that         expansive terrace with covered         and rental management services
spreads elegantly across the           and uncovered areas for sun            are also available when owners
development, and which includes        bathing.                               are not in residence. Ownership
three spectacular waterfalls, a           Upstairs there is a neat little     of the common areas lies with the
gazebo and beach area. Rich            snug office on the landing area, a     ten owners in a dedicated
vibrant plants and landscaping         beautiful en-suite guest room          property-holding company, and
are everywhere. It is the perfect      with walk-through closet and           the     developer      will    take
setting to relax and enjoy the         covered balcony, and of course the     responsibility for the expenses of
peaceful tropical lifestyle that has   superbly located master bedroom        the unsold units until they are
made the Caribbean a home for          with all the design attributes         sold.
so many people from overseas.          associated with the main                  Another amazing thing about
When evening falls, the waterfalls     bedroom, and a stunning view           Claridges is that the prices ranges
are illuminated and the flaming        over the pool area.                    from      US$750,       000      to
copper torches come alive with           Modern and visionary design is       US$800,000 and that has to be
the sounds of after-dark tropics,      the hallmark of Claridges, but         great value when you start to
and very quietly this exquisite        finishes are also exceptional and      compare.
setting transforms into its            highlight       the     developer’s       The Show House is open for
stunning evening attire.               adherence to a high quality and        viewings Monday to Saturday
 What makes Claridges so special       classy product. The floors are         10am to 4pm. To view please
is that visitors are already           classic honed and finished             contact Rae at 266 9005 or email
captivated by its design and high      travertine, the walls are block with   info@claridgesbarbados.com
quality layout long before they        coral rendering and coral stone              For more details visit
enter one of the ten properties,       accents, the doors and windows         www.claridgesbarbados.com

There were a few eyebrows raised when the Hon. David Thompson, Prime Minister of Barbados
was the principal guest at the groundbreaking ceremony of the new Edgewater development on
the breezy, spectacularly beautiful East Coast of Barbados. And little wonder, as this idyllic
laidback and peaceful little haven has all but escaped the hustle and bustle of modern life.
Home to surfers and quiet people,        have taken five years to prepare for     high spec, taking into consideration
the Bathsheba district is the            this enterprise and to convince          the sea spay environment, and
heartbeat of rural Barbados, and the     planners of their intent, says           special features include solid steel
absence of commercialisation and         something for their genuine desire       ironmongery,        ceramic       tiles
real estate development has been no      to improve the area, but at the same     throughout, and plastic lumber for
accident, as people in authority want    time preserve and improve its            the doors and windows. The
to preserve its unspoilt beauty and      environment. The connections and         beautiful kitchens will be finished in
tranquillity. And therein lies the       association with the Edgewater           marble and granite.
charm of the new Edgewater               Hotel are set in stone, and running        Apartments will be one-bedroom
development, as foremost in the          in tandem with this project, is an       with powder room, and wide
developer’s plans, is an overriding      upgrade of the quaint 24-room            balconies for lazy relaxing evenings.
strategy to preserve and conserve        hotel, and its facilities to Four-Star   Villas measure 1,200-1,400 sq ft and
the natural environs.                    Grade, including the addition of a       include private gardens and pools.
  The East Coast has always had a        spa. Bathsheba needs development         They also have two-bedrooms with
special attraction to both Barbadians    and employment like anywhere else        powder room, en-suite bathroom,
and visitors, each captivated by its     on the island, but the developers are    and Jacuzzi tub. The signature villa is
charm and rugged beauty. There are       committed to ensuring their              three-bedroom,       three-bathroom
only a few restaurants, a couple of      initiative and enterprise fits           detached upstairs/downstairs design,
hotels and the occasional rum shop,      comfortably into the environment.        and two bedrooms are en-suite with
but overall life slips by very slowly,     The Edgewater development will         walk-in closets. Another interesting
almost as if its inhabitants want to     consist of 31 property units. There      option is that two villas can be
get away from the hassle and pace of     will be sixteen condo-style              combined into one large home.
modern life. Bathsheba has an            apartments, 14 duplex villas and a          Included in the overall plans to
almost therapeutic effect on             2,200 sq ft signature detached villa.    protect      and     preserve      the
everyone, and for that reason over       This villa will have an additional       environment is a water catchment
the years; many local people have        feature of a lock-off one-bedroom        facility, and a modern treatment
enjoyed annual pilgrimages to quiet      unit for guests or separate rental.      plant to remove the need for septic
beach houses or at the historic          Every property will have a               tanks. The site will also fit
Edgewater Hotel, a stately symbol of     spectacular sea view, and the            comfortably into the existing hillside
privacy and tranquilly.                  properties will blend naturally into     with minimum disruption to the
 The Edgewater Villas Development        the hillside on two elevated levels,     environs and established vegetation.
Inc. company are not your typical        barely a stone’s throw from the hotel.       Moorjami Construction Inc. are
developers, and the fact that they       The apartments will be finished to a     due to start building in April.

   For more information contact; Barbados Sotheby’s International Realty - The Beach House, St James, Barbados.
                                   Tel: (246) 432 5050 or UK +44 207 993 6508

     Captivating Rural Ambience
  The luxuriously stylish residences at Vuemont offer residents and visitors a
completely different lifestyle from the conventional beachfront.

 Situated in the heart of St Peter        Vuemont is an exclusive         shutters and expansive patios to
in the north, the development has    neighbourhood of bright and          enhance the relaxation experience.
a totally rural ambience,            beautifully created properties       Fitness enthusiasts, families and
surrounded by lush tropical          with a wide range of amenities -     professionals will find Vuemont to
vegetation. The views from           perhaps one of its biggest assets.   be a suitable lifestyle in the heart
Mount Brevitor all the way down      These include a Jacuzzi, two         of the countryside.
to the coast are stunning; and       community swimming pools,              Vuemont is a Barbadian-owned
within this 39-acre community,       tennis courts, fitness trails, and   and managed company bringing
the emphasis is on a relaxed         an       exclusive     clubhouse.    together two of the giants in
lifestyle.                           Residents may also benefit from      Barbados real estate development
  It is truly amazing that such an   24 hour security along with a        - Rotherley Construction Inc. and
idyllic community could exist        Commercial Centre with fitness       C.O. Williams Construction Ltd.
within such close proximity to the   facilities and Wellness Centre.          Purchasers include residents
West Coast and the important           The 77 residences feature both     with discerning tastes looking for
Highway 2A. That makes               apartments and Villas finished to    a quiet lifestyle, as well as those
travelling to the northern part of   a high specification, and ranging    persons in search of a good
the island so easy to access.        in size from 1,134 sq ft to 1,560    investment         for       capital
Barbados is a small island and       Sq. Ft. There are two and three-     appreciation and rentals, short
nowhere is too far away. For         bedroom        options,     where    and long term.
Vuemont residents this means a       purchasers can tailor their            Prices start at US$355,000, and
mere five minutes drive to           personal requirements to include     purchase is freehold. Viewing is
historic Speightstown, fifteen       larger wooden decks and plunge       a must. Once you have visited this
minutes to bustling Holetown         pool. Dedicated parking for each     exhilarating breezy Caribbean
and thirty minutes to the capital    unit is at the doorstep. All         gem, you will be captivated by its
city of Bridgetown.                  properties have attractive wooden    ambience.

 RoyalGuard Impact
Resistant windows &
 doors by Oran Ltd.
                                 Oran LTD believes that there is nothing more
                                 important to you than your family and the home in
                                 which they live, and for the last forty six years we have
                                 manufactured superior aluminum and UPVC products
                                 that have protected homes and businesses alike.
                                 Continuing this tradition is Oran’s RoyalGuard ™
                                 UPVC Impact Product Line.

  For a window to be considered       out or broken windows can lead         manufactured with maximum
an Impact Certified Product it        to water and wind penetration          value for your dollar in mind.
must first successfully pass          that causes damage to assets           Products contain laminated
rigorous impact and cycling test      inside the house. Furthermore,         insulating glass that serves to
requirements as well as structural    blown out windows provide an           reduce sound transmissions, as
test procedures. Tested products      avenue for wind to get inside a        well as protecting the interior of
must survive the impact of a 2” x     house which can lead to the roof       your home against the damaging
4” timber being shot at the           being blown off.                       UV rays while still allowing light
window from a canon under                 Consumers have access to a         to shine through. RoyalGuard™
laboratory conditions simulating      number of products geared              Products are also designed to
that of an actual hurricane. The      towards hurricane protection,          burglary resistant guidelines and
glass will break; however, it will    from storm shutters to storm           tested to meet the industry’s
stay within the window frame due      panels. While some of these            highest standards for preventing
to a combination of structural        alternatives may be less expensive     forced entry
silicone and laminated interlayers    than Impact Products, none offer         With all the attention being paid
that hold the glass securely. Today   the benefit of constant passive        in recent years to the disaster
most building codes in coastal        protection. Plywood sheets and         being caused by hurricanes, a
communities in North America          hurricane         shutters       are   number of products marketed as
require approved impact resistant     cumbersome           and       time    “hurricane resistant;” however,
products to be used in new            consuming to put up, offering          not all of these products stand up
construction & refurbishment          little in terms of aesthetic appeal.   to the prescribed standards.
projects.    The RoyalGuard ™         In addition, vacationing home          Subsequently, it is important for
product line is designed to meet      owners may not be on site to           consumers to confirm that the
the most stringent of the codes       secure their homes against             windows have been tested. It is
for Miami Dade and Broward            encroaching weather systems.           one thing to claim a window will
Counties.                             The       RoyalGuard™        Impact    withstand hurricane force winds.
    Windows are a critical            Product Line offers the security of    It is another thing to have testing
component in the protection of        knowing that one’s home is             certification to back up that claim,
one’s home. The RoyalGuard ™          always protected without the           which is why Oran LTD is proud
Impact Product Line is designed       hassle of sealing up the house         to offer the first full line of impact
to maintain the integrity of the      with every hurricane warning.          certified window and door
window and door openings,                Apart from the benefits of          products under the RoyalGuard™
which tend to be the most             superior protection against high       Impact Product Line.
vulnerable in the event of a          winds and flying debris, the
hurricane or high winds. Blown        RoyalGuard ™ Product Line is

Home Furnishings & Housewares
Next time you are in Barbados, be sure to make a stop by Dwellings

  Whether it’s your first visit to the     Europe and you will also be able to        introduce to Barbados for some
store or you’ve been there before,         find some unique items that you            time” says Luis. Customers can now
there is always something new to           just can’t get back home.                  choose from literally hundreds of
discover at Dwellings as collections             Recognizing that outdoor             upholstered sofa and chair frames
are refreshed twice a year and new         entertaining is an important               and thousands of fabrics not
items are introduced every month.          element of Caribbean lifestyle,            available in-store to create their own
This season, check out their Summer        Dwellings now also offers a full           unique interior. Case goods and
Cottage, Contemporary Hamptons             range of outdoor furniture and             select décor items are also be
and Island Loft collections – simply       accessories. The new outdoor living        available for special order through
divine!                                    section includes an elegant range of       the Design Studio. This free service
  The hip lounge music, gorgeous           outdoor furniture made of superior         was originally created to cater to
smell and colorful product displays        quality marine grade Ndura wicker          designers, who often need extra
that greet you as you first walk           and wrought aluminum with                  resources to create villa packages,
through the doors will put you in          cushions covered in beautiful              but it is also open to individual
the ambiance of the Dwellings              weather resistant fabrics. The new         customers who wish to order
experience. Take your time to stroll       area also includes decorative              custom pieces for their interior. Just
through all the departments to find        accessories such as outdoor lamps,         make an appointment and
treasures brought in from around           planters, a wide range of outdoor          Dwellings’ experienced design
the world. Dwellings offers several        cushions, lanterns, and many other         consultants will work with you to
lines of contemporary furniture            decorative pieces. “We feel that           create the look you want for your
accompanied by stylish and colorful        outdoor is truly a part of the home        home, whether it be a simple
accessories that are well suited for       in the Caribbean and that’s where          finishing touch, or an entire fit out.
island living, a wide selection of         our customers like to entertain            This free service gives everyone the
casual and formal dinnerware, a            most of the time. With this in mind,       opportunity and resources to bring
bedding and bath section which             we decided to offer a range of             their dream home to life.
includes the widest selection of           outdoor products that would allow                The perfect balance of
quality towels, bath accessories and       our customers to make their                contemporary and international
basic as well as fashion bedding on        outdoor space as beautiful and             Caribbean styles combined with
the island, and finally an amazing         elegant as the indoor” says Luis           great value make Dwellings the
collection of kitchen utensils,            Carillo, the owner of Dwellings.           ultimate source to create your own
cookware and gadgets that will               A Design Studio was also recently        island paradise. So if you own a
satisfy even the most discerning           added to the Dwellings offer to cater      residence in Barbados or are
cooks. You will recognize many             to the demand for turnkey villas on        considering purchasing one, don’t
quality brands well known                  the island. “The new Design Studio         miss out on this true treasure trove
throughout North America and               is a concept we have wanted to             for the home.

And if you can’t wait until your next visit to Barbados or to the store to discover everything Dwellings has to offer, you can
also browse their full selection of products online at dwellingsbarbados.com.

Live the Royal
Westmoreland Life
 Ringed by azure seas and white        Rooney, Joe Calzaghe, Andrew            most exacting of standards.
 sand, bathed in tropical sunlight     Flintoff, Ian Woosnam and               The Residences, Ocean Drive, a
 and blessed by cooling Atlantic       Michael Vaughan, have homes on          select location bordering the 13th
 trade winds, Barbados has been a      the complex, where prices range         Fairway, is the latest development
 haven of tranquillity and privilege   from US $580,000 for a one              opportunity to be released on the
 for centuries. Today, ‘the pearl of   bedroom apartment to over US            prestigious estate. Imagine an
 the Caribbean’, has its own very      $10 million for an architect            expertly designed villa taking
 special jewel – one of the finest     designed home of
 golf resorts and residential          distinction.
 communities in the world,
 overlooking the Platinum Coast         Facilities include a
 amidst an expanse of the most         world class golf
 breathtaking scenery in the whole     course, private and
 of the West Indies.                   communal pools,
                                       Indulgence Spa at
  Located on the West of Barbados,     Mullins       Beach,
 in the Parish of St James, Royal      tennis gardens,
 Westmoreland is one the island’s      gymnasium and a
 most prestigious and private          w e l c o m i n g
 sanctuaries. A ‘Members Only’         clubhouse. Home
 estate and residential country        owners          enjoy
 club, surrounded by lush, tropical    beach access on
 landscape, and centred on one of      the pristine sands
 the finest championship golf          of Mullins Beach.
 courses in the world. Here, as an
 owner or rental guest at one of the      With different
 magnificently styled plantation       routes to home
 villas, you can enjoy the ultimate    ownership            at
 Caribbean lifestyle, delivered to     R o y a l
 the most exacting of standards,       We s t m o r e l a n d ,
 and crowned by glorious views of      you can be assured
 azure seas, emerald greens and        of securing your ‘Dream                 advantage of the sea views, with
 golden sunsets.                       Caribbean Retreat’ on the island’s      split-level      accommodation
                                       most exclusive estate. The Royal        offering something in the region
  The championship golf course is      Apartments are the most unique          of approximately 6,500 sq.ft. of
 pure, unadulterated pleasure. A       addition to the prestigious Royal       living space. Floors finished with
 7,045-yard par 72 course of           Westmoreland estate providing a         shell stone tiles throughout and
 unrivalled     beauty,      with      choice of one, two or three             ensuite bathrooms beautifully
 shimmering ocean views from           bedroom apartments and luxury           finished with marble floors and
 every green, and a layout to test     top floor penthouses. All boast         walls. This is the Royal
 every club in your bag. Masters       beautiful panoramic views of            Westmoreland Life!
 Champion and victorious Ryder         either      the          immaculately
 Cup captain Ian Woosnam, a            landscaped gardens or the azure         Royal Westmoreland
 homeowner         at       Royal      Caribbean Sea. Ranging in size
 Westmoreland, says the par 3s are     from 830sq ft. for the one              Barbados –
 some of the best he’s played          bedroom to 2,000 sq ft. for the         +001 (246) 422 4653
 anywhere in the world. Sporting       three bedroom, the Apartments           UK Office –
 celebrities, including Wayne          are designed and furnished to the       +44 (0)1524 782503

Population: 160,000
Size: 238 square miles
Capital: Castries
Currency: East Caribbean
Dollar Language: English
and a little Creole Patois
Location: In the Windward
Islands between Martinique
and St. Vincent

                                                  m a g a z i n e
                                                  p r o p e r t y
Ollie Gobat is one of the best-
known realtors in St Lucia and

                                                  c a r i b b e a n
widely regarded as someone
with his finger on the local real
estate pulse. A member of a
well-known St Lucian family he
was educated in the UK and
also has experience in real
estate sales overseas. He’s well
equipped to answer the key
questions on what’s happening
in St Lucia in 2010…

What attracts people to your beautiful

St Lucia is simply one of the most beautiful
islands in the world. It is an idyllic location
that marries a stunning coastline of verdant
hills, hidden coves and sandy beaches, with
an abundance of flora and fauna and
dramatic rainforests. St Lucians themselves
are a naturally friendly and welcoming
people, and if you add our beautiful tropical

climate and amazing sunsets, you           expect these days, whether resort-    you can also buy a townhouse or
have all the ingredients of an             style investments or villas. First    condo near the water for
authentic     and    memorable             and foremost, people are looking      US$500,000. If you are looking
Caribbean experience. St Lucia is          for value in the price, and then a    for      more       conventional
not over-developed and has                 particular lifestyle. If there are    investment       returns,    one
strategically kept its unique              returns, that is a bonus. Also, it    development that has gone well is
Caribbean rustic charm.                    continues to be a buyer’s market,     Cap Maison, where the resort has
                                           so offers are now received a lot      just won the Conde Nast Award
What’s the buzz with real estate           more positively than in the past.     for the Most Excellent Small
in St Lucia in 2010? What are the          Each island has its own special       Resort in the Caribbean, Atlantic
exciting real estate things that are       appeal, and investors in St Lucia     and Pacific. You can of course
happening?                                 tend not to look elsewhere, as we     spend less if you want to be a
                                           have such a good range of             little more off the beaten track,
The past 18 months has seen the            property options. At the Landings     because this island offers
steady growth of real estate in the        for example, it’s all about the       something for everyone. Overall
region slow down for the obvious
reasons associated with the global
recession. But 2009 was not as
bad in St Lucia as was anticipated,
and moving into 2010 we expect
similar sales level. The major
projects that were stopped in 2009,
namely LeParadis and the Raffles/
Jack Nicklaus development, are due
to start up again later this year.
LeParadis is close to securing new
funding, and the Nicklaus golf
course development has new
investors who are keen to get it
moving again. Both are stunning
locations, and will greatly enhance
the golf lifestyle real estate product
in the Caribbean.                 Other
developments are under discussion,
but like most areas, developers are
applying more caution. The
visionary        marina        lifestyle   marina and beach lifestyle, sailing   the prices reflect very good value.
development at the Landings                amenities, shops, restaurant,
continues to sell and to build out,        tennis, golf and state-of-the-art     Have     property      valuations
with more and more amenities               comfortable homes. You can buy        dropped in the past 12 months?
being added. Outside the major             a two-bedroom home for
developments, land sales remain            US$750,000 with water views, or       Sellers have tended not to drop
relatively strongly, as do private         you can buy one that sits right on    list prices, but have certainly
homes. Jalousie, being rebranded           our beautiful beach for less than     listened to and accepted offers
the Tides at Sugar Beach, is another       US$2million. Similar properties       that previously they had not. The
impressive development that is             in other islands would cost twice     range of negotiation is no more
selling well. Their new homes are          as much! Alternatively, you can       than 15%, so this would be a
very stylish, and the remodeling of        buy a new three or four-bedroom       reasonable guideline to looking at
the hotel is also very impressive, all     home in Cap Estate, the high-end      how prices have been affected.
nestled in a unique location in the        residential area in the popular       Some sellers have simply held
shadow of the Pitons.                      northern area of the island, for      out for their price, and depending
                                           US$1million. You can also buy an      on their circumstances, some
Is there genuine value for money           amazing three-quarter acre plot of    have fire-sold. The limited supply
in St Lucia real estate?                   land with panoramic ocean views       of product in St Lucia does make
                                           in a gated community, also in Cap     is slightly easier for prices to
I believe there is great value for         Estate, for US$350,000, and then      hold, and with the increased
money here. People are more                build     your   dream       home     airlift and all the strong publicity
realistic about what returns to            overlooking the golf course. And      St Lucia gets (including being

       featured on this season’s “The        and some very high profile              place at Villas on the Green on
       Bachelor” series), I think St Lucia   personalities from Hollywood            the St Lucia golf course, or Zara
       has strong and stable real estate     and television, as well as from a       Villas (lovely views) or a one-
       values, that will increase as the     variety of international sports and     bedroom unit at the Landings, or
       economic recovery continues.          from the music industry. You can        even a lovely plot of land. The
                                             easily find yourself having a rum       range US$700,000 to US$
                                             punch with a celebrity anywhere         1million offers a lot more choice;
You can easily find                          on the island, but we tend to keep      perhaps a three-bedroom home
                                             their identity secret, lest they        in Cap Estate, a two-bedroom unit
yourself having a rum                        think we are trading on their           at the Landings (a little over
punch with a celebrity                       patronage. That said, I think the       US$1million will get you a three-
anywhere on the island,                      whole world knew Amy Winehouse          bedroom), a detached home at
but we tend to keep their                    was here for six months last year,      Jalousie, or a three-bedroom
identity secret, lest they                   and had a great time.                   condo on Rodney Bay marina at
think we are trading on                                                              the Harbour. US$1-2 million can
                                             What are the typical price bands        get you virtually anything on the
their patronage.                             for prospective buyers?                 island, including buying a
                                                                                     stunning piece of land and
                                             You can get an excellent property       building, or a place at Cap
       Who are the rich and famous           in a popular location from around       Maison. Above that figure, you
       people who come to St Lucia?          US$500,000, and from there              are looking at very special and
                                             prices go up to over US$10              very expensive homes, such as a
       That would be telling! Many of        million for the large homes in          place at Mount du Cap, a
       the rich and famous come to St        prime locations. Much depends           penthouse at the Landings or
       Lucia because they don’t              on the buyer’s requirements;            prime beachfront, a huge place in
       necessarily want people to know       number of rooms, views,                 Cap Estate or one of the amazing
       where they are going. It is a low-    proximity to beach, marina,             places between the Pitons, also
       key destination and celebrities       amenities close by and so on.           being developed by Jalousie. The
       can slip in and out without too       Between      US$500,000       and       choice is amazing.
       much bother or fanfare. We do         US$700,000 can get you a
       get a high number of celebrities,     townhouse in Rodney Bay or a

       Ollie Gobat is the lead sales agent at the Landings and has a wealth of experience in the industry, both local and
            international. He can be contacted at; Tel: (758) 452 0422 or by Email: ollieg@thelandingsstlucia.com

We chose The Viceroy Hotel
Group because their high
standards, proven experience
and the energetic enthusiasm
of their leadership convinced
me that together we can
create one of the best resorts
in the world.
                                         Sugar Beach
                                         Situated on the on the South-West coast of St
                                         Lucia, the celebrated Jalousie Plantation has been a
                                         favourite for discerning travellers for a number of
                                         years. In keeping with its reputation as a world-
                                         class retreat, The Jalousie Plantation is continuing
                                         with its quest for perfection by investing in a
                                         transformation that will reinforce its standing as
                                         the most magnificent real estate opportunity on

                                            On completion, the resort will      Private Residences which let you
                                         be managed by the internationally      live out your dreams of a private
                                         acclaimed “The Tides” (owned by        island getaway, whilst taking
                                         the Los Angeles-based Viceroy          advantage of the luxury that only
                                         Hotel Group), administering their      an exclusive resort can afford.
                                         signature sophisticated, yet           Taking their cue from the
                                         informal style and re-branded as       plantation houses of a bygone era,
                                         “The Tides Sugar Beach” -              these exceptional two, three or
                                         opening in 2011.                       four bedroom Residences include
                                             Part of the unobtrusive $100       a full gourmet kitchen outfitted
                                         million redevelopment is the           with the latest equipment,
                                         transformation of the hotel            beautiful hard wood flooring,
                                         accommodation          into       85   Jalousie shutters and expansive
                                         luxurious,        fully-furnished,     outdoor living areas complete
                                         freehold hotel villas with             with large swimming pools. All
“The major redevelopment of The          expansive ocean, Piton and             have spectacular ocean and Piton
Jalousie Plantation is already           rainforest views. Each villa can       views and are available from
creating a lasting impression            count on the qualities of its own      US$2,300,000 to US$6,000,000.
amongst returning guests” says           private butler service and other          If as an owner you wish to rent
Naomi Cambridge, Sales Director.         outstanding details such as            out your Private Residence then
Stunning      new        bars    and     exceptional finishes including         rest assured, The Tides will
restaurants (sublime in every            colonial fretwork, four-poster         manage your affairs, providing
detail), richly embellish the            beds, air conditioning, flat screen    the best of all worlds; the
experience of hospitality.               TVs and iPod stations, spacious        seclusion of an island paradise,
These inspired additions include         walk-in showers, claw foot             international marketing and
the Beach Restaurant and rustic          bathtubs, lavish plunge pools and      management         expertise     (to
Beach Bar set between graceful           luxurious linens. The 85 villas        enhance the rental when not in
Almond trees, the futuristic Cane        form part of the hotel rental pool,    use) and exceptional facilities just
Bar (with its cosy Late Night Bar)       affording owners four weeks free       steps away. A signature of the
and of course the piece de               usage and a revenue split of the       service The Tides provides are the
resistance, the Rainforest Spa.          rental return, guaranteed at a         ‘Personal      Assistants’      who
This outstanding facility features       minimum 5% net ROI from now            intuitively anticipate the needs of
tree-house treatment rooms,              until the end of the first year of     guests, taking enormous pleasure
situated in a lush, jungle setting,      operation of Sugar Beach. With         and pride in delivering a service
overlooking a pristine natural           built    villas    available     for   that is second to none.
waterfall. Many of our sales have        immediate purchase, this could             Located adjacent to the resort,
been generated by guests who             be for up to three years. Prices       but set in its own exclusive
initially came to visit, but then fell   start at US$610,000 rising to          community, is Glenconner Beach. It
in love with the resort and              US$2,100,000.                          is here that you will discover five
subsequently bought the villa as a          Within the tranquil grounds of      large majestic homes, whose
result.”                                 Sugar Beach, you’ll find thirty-one    inspired architecture is reminiscent

of modern estates, reflected in some   use of all its facilities would be far   are captivated by ‘an area of
of the world’s most elite              more expensive. Furthermore,             outstanding natural beauty’ that is
destinations - setting new standards   Glenconner Beach is being sold           a designated protected UNESCO
for modern Caribbean living.           on a freehold basis which is             World Heritage site.
  Each has between five and seven      extremely unusual in St Lucia as             The Tides Sugar Beach is the
bedrooms and is priced at $7-          beachfront land is almost always         vision of the English entrepreneur
$9m.       Award-winning RIBA          owned by the Government and              Roger Myers, (founder of the Café
architect Lane Pettigrew’s designs     has to be leased from them.”             Rouge and Punch Tavern chains),
showcase the very best of the              Lisa continues, “There is no         who fell in love with the island,
indoor-outdoor living style so         VAT, Capital Gains, Inheritance          choosing to make St Lucia his
suited to the Islands. Four of the     or Estate Taxes in Saint Lucia and       family home more than eight
residences are positioned directly     the Stamp Duty of 2% is only             years ago. Roger became sole
on     the      beach,     ensuring    payable on the land if                   owner of the Jalousie Plantation in
uninterrupted sea views. The fifth     construction has not started on          March 2008 and is passionate
residence, set on the idyllic hills    your particular villa. The Saint         about the project, believing
above, has panoramic views out to      Lucian Government has also               unequivocally that the resort’s
sea and features steps leading         granted buyers at any of the three       dramatic transformation will
down to the white sand beach. The      offerings a 15-year holiday on           redefine the concept of luxury in
exteriors offer a modern take on       income tax and a 50% waiver on           the Caribbean.
the distinctive French colonial        annual property tax for 5 years.              Roger says: “Our unique
style but can be designed to the       More importantly, the developer          location attracted interest from
owner’s bespoke specifications.        is not reliant on bank finance to        prestigious resort operators
   Lane Pettigrew says, “There is      complete the development;                around the world. We chose The
nothing comparable to these            therefore investors’ receive             Viceroy Hotel Group because
houses in St Lucia. If you were to     complete peace of mind in the            their high standards, proven
look for something similar in          knowledge that the resort will be        experience and the energetic
Barbados, the market value             developed as planned.”                   enthusiasm of their leadership
would be at least £17m.                    However, what distinguishes          convinced me that together we
  Lisa Basire, Marketing Director      Glenconner Beach and Sugar               can create one of the best resorts
of Sugar Beach Villas agrees.          Beach from other exclusive               in the world. I am certain that
“Buying a similar property in          developments is a truly unique           their brand will provide our
Barbados in comparable terms of        location. Nestled on the shores of       guests and owners with a truly
beachfront location with the           a picturesque bay, separating the        special experience in this
proximity to a 5* deluxe hotel and     iconic Piton Mountains, investors        inspiring destination.”

 For real estate enquiries please contact: Sugar Beach: UK: +44 (0) 844 921 0124 - St Lucia: +1 (758) 285 4181
        e: info@sugarbeachvillas.com - www.sugarbeachvillas.com - www.twitter.com/SugarBeachVilla

beautiful ALLAMANDA
                                                              The first impression of Allamanda
                                                              at Anse Galet in Cap Estate is the
                                                              stunning location. St Lucia is blessed
                                                              with beautiful bays and coves, and
                                                              this idyllic setting is up there with
                                                              the best on the island and located
                                                              only a short walk from the St Lucia
                                                              Golf Course.
Allamanda is built on a sheltered       very high standard with and is fully     example, the elevators in the
hillside at different level, every      furnished by the well-known              buildings will make life a lot easier
property having unrivalled views        interior designers G and G               for the ground floor owners, as
over Anse Galet as far as               Interiors. Bedrooms include              normal entry level is from two
Martinique. The development             luxurious king-size beds, and all the    floors higher. However, these
currently has three apartments and      bathrooms are en-suite with a            owners will have the added benefit
six townhouses in three buildings       separate shower and double vanity        of being in close proximity to the
and superb individual land plots for    unit. Kitchens are supplied by top       feature 56-foot long infinity
custom-built detached villas. The       Italian kitchen designer Aster and       swimming pool and sun bathing
natural topography provides shelter     feature beautiful handcrafted            area close to the beach. The
for the development, but the soft       carpentry, and classy colourful          provision of modern technology
Atlantic breezes from across the        counter tops. G and G Interiors are      and Hi-Tech facilities is also
bay are welcome coolers from the        also available to work with              impressive. All units are wired for
hot tropical sun.                       purchasers to accommodate their          Wi-Fi Internet access, each property
 The development is located in the      special requirements, as everyone        has Cable television is installed
North-East of St Lucia, and is barely   strides to ensure the finished           throughout. And just to ensure
a few minutes drive from bustling       product is as close to the dream as it   there are no problems with the
Rodney Bay through Cap Estate           gets.                                    power supply, there is a standby
and past the golf course. The gated       The townhouses and apartments          generator for the whole site.
community is set within six acres       range in size from 1,740 sq ft to           The master bedroom on the top
of hillside, with panoramic views of    2,640 sq ft and at the start of March    floor also features a classy cathedral
the ocean throughout. It is a           five were already sold. Phase One        ceiling design, and all the
genuine tropical escape in every        has 9 units and are attractively         bathrooms and shower areas are
sense, but amazingly, within a          priced starting at US$755,000            tastefully tiled, while the bedrooms
short distance of the main              including the furnishing package.        have attractive natural bamboo
shopping areas and marina. The            The land plots are approx 25,000       flooring.
buildings feature two and three-        sq ft. Villa packages are priced just        Incentives to purchase are also
bedroom designs and the                 under and just over                      generous, as the developers are
development is well advanced            US$ 2 million depending on size          offering special travel allowances
having started in late 2008. The        and property specifications.             for prospective overseas viewers,
apartments and townhouses are             The contractor is Calvin George of     and the lucky buyers will benefit
scheduled to be completed by July       Metro Construction Inc who has a         from tax concessions and free golf
2010 and won’t be affected by any       fine reputation for building quality     membership.
further development, as the             projects, including the impressive        Buying at Allamanda at Anse Galet
infrastructure        has       been    clubhouse at the St Lucia Golf Club.     comes with a superb package of
strategically planned with this in         All the best developments have        lifestyle goodies, but the prime
mind.                                   special additional features, and         attraction of this development will
 Most visitors will be impressed by     Allamanda is no exception in this        always be its stunning location and
the visionary spacious design of the    respect. Some of the features are        the quality of its property product.
units. Each home is finished to a       unique and very user-friendly. For

         SEA BREEZES
for Golfers & Home Owners
  Fairway living is one of the fastest growing lifestyles in the world, so the
prospect of owning a property within the St Lucia Golf Club at Cap Estate is
sure to attract a plethora of interest across the Caribbean and from overseas.

    Fairway living is one of the     homes in St Lucia overlook its        in 2009 due to global economic
fastest growing lifestyles in the    fairways, and the golf clubhouse      meltdown, but that has not
world, so the prospect of owning     is an imposing and splendid           diminished the quality or the
a property within the St Lucia       social and sporting facility that     appeal of either the island, or its
Golf Club at Cap Estate is sure to   would compliment any golf             premier developments. Overseas
attract a plethora of interest       course in the world.                  investors in St Lucia come to the
across the Caribbean and from          For the last five years the prime   island because they love it, and
overseas. Golfers will already be    real estate in St Lucia has won       little wonder when you see the
aware of the challenge of this       rave reviews in a wide range of       quality and unique locations of
tight par-71 championship course,    property       and      investment    places like the Island Club Villas
which measures almost 7,000          publications, and launched the        at St Lucia Golf Club, and nearby
yards and is set within rolling      island into the international         Sea Breezes Hills and Sea Breeze
hills and lush tropical landscape.   spotlight. Some of the gloss went     Heights on the northern tip of
Some of the most beautiful           off overseas property investment      the      island,      overlooking

Martinique, and eventually the        “Owning a home in the middle of        when Jack Nicklaus was
new Jack Nicklaus-designed            a beautiful golf course has to be      introduced into the plans, golf in
course about to be built.             something special, and here in         St Lucia was immediately on the
 The St Lucia Golf Club has come      the Caribbean we can add a lush        global radar. The plans have
a long way under the ownership        tropical setting, idyllic weather      stalled in the past 18 months, but
of US businessman Dennis              and a location that is close to Cas    everything is now coming back
Nardoni, and the compact              En Bas Beach, a superb                 on track, and the design set in
beautifully designed 18-hole          clubhouse, and the popular             this magnificent natural setting is
course is set in largely unspoilt     shopping area of Rodney Bay.”          sure to make it one of the best
natural surrounds. In recent            There are 160 units available in     courses in the Caribbean,
times a superb new clubhouse          sizes from 1,000 to 2,000 sq ft        possibly in the world. It will also
with a Five-Star restaurant has       with one to three bedroom              enrich the real estate potential of
                                                                                the surrounding area, and
                                                                                already the development at
                                                                                nearby Mount Hardy is rising
                                                                                on the horizon. This will
                                                                                certainly add more value to the
                                                                                adjoining sites at Sea Breeze
                                                                                Hills and Sea Breeze Heights.
                                                                                The location is stunning on
                                                                                two fronts, with ocean views
                                                                                across the sea to Martinique,
                                                                                and inland over the new golf
                                                                                    Sites within the 31-lot Sea
                                                                                Breeze Hills community range
                                                                                in size up to one acre, and in
                                                                                price from US$200,000 to
                                                                                US$450,000. The Sea Breeze
                                                                                Heights community numbers
                                                                                26 lots in similar sizes, and
                                                                                with its exceptional views, the
                                                                                price of lots rises to as high as
                                                                                US$1 million. Attractive
                                                                                designs and construction
                                                                                packages will be offered to the
                                                                                lot owners to ensure their
                                                                                dream homes live up to their
                                                                                expectations. After all, these
                                                                                are exclusive locations, and
                                                                                may well be amongst the most
                                                                                prized properties in the
                                                                                Caribbean when the project is
                                                                                   These are exciting times for
                                                                                Cap Estate East Development.
been added, and the development       designs. There is also potential for
of Island Club Villas within the      good rental revenue as the
course will takes advantage of a      programme is run by Elite Island
beautiful natural site. Little        Resorts, who are experts in Four
wonder Cap Estates Managing           Star hospitality packages.
Director Lawrence Samuel is            The prospect of a second course
enthusiastic about its appeal to      nearby has always excited local
potential owners;                     and international golfers, and

                           For more information contact; Cap Estate East Development
   Tel: (758) 450 8522 or (758) 452 4528 Fax: (758) 450 8317 Email: sales@cap-estate.com or visit the website

The Villa Akasha is not for the
average buyer!

     Quite apart from its price tag,     unique and original settings.          Year’s party second to none. After
   this is a unique home for a           After all, not many homes can          all, what a magnificent backdrop,
   special person, perhaps someone       boast their own cinema with nine       and in the evening when the
   rich and famous, and certainly        lavish leather seats and a 100-        lights and the evening noise of
   someone who is not burdened by        inch screen.                           this vibrant tropical island comes
   price.                                      There is also amazing            alive, they combine to produce
       This State-of-the-Art modern      technology with computer and IT        their own natural unspoilt beauty,
   villa has unique features and         embracing       everyday      living   and unique music of the night.
   characteristics that are not          luxuries like music in virtually         Villa Akasha offers so much to
   duplicated in any conventional        any room at any time, and subject      the right owner. But it has to be
   development. This property            to change with the simple push of      someone classy, who appreciates
   stands out in a crowd because it      a button.                              and craves the extraordinary,
   offers stunning panoramic views          The central interior feature is     someone with the vision and
   across northern St Lucia, and it      the huge waterfall chandelier that     imagination to bring this unique
   has a wonderful refreshing open       drops dramatically from the entry      property alive in a special way,
   ambience, that purchasers crave.      level down into the sunken living      someone that can entertain
   The villa sits majestically on a      room in a spectacular fashion.         twelve people at the elegant long
   hillside in a quiet corner of Cap     Nestled nearby sits the Grand          dining room table, and cook the
   Estate, with unrivalled views         Piano, just bursting to party. After   most exquisite meals in the
   stretching across Rodney Bay to       all, this could be the greatest        beautiful expansive Italian-
   the famous Pitons on the              venue in St Lucia for a house          designed kitchen, someone that
   horizon, and embracing the East       party, given its open ambience         wants to wake up with the sun
   Coast right round to Pigeon Point     and variety of different settings.     and look out over idyllic
   and Le Sport.                         These include the pool area            Caribbean hills and ocean,
       Luxury abounds throughout,        which has enough room for              without leaving their bed.
   and the attention to detail in both   everyone to sun bathe, chill out in      This magnificent villa needs to
   design and finish is exemplary.       the 30 foot-long infinity pool, or     be enjoyed by an owner who has
   This prestigious home is a one-       sip a refreshing cocktail in the bar   special tastes and needs a special
   off, and the different levels offer   area. And there’s enough room to       home to embrace them.
   various lifestyles and comfort in     set up a band and dance at a New         Are you that special someone?

Population: 39,000
Size: 101 sq miles
Capital: Basseterre
Currency: East Caribbean
dollar Language: English
Location: West of Antigua and
south of St. Maarten

                                                      m a g a z i n e
                                                      p r o p e r t y
American developer Scott Jaynes
gives us an overview on what is
making this lovely little island
such an attractive place to live…

                                                      c a r i b b e a n
What attracts people to your beautiful

I think people are initially attracted to St. Kitts
for the warm weather, sunshine, and beaches
- especially when it is cold in the US and
Europe. Once they get here the "dreaming"
starts and they begin to say "what if". What
do I mean? "What if I could live on an island
in the middle of the ocean and enjoy this
great weather all the time?" Or maybe "What
if I could live on this island and enjoy
swimming in my pool every day with a
couple of rounds of golf thrown in each
week?" Then, you ask yourself "why couldn't
I live here all year and make back home the
place I visit once or twice a year?" Living on
an island can easily become reality for many
people. St. Kitts is especially easy since the
people are so friendly and they have such an
accommodating spirit. When they say "no
problem mon" in St Kitts, they really mean it!

     What's the buzz with real estate in       Have     property      valuations      have been Amnesia, Northernstar,
     St Kitts in 2010? What are the            dropped in the past 12 months?         and Privacy just to name a few.
     exciting things that are happening?                                              Tom Fazio, the acclaimed golf
                                               Not at all. Real estate prices on      course designer, has also designed
     Citizenship continues to be the           St. Kitts and Nevis have               the new course being constructed
     focal point of many first time            continued to increase, albeit not      on the St. Kitts Southeast
     investors on St. Kitts.       The         at the same rate as before the         Peninsula that is scheduled to
     government of St. Kitts and Nevis         current global economic decline.       open late in 2011.
     has several programs whereby              Buyers are still in the market and
     citizens of other countries can           they are making their selections. I    What are the price bands for
     qualify. The most common                  strongly     recommend         that    prospective buyers?
     method of citizenship is the              investors should buy in St Kitts
     "Economic      Citizenship      by        now because in my opinion real         There are a few properties available
     Investment Program". With a               estate prices will quickly rise to     in the US$200,000 sector. There is
     minimum real estate investment of         the levels of neighboring islands      more availability from US$350,000
     US$350,000 in an approved                 and go higher in the future.           to US$500,000 then prices jump to
     development, the buyer can                                                       close to US$900,000. Three and
     become a citizen of St. Kitts. For        Who are the rich and famous that       four-bedroom private villas in
     more information readers can              come to St Kitts?                      Frigate Bay are currently on the
     Google "St. Kitts Citizenship by                                                 market starting at US$1 million.
     Investment Program".                      Most of the time the rich and          New 2-4 bedroom villas have started
                                               famous do their best to hide from      on the far end of the Southeast
     Is there genuine value for money          the public so they can enjoy           Peninsula. Prices for these villas
     in St Kitts real estate?                  paradise. That said, Michael           start at US$1.55 million. Much
                                               Bolton, Dionne Warwick have            depends on your budget above this
     Absolutely! Because St. Kitts has         been here and, and John Legend         figure but our development on
     only been a tourism based economy         was in concert a couple of years       Sundance Ridge represents as good
     for a short time, it is "off the radar"   ago at the St. Kitts Music Festival.   a value as you can get anywhere in
     of most travelers. With the island        I have seen yachts anchored below      the Caribbean and without doubt
     being relatively unknown, real            Sundance Ridge owned by                one of the best views in the world.
     estate prices are much lower than         Microsoft founder Paul Allen (he       Starting prices are in the region of
     neighboring islands. Buyers in the        owns the yacht Octopus), Oracle        US$2 million and properties can be
     real estate market get much more          co-founder and CEO Larry               customized        to   meet       any
     "bang for their buck" on St. Kitts        Ellison's Rising Sun has visited       specification. I feel there is a
     when compared to other more               the island, and actor Tim Allen's      property available for just about
     established islands like St. Marteen,     yacht among others. Some of the        every budget so come to St. Kitts and
     St. Barths, and Antigua.                  other mega yachts anchored below       see for yourself!

     Scott Jaynes and his wife Connie fell in love with St Kitts on first sight over ten years ago, and not only have they
     made it their home, they are developing Sundance Ridge on a magnificent setting overlooking Nevis. Scott can be
     contacted at swjaynes@yahoo.com and for more details of Sundance Ridge visit www.sundanceridgestkitts.com

                                     SPECIAL OFFER!
                             This banner is worth US$25,000!
  If you purchase at beautiful Sundance Ridge in St Kitts and have seen the development
in our publication we will arrange a US$25,000 discount off your furniture package if you
      tell us! Contact the Editor at sportingb@caribsurf.com for more information.
"I took a little trip on a
sailing   ship,      down
through the Caribbean..."
   These majestic lyrics from the
Merrymen legend Emile Straker
capture in one sentence the only
way to really discover the beauty
and the character of this amazing
group of islands. Each has its own
culture and lifestyle, each has its
own beauty.
   To discover the Caribbean, you
have to go there, and you have to
meet the people and their island
with an open and honest mind.
There's nowhere in the world quite
like the islands, and their bare
natural beauty has to be
experienced to be appreciated. The
contrasts are extreme, but the
overall commonality within the
region is its charm and its peace
with the world.
  There is a relaxed laidback lifestyle
that is unique, and perhaps the
reason why so many people from
other parts of the world make it their
second home, and in some instances,
their first home.
  Caribbean Property Magazine has
given you a flavour of the islands
and a selection of some beautiful
property, but we appreciate there
are other idyllic places within the
region that are just as beautiful.
The little island of Canouan and its
luxurious Raffles Resort and
amazing golf course, the "Robinson
Crusoe" island of Tobago with it
stunning unspoiled rainforest,
coves and bays, the island magic of
Grenada, St Vincent and the
Grenadines, perhaps best seen
from a sailing boat, and little Nevis,
and its legendary love affair with
the great Admiral Nelson.
    Dominica is an exceptional
ecological beauty, while the Turks
and Caicos has magnificent coves
and       beaches,    all    virtually
  All the islands have been affected
by global recession, but each in its
own way. Editor Clarence Hiles
looks at these two locations and
assesses their real estate potential
going into 2010...

Population: 70,000
Size: 289.5 square miles
Capital: Roseau
Currency: East Caribbean dollar
Language: English/French Location:
South of Guadeloupe and north of
Martinique in the Lesser Antilles

  The ecological beauty of Dominica
is its greatest asset and nothing that
has happened across the world in the
past 15 months to diminish its
quality and appeal.

Property investors in the more populated and tourism-
driven Caribbean destinations may lament the decline

                                                              m a g a z i n e
in tourism arrivals, rental income and property
valuations, but in the economies of scale, small is
   Dominica has not reached the dizzy heights of real
estate exploitation and rampant development, so any
decline in these industry sectors will not affect their

                                                              p r o p e r t y
economy to any great extent. Their tourisms arrivals are
certainly affected by fluctuations in the global tourism
sector, but historically property investment has been
based on the lifestyle requirements of a prospective
buyer, more than speculative property investment.
  Dominica’s appeal in 2010 remains the same. It offers

                                                              c a r i b b e a n
a genuine Caribbean getaway location devoid of
rampant commercialization and over development. The
authorities on this island value what they have, and
while real estate development has increased in the last
five years, the range of properties and quantity of
product reflect a niche market that is small and selective.
As a result property prices and land prices are
comparatively low compared to other locations, and the
island remains by and large, underdeveloped and at
peace with Mother Nature.
  Dominica will appeal to a niche market of buyers who
want a traditional Caribbean destination that has
retained much of its traditional charm and beauty. The
island has wonderful geographical attributes and a
friendly people, but it is not Barbados, St Lucia or
Cayman, and therein lies its unique charm and appeal.
Prospective property purchasers can enjoy that quiet
and peaceful Caribbean lifestyle at entry price points that
are a fraction of the cost of the more popular islands.
Real estate in Dominica continues to offer genuine
value for money, but buyers must ensure this is the
lifestyle they seek before committing to the purchase. It
has low price entry points that reflect limited demand,
and this situation may well exist for some time, so
selling in the short-term will have challenges. However,
if you love the ecological environment this is a tropical
island that is different and appealing.
Population: 21,200
Size: 166 sq miles
Capital: Cockburn in
Grand Turk
Currency: US dollar
Language: English
Location: 575 miles
south-west of Florida

The beautiful Turks and
Caicos Islands have been
in the news for all the
wrong reasons in the past
few years and have
suffered accordingly. The
decline in the American

                                        m a g a z i n e
economy has reduced
both tourism arrivals and
the number of potential
property investors, while
the     corruption     in

                                        p r o p e r t y
government has sent all
the wrong messages
across the world.

                                        c a r i b b e a n
Not so long ago the Turks and Caicos
Islands were widely marketed as the
hottest real estate hotspots in the
Caribbean, and a less expensive
extension of the popular Bahamas
for the affluent American market.
Property development was rampant
along the idyllic Grace Bay Beach
and overall there was a genuine buzz
of excitement that the boom had no
bounds. But of course it had!
  There is now realism in Turks and
Caicos real estate these days, and it
comes from a general acceptance
that the global market place has
changed, and that prospective
buyers have to be convinced of the
viability and investment potential of
a location as much as its beauty. The
investment element of a Turks and
Caicos property purchase was
pushed to the limit at the height of
the real estate boom, so it was
inevitable that when the customers

                                      TURKS AND
disappeared and the tourism
figures fell, the ownership
business model collapsed
around it. This had already
started to happen before the
rent global economic decline,
but     recent     events     have
                                      Our Second
exacerbated the demise.
  So what does Turks and Caicos
offer the prospective buyer
going forward?
   It certainly offers a beautiful
product as the forty plus islands
are sparsely populated and the
beaches are magnificent. It is
easy to see why so many sailors
and yachts people have been
captivated by its beauty, and why
a number of overseas buyers
have been attracted by its
unique Caribbean charm,
peppered          with       Anglo
influences. If the Turks and                                                      UK lawyer Patrick
Caicos lifestyle is the buyer’s                                                   Harrington qc and
preference, then it remains as                                                    his wife Susan are
idyllic as ever. But for a location
that attracted a large number of
                                                                                  building their
prospective and in some cases,                                                    caribbean getting
speculative purchasers, and                                                       away home in Turks
then saw them evaporate into                                                      and Caicos…
the clouds of American
economic demise, there are new
                                         We first visited the Turks and     friends have questioned the
business opportunities. The
                                      Caicos Islands in 1990 and            wisdom of this venture: there has
American real estate and
                                      immediately fell in love with this    been much negative publicity of
mortgage market has made an
                                      piece of Paradise. At the time, our   the governance of TCI; property
industry      out     of    selling
                                      way to reach Providenciales was       prices worldwide have declined;
distressed properties, and in the
                                      by a Virgin Atlantic flight from      the building of a home is
short-term the availability of
                                      the UK to Miami; then a Virgin        challenge when the client is on
properties in this sector may
                                      flight from Miami to Grand Turk,      hand to supervise; it will be a far
well appeal to overseas buyers
                                      then a six-seater plane with the      greater challenge when the
that are cash-rich and looking
                                      windows open on take-off (so          clients are 4,000 miles away.
for bargains. This is a window
                                      called air conditioning), to the      Then why should “a highly
of opportunity that will
                                      small airport at Provo. On our        successful UK trial lawyer, a QC
disappear when the market
                                      return to the UK there were direct    of years standing and his sensible
adjusts to a supply and demand
                                      Virgin flights from Grand Turk.       and clever wife” embark on such
equilibrium, but in the
                                      Twenty years later, after several     an adventure. I emphasise that
meantime there are some very
                                      more visits, there are no direct,     the descriptive words are not
attractive properties being
                                      non-stop flights to or from the       mine. I include them not for any
offered at bargain prices.
                                      UK. There has been a lot of           sense of braggadocio, but rather
                                      building; there has been political    to acknowledge the perceived
                                      turbulence. So has our love of the    folly of our project.
                                      islands diminished?                      Rationalising an adventure of
                                         The best way to answer that        this sort is the fast route to
                                      question is to tell you of our        aborting it. We believe that asking
                                      project to build a house in the       then answering the question ‘why
                                      Long Bay Hills of Providenciales.     not?’ is a more productive use of
                                      I should add that several of our      our energies.
                                                                                                                   m a g a z i n e
                                                                                                                   p r o p e r t y
  We are lucky to live in Wales: a   permanently to Turks and Caicos,       like Topsy, it grew. We have
stunningly beautiful country with    but it would be very nice to have a    designed a lovely house with no
breathtaking scenery, spectacular    home there.                            quirky       (and       expensive)
sandy       beaches,     fabulous        Did the political situation        extravagances.
restaurants but… awful weather       trouble us?                                 Both Susan and I need
for much of the year - although      The answer is in the corollary.        somewhere to relax. Life in the
when the sun does shine there        The UK intervention in the             UK is hectic. I would like to write.

                                                                                                                   c a r i b b e a n
are few better places.               governance is a considerable           My last book was well received; in
  We are a short hop to Europe:      encouragement. Did we look at          the Turks and Caicos in our own
the South of France is hot in the    other islands? Yes, lots.              home I will have time to spend on
summer and mild in the winter;         Did any have the charm of the        this indulgence.
the same can be said of many         long beaches, beautiful sea,             Yes, Provo is quiet compared to
European countries.                  friendly people and great              some islands: perfect.
  But what of the dark November      snorkelling?                               Of course, we will make
days, the chilling days of             We found none that had all of        mistakes. There may be tears, but
February, those many days when       these features.                        it will also be great fun and a
we crave calm, empty beaches          But the build…there are so many       product with which we will be
and snorkelling in crystal clear     questions! We have some                happy.
sea.                                 answers; we have quite a bit of        At least, we hope so…
In truth, a good summer in Wales     build experience and, we hope,
means we have no wish to hop to      good communication skills.
Europe.                                Best advice?
     After many visits to the           Choose a good architect and
Caribbean we feel a base there is    choose a good builder. We have
what would suit us best.             done both and are entirely happy
We are doing this for fun; we        with our choices of Simon
hope that it will not be a           Hutchings and Chris Haggie
commercial disaster; if it proves    respectively.
to be a financially shrewd move        A very important requirement is
then this will be a welcome          restraint: we had to stop an earlier
bonus. We have no plan to move       incarnation of the project when,

Business & Finance
 Allen Chastanet    Cecil Harewood     Jacob Hassid    Sanjay Amin      Derek Foster

 Surviving The Recession                                                                84
 by Senator Allen Chastanet

 What Is Private Wealth Banking                                                         86
 Cecil Harewood First Caribbean International

 Diamonds Are Forever                                                                   90
 Jacob Hassid Managing Director of Diamonds International

 The Recessions Affect on Property Valuations                                           92
 Sanjay Amin of BCSQ

 The State of Real Estate                                                               96
 Derek Foster Managing Director of Bajan Services

 What’s Happening At The Crane Resort                                                   98
 An Interview with Kim Goddard, Director of Sales

 Thinking Like A Lawyer                                                                 100
 Attorney Liza Harridyal-Sodha

 Mortgages Are Still Available in The Caribbean                                         104
 Anita Ashton

 Has Haiti Brought Greater Awareness of Insurance                                       106
 Ryan Williams Manager of Island Heritage

 Energy Savings & Efficiencies; Vital in Property Management                            110
 Peter Thompson TMR’s Director of Sales

 Kim Goddard       Liza Harridyal-Sodha Anita Ashton   Ryan Williams   Peter Thompson

                                       Surviving the
                                       Senator Allen Chastanet is the Minister of Tourism
                                       and Civil Aviation in St Lucia and is widely regarded
                                       in the region as a dynamic visionary who
                                       understands the industry and has the drive and
                                       enterprise to get positive results, even in tough times.
                                       Who better to answer the challenges facing his
                                       industry in 2010?

The global economic decline in         environment. Each country has         brand names like Ritz Carlton,
the past 18 months has hit most        something different, and each         Weston, Raffles and Hyatt are
Caribbean economies quite badly.       location has a peaceful lifestyle.    coming on board, while major
How do you feel they have coped?       The Caribbean hasn’t changed so       events like the Jazz Festival
                                       I expect St Lucia to improve on       continue to grow in popularity.
   It has been a mixed bag, and        last year’s figures by 25-30% and     We will fully embrace sports
even some of the experts in the        the other switched-on islands to      tourism but with unique products
business have struggled to react to    win back market share. Obviously      that reflect our strengths. We
changing times and a changing          the islands that have adapted         have excellent marina facilities, a
market.      Unfortunately       not   quicker to the changing market        world-class waterfront resort at
everyone       understands       the   will do better than others, but       the Landings, and we are very
tourism business as well as they       overall I expect it to be a much      close to the popular cruising
should, and the need to improve        better year for Caribbean tourism.    Mecca in the Grenadines. We also
on what we have to offer. We must                                            intend to create an efficient water
have better airlift into and around    St Lucia has been getting a lot of    taxi service to the popular
the region, we must offer added        positive media focus in recent        locations. We will offer a wide
value to our product, and we must      times. What’s the buzz on the         range of diverse sports products
provide better customer service.       island?                               but yachting and golf will be high
Airlift is our biggest challenge,                                            priorities.
and in the absence of direct flights       A lot of things have been
from our primary sources of            happening and there’s plenty          We’ve heard a lot about the
visitors, we must have good hub        more on the horizon. We took our      Caribbean       Single    Market
centres that provide connecting        hit early in 2009, but our            Economy (CSME) in recent times.
flights that are user-friendly and     performance levels significantly      Is it going to happen and how do
efficient. Islands with limited        improved as the year progressed,      you feel it would benefit the
airlift will suffer the most until     so we are already on the right        region?
they address the problem.              path. Our government has a
                                       National Vision Plan looking             I think the advocates of the
Looking towards the end of 2010        forward twenty years, and in it we    CSME were too ambitious in their
what performance levels would          have many exciting projects and       original plans and set unrealistic
you expect to see the tourism          plans. Castries will be re-           targets to achieve. Functional co-
industry achieve?                      developed, a new terminal will be     operation has many benefits and
                                       added to Hewanorra Airport in         there could be significant
  We should certainly do better        the south of the island, there will   synergies across a variety of
than last year, and it is worth        be provision for a new private jet    sectors like education, security,
noting that after both 9/11 and the    terminal, we will be opening an       and tourism. We need to meet on
Gulf War, the Caribbean region         exclusive casino, our marina          topics that have immediate
was one of the first international     facilities will be expanded to        benefits first, and then build a
holiday destinations to recover.       embrace more of the growing           relationship that could lead to
We can still offer a unique            sailing community, and we hope        closer bonds and partnerships
product to both visitors and           to have at least four major           across many other subjects. The
people wanting to settle in a new      championship golf courses. Big        private sector must be involved in

the process, as more and more
companies in different islands
look to do business with each
other. Collaboration should start
the process and then it will evolve
naturally into bigger and better
things if it is working well.

What can the Caribbean region
offer overseas visitors and
investors in comparison to other
popular tourist destinations like
Florida and Southern Europe?

We offer genuine value because
our product is a lifestyle option
that can withstand recession.
People know what they are buying
here, and despite what is
happening in the world economy,
we still have that unique
Caribbean lifestyle that has
attracted overseas visitors for
years. In comparison, look at
Dubai and ask the question, what
are people buying? Our market is
not the quick turnover speculative
“here-today,      gone-tomorrow”
culture because the people who
buy in the Caribbean genuinely
love the place. These people don’t
sell in recessions and as such our
real estate product has not been
harmed to the same extent as
other places.

Can we improve the Immigration
and Customs process coming into
the region?

Of course we can, and we should!
After all, with modern technology
we have all the information
already in the system. Over the
next six months this will be a
major priority for St Lucia and
plans are already advanced for
change. If we can set a high
standard then others will surely
follow. It is vital that we make it
easy to enter and depart with
minimum bureaucracy, and at the       in the region involved and feel        getting through to more and more
same time respect the security        part of it. Everyone must benefit      people and that they want to play
issues.                               and the wealth that is created         their part in providing a genuine
                                      from the tourism industry must         top quality tourism experience
Are you optimistic for 2010 and       be distributed widely and fairly. If   that will bring long term
beyond?                               we market our island as “Simply        prosperity to our island.
                                      beautiful” then we must deliver
I am very optimistic!                 the product, and to do that
Tourism is our business and our       everyone must be on board. I’m
biggest challenge to get everyone     very pleased that this message is

                                      What Is
                                      Private Wealth
Cecil Harewood is Team Leader-Mortgages at First Caribbean International
Wealth Management Bank (Barbados) Ltd. and he covers some of the key
sectors of his business…

Private Wealth implies your           Which islands do you cover?          operating terms and conditions
department only deals with the                                             as the market changed last year.
rich and famous. Is this a fair       The Bahamas, Barbados, The           Our mortgage product continues
reflection of your customer base?     British Virgin Islands, The Cayman   to be extremely competitive and
                                      Islands, Curacao, Jamaica, The       the major adjustments made in
We certainly have clients who are     Turks and Caicos Islands. We also    the last 12 – 15 months mainly
rich and famous, but our              offer International Mortgages for    surround our equity release and
customer base is much broader         non-residents in St Lucia, Antigua   interest-only products. Here in
and includes many clients who         & Barbuda, St Kitts & Nevis, St      the Caribbean there has
require more sophisticated and        Maarten, Jamaica, Anguilla, St       traditionally been a very
specialized banking services than     Vincent & the Grenadines.            conservative lending culture, so
those found within the regular                                             our adjustments were perhaps
retail banking.                       In general terms how has the         not as dramatic as in other
                                      global recession affected your       countries. We continue to
What are the typical financial        business in the past 15 months?      position our products to meet our
services that you offer customers,                                         customers’ needs, and it is worth
which are different from normal       We had to adapt quickly to a         noting that FirstCaribbean has
retail banking?                       changing environment like all        continued to lend and look for new
                                      financial institutions. In this      business, even in these tough
We offer our customers a wide         current    environment         our   times. We also feel our products
range of personal and business        customers need a sound financial     are well positioned to take
banking services via a dedicated      partner, so we are constantly        advantage of increased demand
relationship with a member of         reviewing our process to ensure      when the market improves.
the Wealth Management team to         we are in a position to meet the
deal with their specific portfolio.   needs of our client base at a time   Lenders are now looking
Many of these services include        when they need us most.              carefully at the development as
Investment Solutions, Financial                                            much as the individual mortgage
Planning,       Global       Cash     First Caribbean is very active in    application. Do lenders have
Management, Credit Facilities         providing mortgage loans to non-     concerns regarding some of the
(Mortgages), Trade Finance and        residents. Has the bank tightened    developments that have sprung
Foreign Exchange Instruments.         credit controls in this sector of    up in recent times?
We have a dedicated cashier for       your business?
Private Wealth customers to                                                Prudent lenders have always
ensure the customer service is        All strong well managed financial    looked at both the applicant and
personal and efficient.               institutions have reviewed their     the security. After all, the risk is


joint and over the past 18 months     application is presented fully
we seen some developments             complete, we can usually process
struggle for a variety of reasons.    an application in 5 – 10 working
Our in-depth knowledge of             days.
developments across the region
provides added value to our           Do you feel there is a quicker way
clients in their investment           to deal with the legal process?
making decisions, which at times      Three months is often quoted as
can be quite substantial.             normal but it can take longer.

Many people feel the mortgage         When the legal requirements are
process takes too long. What          straightforward then perhaps
turnaround times do you feel are      everything could be completed
achievable?                           within three months, but not all
                                      cases are the same, so it is
Turnaround times are dependent        difficult to generalize. We also
on the quality and presentation of    find the process varies from

the application papers. We try to     jurisdiction to jurisdiction.
guide applicants and mortgage         Registration of title differs from    era when customers are looking
introducers on the items that are     place to place, and searches can      for less administration and quick
essential to allow us to process an   be cumbersome and prolonged if        decision-making. Are the two
application, in a timely manner.      they have to be done manually. It     objectives compatible going
Unfortunately we still receive        is really an issue for the legal      forward?
many incomplete applications,         profession to deal with, but in our
and inevitably, this requires         experience, it has been more          Caribbean lenders have always
further correspondence and in         efficient when the attorneys          been conservative and prudent
some instances prolonged delays       representing the vendor, client       with their lending strategies, and
while we try to secure the            and bank work well together.          this not only maintained the
essential items. However at all                                             financial stability of the bank but
times we attempt to work with         Mortgage terms and conditions         the economies in general across
our clients in guiding them           appear to be getting more             the region. We take great care in
through the process. Where an         complicated and demanding in an       the quality of our mortgage book,
                                                                            and have resisted the temptation


to grow the business with higher      We continue to attract steady         people for generations and will
risk lending. As a result our         business flows and remain very        continue to do so in the future.
delinquency levels are relatively     optimistic for 2010. Our clients      Here     at    First   Caribbean
low, and customers have a             are     continually    exploring      International Wealth Management
significant financial equity in the   opportunities for Wealth creation     we will manage the current
mortgaged property, so they take      and we are in a good position to      challenges, and ensure we are
their obligations seriously.          meet their needs. From an             ready to step up a gear when the
                                      International          Mortgage       market improves.
With all the uncertainty regarding    prospective we must never forget
recession and recovery, how do        that we have beautiful islands        These are tough times, but we are
you see Private Wealth business       with many attributes and              confident that better times will
performing in 2010?                   qualities that have attracted         follow.

Cecil Harewood has 22 years experience in banking covering a wide range of retail sectors. He joined the Private
Wealth team in 2006 and is based in Barbados. He can be contacted at; Tel: (246) 367 2039 or Email:


                                     Are Forever
Jacob Hassid is the managing director of Diamonds International in Barbados
and many of his customers are property owners and investors. Who better to
answer how the recent economic decline has effected his industry?

It's been a tough year for the       important for me to add, that in       be easily traded worldwide,
luxury industries. How has global    our case being more efficient did      especially loose diamonds, which
recession affected Diamonds          not mean a reduction in staff or       is a big part of our business.
International?                       hours of work.
                                                                            What are the different challenges
The effect of the global recession   Your business has some                 you face operating in different
obviously caused a significant gap   similarities    with    overseas       islands?
in prices in some of our markets     property investment, as both are
in comparison to the European        luxury items. Do you specifically      One of the main challenges is the
market, and particularly in the      target     overseas     property       different laws in the different
UK, which was due to a               purchasers in your marketing?          territories,    which      require
significant devaluation of the                                              adjustments. For example, duties
pound sterling and the Euro.         Definitely overseas property           on importation cause a challenge,
With regards to the US markets,      purchasers are among the               as all our territories are linked
there     were    many      luxury   segments we target. We cater to a      with regard to prices. This is
businesses that went out of          broad spectrum of customers that       especially critical when cruise
business,       and      therefore   include cruise ship passengers,        passengers       visit    multiple
liquidated their product which       long stay visitors, expatriates, and   Diamonds             International
caused a flood of supply with        of course, our local clients. Some     destinations, as we cannot have
grossly reduced prices, and little   of them are also property              one island more expensive than
or no market demand.                 purchasers, so they are very           the other. Another important
Another major effect was the         important to us.                       challenge is maintaining control
marked decline of tourists to the                                           of a remote destination with
Caribbean region, and those that     Property investment is subject to      regard to security, consistency of
visited were affected by the         market fluctuations and this was       service, and implementation of
downturn of the world economy        very evident in 2009. Does the         world wide policies. Finally, the
and the uncertainty of its future.   jewellery business have the same       varying skill levels of the labour
This caused potential buyers to      challenges or is jewellery a safer     force in the different territories
hold back and not spend on           investment?                            always poses a human resource
things that were not essential.                                             challenge in our business.
The effect of the recession also     I think that jewellery and
forced us to adapt our way of        especially diamond jewellery, is a     Diamonds International is a
doing business, and we tightened     much safer investment, firstly the     brand name that has rapidly built
our controls to become more          magnitude of the purchase is           up a high visual awareness across
efficient in many ways. It is        much smaller, and the item could       the region. Does the company see

general strength in an integrated     importantly, we would not want to       you would recommend             to
Caribbean business community          risk our staff and management.          customers in 2010?
as opposed to each island
operating independently?              The Jewellery business, like the real   I will always recommend our
                                      estate business, has to move with       loose diamond selection for the
I would say definitely, an            the times, and a lot more               simple reasons that a purchaser
integrated Caribbean business         imagination and added value is          can take advantage of our huge
community would solve some of         associated with new developments.       buying power, and the money is
the problems by creating              In some cases this has involved cut-    spent on nothing but the
consistency. It is always easier to   pricing. Has the jewellery industry     material, namely the diamond.
operate when the pattern is the       moved in a similar way to adapt to      That means there is no fee for
same, and is a homogenous             more demanding customers?               labour or design. A diamond is
environment.                                                                  timeless, and could easily be
                                      I think that there is an element of     adapted to various settings and
Crime in some Caribbean islands       reduction in prices, but the            changed as time goes by for a very
is often given unbalanced             adjustment is mainly with regard        nominal       price.      Another
publicity. Is crime something that    to the creation of the products         important reason with regard to
you feel affects your business?       that fit the market demands and         loose diamonds, is that we offer a
                                      the price points of consumer            lifetime upgrade policy in any of
Absolutely. Crime is a major          acceptance. The customer today          our hundred and thirty five
consideration when we think of        is not willing to experiment and is     locations. With regards to watches
our business. We are not likely to    demanding clear value for their         and brands, if a customer aims
expand in territories when, in our    money.                                  for the traditional long lasting
judgement, the crime level is                                                 brand names, the record shows
high. Not only will it affect the     What are the bargains and best          that prices have always increased.
level of business, but more           investments in your industry that

 Jacob Hassid is one of the executive members of the Board of Directors Diamonds International worldwide and has
been a key member of Diamonds International for over fifteen years. Jacob Hassid resides in Barbados with his
family and manages the Barbados eleven store operation with responsibility for opening and establishing many of
the territories in which Diamonds International operates.
  Diamonds International is a family business owned by the Gad family with the company headquarters in New
York. The Gad family established its first retail operation in the Caribbean in 1988 and has since expanded to
operate in 25 regions with over 130 stores in the Eastern and Western Caribbean, Alaska and Mexico.

           How Has
           Recession Affected
           Caribbean Property
           Sanjay Amin of BCQS answers some of the key questions…

The global recession hit the           onto their properties and can ride   Currently there is no serious move
region in different ways. In terms     out the recession.                   to regulate the Valuation
of property valuations what has                                             /Appraisal Industry from within,
been your experience?                  Developers have discounted           so this requirement will have to be
                                       depending on their need to sell.     led by financial institutions or local
There have been very few               Has this distorted valuation         authorities in their drive to adopt
transactions in the market and         figures and made your life           higher standards. It appears that
consequently less comparables.         difficult because the product        the various regional trading
This is challenging because you        hasn't really changed?               standards do not want the current
need day-to-day transactions to                                             small number of qualified valuers
get a feel for current prices. Deals   We feel that there has been a        monopolizing the market, and this
and Offers are also important          price correction and that the new    is understandable, especially in the
market indicators, and you have        prices are market value. The         smaller islands. However, some
to watch for distressed sales as       valuation figures have not been      jurisdictions are changing, and
they can distort the market.           distorted, but market values have    there was a recent example in
                                       come down to accommodate a           Jamaica where a local government
How would you advise an                “willing buyer/willing seller”       body insisted that tenders for
overseas investor who is looking       situation. This is because there     valuing a variety of properties
at the region in comparison to         aren’t as many willing buyers as     would only be accepted from
other parts of the world?              there were two years ago, and        qualified members of the of the
                                       there is also the added              Royal Institution of Chartered
In general terms, prices have          consideration of distressed and      Surveyors. Financial institutions
come down for land, building and       forced sales, that are now more      are also becoming more and more
development costs, so potentially      prevalent than before.               aware of the need for qualified
it is a good time to invest. Yields                                         professionals       with      proper
in the Caribbean are high when         How cognizant has the valuer got     professional indemnity cover in
compared to other parts of the         to be when outside influences        these testing times, so the onus
developing world, and the              affect market value? For example,    may be on them to set certain
political risk is a lot lower here.    the political mess in Turks and      regulations in place.
                                       Caicos and rising crime in some
Which islands have fared better        locations have received negative     Why do you feel Caribbean
than others and why?                   press outside the region. Are        lenders still retain unqualified
                                       these real market factors or         valuers and real estate agents on
Barbados, Cayman Islands, St           temporary challenges?                their lending panels in the
Maarten, ABC Islands, BVI and St                                            modern era?
Kitts were not affected as much as     Political uncertainty does have an
the other islands. St Lucia,           impact on values as overseas         Probably because the numbers of
Grenada, Antigua, Bahamas,             purchasers will be nervous, and      qualified persons are small, and
Turks and Caicos, and Anguilla         as a result, there will be less of   all the work could go to these
felt the effects of recession much     them in an already tough market.     firms. However, it is becoming
more. The reasons vary, but airlift,   However, looking at Turks and        more and more apparent that
exclusivity, origin of buyers, over    Caicos for example, we feel their    some financial institutions both
supply, and price of property are      property prices were more            local and overseas, are becoming
some of the reasons. Barbados          affected by global recession and     more       uncomfortable    with
has a very good “brand” name and       oversupply of real estate than       valuations done by real estate
excellent airlift, the Cayman          their political problems. Crime      agents, because of the potential
Islands remain very popular with       does have a negative impact on       for conflict of interest. It all
high-end buyers from the United        real estate prices, which is shown   depends on the circumstances,
States, the Dutch islands are          by fewer “willing buyers.”           but we hear that more and more
reasonably priced and also have                                             scrutiny is now given to this
good airlift, and BVI has              There are many people providing      situation.
exclusivity. Another reason for        real estate valuations throughout
property prices remaining steady       the region. Is there any serious     Valuation fees are still regarded as
in some jurisdictions is that some     move to regulate your industry       expensive by purchasers so does
potential sellers are able to hold     and professional services?           your industry need to promote


itself better and highlight the        Has the great growth period in          If     the      United        States
important aspects and range of         Caribbean      real      estate         administration opens its doors to
your services?                         development peaked?                     Havana, then there could be huge
                                                                               investments in Cuba in the
Valuation fees vary on different       Development and sales peaked in         coming years. Economically our
islands, but in Barbados for           the second quarter of 2008 and          region depends heavily on
example,     they    are    very       we are still waiting to see what the    tourism, so I expect the islands
competitive for the work done          future holds. Administrators are        with a positive attitude to the
and the quality of the report          now active in the market, so that       tourism challenges and those with a
provided. Of course, the               will shift some of the stock and        good infrastructure structure will do
standards vary, but at BCQS we         generate a further downward             best. Established islands like
maintain professional indemnity        price correction. Development is        Barbados,      Cayman       Islands,

insurance cover of US$2 million        ongoing in the region but the           Bahamas and the Dutch Islands will
and employ chartered surveyors.        number of buyers has declined,          bounce back first, because it will
Both of these are expensive items,     especially in the middle market         always come back to LOCATION,
but it highlights the high             up to US$1 million.                     LOCATION, LOCATION.
standard we set. When you
compare the valuation fee to           Looking forward which islands do
other fees, we offer genuine value     you expect to recover quicker than
for money.                             others and why?

Sanjay Amin BSC, FRICS, ACIarb is a director of BCQS International, one of the leading firms in the business
with six offices in the Caribbean. He has a wealth of international experience and travels regularly throughout the
region in the course of his business. He can be contacted at; BCQS International, “Orena,” St Lawrence Main Road,
Christ Church, Barbados Tel: (246) 428 8091 or by Email: samin@bcqs.com


                                    The State of
                                    Real Estate
                           Dereck Foster was born in Guyana but he has spent
                           the last 34 years working in Barbados. He has an
                           impressive record of success across various business
sectors and in 2008 he became Managing Director of Bajan Services, one of
the largest villa rental companies in the Caribbean. He brings some interesting
new ideas and vision to the real estate industry…

Real estate must seem like a            to acquiring market knowledge            What are the major challenges
second career after your long           and using it to the benefit of our       you see facing the Caribbean real
involvement with the automotive         clients. With the acquisition of         estate industry in the immediate
parts and paint industries. Are         Bajan Services, we are now the           future?
there any similarities?                 largest real estate company in
                                        Barbados, providing the most             One of the things that shocked
To be honest, I don't consider it       comprehensive range of services.         me most when I got into this
second career. It just applying         If you look at it from this              business is just how many
what I have learnt in the other         perspective, then perhaps my             u n p r o f e s s i o n a l
businesses to the real estate           timing was perfect. Obviously            companies/people there are in
business. While there are obvious       with the market softening, there         the industry. In my opinion, a big
differences, many key success           have been some extra challenges,         challenge is how do we make
factors are the same for all            but Terra Caribbean and Bajan            everyone more professional? I
businesses.      For    example;        Services are strong companies,           joined a very professional
building a great team of people         and we certainly see huge                organization, but it is critical that
and ensuring that they believe in       opportunities in the current             we     also    help     with      the
the vision outlined by the              market, where we can use our             development of the industry as a
owners/management, and are              strength to our advantage.               whole, and play our part in
committed to its success, is                                                     raising standards.
applicable to any business, and in      You have a reputation for being
my opinion this is the most             innovative and visionary. With           Everyone agrees that the real
important prerequisite to success.      this reputation what do you feel         estate purchase process takes too
                                        you can bring to Barbados real           long. What do you feel needs to
In a way your timing could not          estate?                                  be done to rectify this?
have been worse given what has
happened globally. What extra           “Innovative and visionary”, what         The system is archaic with
challenges has this presented?          a compliment, thank you!                 limited registered titles and no
                                        Looking back, one of my                  title insurance. As a result, the
The timing, it is what it is, but       strengths has been to put together       only guarantor of a title in a
once again I joined a great team        great teams and to keep them             conveyance transaction is the
of people. The parent company           motivated, and in many ways this         lawyer, and obviously they are
Terra Caribbean has clearly             has led to the innovation. In this       very      conscious      of   this
demonstrated that they are              business I have joined a team that       responsibility. To ensure they are
innovators in the industry, and         already has those qualities, so my       protected, the searches can be
through Andrew Mallalieu's              role will be to add to it. This a nice   long     and     frustrating,   so
leadership they have set new            position to be in.                       improving the title registry would
standards, particularly as it relates                                            be a major step forward in

                                                                                Are the good days over for
                                                                                Barbados real estate?

                                                                                Certainly not, but if I have my
                                                                                way, then I would say that "good
                                                                                days" for the unprofessional
                                                                                practitioners are coming to an
                                                                                end, and the “glory days” for the
                                                                                true professionals are just

                                                                                The Caribbean real estate industry
                                                                                is a mosaic of different types of
                                                                                agents; large and small, qualified
                                                                                and not qualified. How does this
                                                                                affect the credibility of the

                                                                                Based on what I said before, I
                                                                                certainly think that the status quo
                                                                                must change. There will always be
                                                                                large and small, but we must all
                                                                                be professional, and our industry
                                                                                must have enforceable rules and
                                                                                regulations that guide us towards
                                                                                best practice and good behaviour.

                                                                                You have always set high goals
                                                                                and objectives. In five years time
                                                                                what do you want to have
                                                                                achieved in your current position.

                                                                                Terra Caribbean’s vision before I
                                                                                joined is to become the leading
                                                                                Real Estate Company in the
                                                                                Caribbean, by providing a fully
                                                                                integrated real estate services
                                                                                environment where clients feel
                                                                                comfortable and confident to
                                                                                make informed decisions. My
speeding up the process. There is       You have a wealth of experience in      goal is to help them achieve this
also evidence that having good          franchise development across the        objective.
lawyers acting for both the vendor      region. Is this a strategy that you
and purchaser can dramatically          will develop in real estate?            If you could change one thing in
shorten the process. The same                                                   local real estate at the flick of a
lawyers could also act for the bank     Terra Caribbean has already made        switch what would it be?
in the case of mortgages, as            strides in this area, so once again I
happens in the UK. I am                 find myself in the fortunate position   To have enforceable rules and
sometimes shocked at how                of having a good head-start. Yes,       regulations in place to make our
unprofessional some of the legal        there are certainly advantages in       industry totally professional and
professionals do their business.        developing in other areas.              respected.

Dereck Foster has lived and worked in Barbados most of his life. A vivacious outgoing businessman, he has a successful
background in the automotive paint industry and particularly in franchise development across the region. He is
currently managing director of Bajan Services, one of the leading property rental and sales firms in the Caribbean. He
can be contacted at; Tel: (246) 422 2618 or by Email: dereck@bajanservices.com

                                      What’s Happening at
                                      The Crane Resort?
                                      Director of Sales Kim Goddard outlines some
                                      major developments...

A lot has happened at The Crane       The Village has added a heart to        We will offer a fully integrated
Resort in the past 18 months that     our community.            For our       use and ownership program
might suggest it is moving from       development it is the key that          between resorts. Each resort will
being a completed top quality         makes everything work; we have          be marketed under its own brand.
beachfront development to             happier owners and can achieve          Owners can change internally
something more. What is the           better room rates in the hotel          between resorts for a stay, or they
Crane’s strategy for growth?          delivering more profit to our           can     trade    their    existing
                                      rental pool owners.            The      ownership at market value for the
A key aspect of our strategy is to    traditional Barbadian Village           next resort in construction
drive profit and value for our        makes The Crane a more                  pricing.      This allows their
owners in everything we do. We        attractive resort, building on the      investment to grow and evolve, as
build our own accommodations,         spirit of when the resort began in      the owner’s lifestyle needs
sell our real estate and operate      1887. The added value of the            change. We will run a shuttle
the resort ourselves. This allows     Village       and        long-term      service between resorts to let all
us to pass on the wholesale           commitment to our owners is a           guests and owners enjoy the
saving achieved through the           winning combination for all.            amenities, ambience, food and
vertical integration of these three                                           beverage outlets of each resort.
core areas to our owners. It also     What other projects are in the
allows us to build the community      pipeline and are they targeted          Owners now look a lot more
spirit and commitment that            towards a different type of             seriously at the strength of
creates a strong alignment of         customer than your traditional          developers and do a lot more due
interests between the owner and       purchaser profile?                      diligence. How is the Crane
the developer. We are now                                                     Resort lending confidence to the
gearing up to launch our next         We have several other projects in       owner?
resort this coming season. Our        the pipeline that we are launching
growth strategy is to continue to     later this year and they are in         There are two big ways we lend
deliver value on all levels to our    keeping with our philosophy of          confidence and security in any
owners, and to let their              focusing on natural beauty and          investment made. Firstly, when
investments continue to grow          delivering an intelligent choice to     an owner is buying off plan we
with us as we open our new            our owners. We market all our           secure, or back up, the purchase
resorts. Our owners can trade in      properties with fixed prices, give      with an existing residence. This
any ownership for anything else       the prospective investor all the        allows our investors to enjoy
we offer at market price to market    time they need to think things          rental revenue sooner and to take
price. This “trade in – trade up”     through, and then stand by them         no risk on the development. In
program accounts for 40% of our       after the sale process is complete.     this structure any financial
total business each year.             We find that our purchaser profile      difficulty for us as a developer
                                      is quite board, as we attract people    does not put the owner at risk, as
The visionary Village within the      who want a resort living                their money is protected in a
Crane Resort and the wide range       community, but one that makes           completed asset. Secondly, and
of social and retail amenities, add   sense financially.                      probably more powerful, is the
much to a normal real estate                                                  fact that we strongly encourage
complex. Is added value the way       What will be the relationship from      prospective owners to come to
forward for real estate sales these   resort to resort and will they all be   our Monday evening cocktail
days?                                 marketed under the Crane brand?         parties on the resort, where they

can meet the existing owners and        contracts to take away and review       Our total commitment to drive
hear what they have to say. Our         allowing prospective owners             profit for our owners. We have
owners consistently say they are        enough time to think things             aligned with our owners’ interest
happy and that we have more             through and get the answers to          to control costs and have a rental
than delivered on every promise         their questions.       With three       program that works. We make no
made and continue to add value to       programs to look at: full               management fee on rentals but
their ownership with every growth       ownership, quarter share and by         rather share in the profits made
step we make. We often say our          week ownership; we can offer a          with 80% profit for the owner
owners are our best sales people!       starting point to test the property     and all expenses billed at
                                        ownership waters, and the option        wholesale costs. We add the most
Added value is the buzz phrase in       to trade in any shared ownership        value by being here after the sale
modern real estate marketing.           towards anything else including         process has completed to make
What will make the Crane Resort         full ownership.                         sure we deliver for our owners
so special in the next five years?                                              long term.
                                        Adding flexibility on every aspect
The total program has been vetted       of ownership. An owner can come         Best of all is the lifestyle of living
and is proven to add significant        and stay in their residence, rent it    in our community as an owner
value for our owners. These             out through our rental pool, rent it    without the normal stress that
benefits include:                       privately, trade it internally in the   comes with second home
                                        resort or outside of the resort         ownership abroad. From the VIP
Taking the    work out of buying        through The Registry Collection         concierge service and our owners
property in   Barbados by offering      (www.theregistrycollection.com).        storage program, to the rental
our best      price upfront and         No matter what they are looking to      pool and exchange service, we add
providing      the pricing and          do, we can add value at each stage.     value at every level.

Kim Goddard worked at the Crane for eight years and then spent three years in general real estate before returning to
the resort sales team in 2009 as Director of Sales. She can be contacted at; Crane Resort- Tel: (246) 820 0591 or by
Email: kim@thecrane.com

                                       Thinking Like a
                                        Attorney Liza Harridyal-Sodha answers some of the
                                        legal questions that challenge us…

You deal with a lot of non-resident    Your legal team includes a           What do you feel could be done to
clients. What has attracted these      number of different Caribbean        improve this?
clients to your Firm?                  nationals. Do you offer legal
                                       services across the region?          One must first appreciate that
Harridyal Sodha & Associates is                                             what might be perceived to be a
committed to providing quality         Although our firm does consist of    delay is actually a process or an
service to our clients. This,          a number of different Caribbean      undertaking which the Attorney is
coupled with our strong work           nationals we only currently offer    required by law to carry out. An
ethic, superb client care and          legal services from within           example can be seen in effecting
efficient support staff has led to     Barbados. However, we intend to      due diligence on the proposed
our success. Our firm’s size has       expand to other Caribbean islands    sale/purchase property, it is
also played a role in our              in the near future.                  imperative that time be taken to
attractiveness to non-resident                                              ensure that a prospective vendor
clients. As a medium size firm,        The property purchase process is     has good and marketable title
we are able to develop and             slow and frustrating for everyone.   which can be transferred to the
sustain strong relationships with
our clients. Whether our clients
are     large   companies       or
individuals, we ensure that we
cater to their unique and
individual needs.

The legal profession receives a lot
of criticism these days but
nothing seems to improve. Do
you feel the industry needs to
improve its image?

Lawyers have long been perceived
as being dishonest and in some
instances this reputation has been
truly earned. I believe the public’s
perception will only change when
attorneys place greater emphasis
on the quality service they provide
to their clients and work hard to
maintain their personal integrity,
and the integrity of the legal

prospective purchaser.                  Central Bank, which can be very      benefits attached to each option.
The sale/purchase process would         time consuming.                      For example, a prospective
be thwarted if a prospective vendor     The above are mere examples of       purchaser contemplating the
does not have a good root of title to   what is involved in the              purchase of property with the
the proposed sale/purchase              sale/purchase process and are not    intention of immediate re-sale
property. In this case steps must       meant to be exhaustive.              may consider using a limited
be taken to rectify the vendor’s        It is acknowledged however, that     liability company as a vehicle for
defective title prior to completion     some impediments are avoidable       property acquisition. This option
of the sale/purchase.                   and in this regard, Attorneys must   has certain tax benefits. Further,
Consideration must also be given        take due care to ensure that their   if the prospective purchaser is
to the fact that various                actions or lack thereof do not       purchasing with the intention of
Governmental Agencies may also          hinder the sale/purchase process.    leasing it may be beneficial for
be involved in the sale/purchase                                             him/her to acquire the property
process. For example, in the case       Some buyers get confused about       through a company.
of a prospective purchaser              whether to purchase in the name      The use of this form of vehicle is
purchasing        a      soon-to-be-    of a property-holding company or     also a beneficial tool for estate
constructed property, it rests with     as individuals. Is there an easy     planning purposes. A property
the vendor to effect the                answer to this question?             holding company can be
appropriate applications to the                                              incorporated for the purposes of
varying Governmental Agencies           In formulating that decision         transferring shares, and therefore
for the erection of the proposed        prospective purchasers should        the interest in the property, from
sale/purchase property. There are       consider their reason or reasons     one generation to the next. This
also various exchange control           for purchasing the property. They    may be more efficient and cost
applications to be made to the          should also consider the various     effective method of transfer

rather then effecting the transfer    effective in the long run when         extensive contacts throughout the
of the immoveable property itself.    acquiring property with the            Caribbean, we also recommend
Of course, each individual            intention of selling the same in       and assist in the incorporation of
purchaser will have unique tax or     the future.                            companies in other Caribbean
other circumstances to consider.                                             jurisdictions. Harridyal Sodha &
                                      You serve on the board of the          Associates also routinely applies
Lenders are getting more              Barbados International Business        for work permits for non-
uncomfortable with title that         Association. What does this            residents seeking employment in
involves ownership of shares in a     company do?                            Barbados.
parent company. In some
instances this will make a re-sale    The Barbados International             Is there a case for Title Insurance
difficult when a purchaser comes      Business Association (BIBA)            across the region to protect
to sell. should prospective buyers    promotes and assists in the            everyone?
steer clear of such complicated       development         of    Barbados’
forms of ownership?                   international business sector. It      The laws and legal recourse
                                      achieves this by representing the      available for purchasers who have
Additional costs and due              rights and interests of the            obtained a defective title differs in
diligence are involved when           international business sector in       each territory. Further, the legal
purchasing shares in a parent         the local legislative process. BIBA    recourse offered in some
company.      The     prospective     liaises with the relevant statutory    territories     offers       greater
purchaser has to ensure that the      bodies      that     regulate    the   compensation to the purchaser
vendor company has good and           international business sector and      than others. This lack of
marketable title, and in addition     advises and orients new and            uniformity reduces the likelihood
he/she must ensure that the           potential investors on the             of such a system being
vendor company is operating in        important aspects of international     implemented         across       the
compliance with the statutory         business in Barbados.                  Caribbean region.
requirements of its jurisdiction of
incorporation. If the vendor          What other legal services do you       If you could change one thing in
company is not incorporated in        offer a non-resident client who is     your profession at the flick of a
the same jurisdiction as the          purchasing a property?                 switch what would it be?
property     being    sold,    the
prospective purchaser is required     Our firm offers a variety of           I would definitely want a more
to engage legal counsel within the    services to non-resident clients.      efficient judicial system. There
foreign jurisdiction to provide,      We also offer the services of          are times when the completion of
amongst other things, legal advice    incorporating       local     and      the transfer of ownership of
as it relates to the vendor           international business companies       property can be delayed for
company’s compliance with             and       registering     external     months and yes, sometimes
statutory requirements and that       companies. We provide legal            years, while awaiting judicial
the shares being purchased are        advice on statutory requirements       approval for some aspect of the
free from charges, encumbrances       for non-residents seeking to lease     sale transaction. This is can be
and liens. Notwithstanding these      local property (whether long term      very frustrating for all the parties
initial additional costs this         or short term) and we prepare the      involved.
method is oftentimes cost             lease agreements. With our

Liza Harridyal-Sodha, LLB (Honours) LLM, TEP, is the Principal of Harridyal-Sodha & Associates, and has over
thirteen years of legal experience. She graduated with LL.B honours from the University of Manchester, England,
and then went to article in London. She completed her professional training in Jamaica and qualified as a Caricom
lawyer and was called to the Bar in Barbados. She also earned a Masters Degree in the Law of International Trade
& Finance from the University of Wolverhampton and London in 2001. At Harridyal-Sodha & Associates, Liza is
involved in Company and Commercial matters, Environmental Law, Tax Planning, Conveyance, Trademarks &
Patents, Employment Law and the Law of Trusts.
She can be contacted at; Harridyal Sodha & Associates Attorneys-at-Law - The Grove, 21 Pine Road, Belleville, St.
Michael BARBADOS Tel: 246-228-9888 ext 222, Fax: 246-228-9382, Cell: 246-231-9609 Email: liza@lizalaw.com


                                        Mortgages Are
                                        Still Available In
                                        The Caribbean
That’s the message from mortgage expert Anita Ashton of Caribbean Mortgage
Lenders in the more mature
mortgage markets overseas have
seriously restructured their
lending approach with much
tighter credit controls. have
lenders in the caribbean followed

It has been a remarkable 18
months       for      international
banking, and nobody could have
predicted the extent of the demise
that has rocked the industry.
Obviously lenders that had built
up huge lending portfolios had to
re-value their assets in the light of
the prevailing conditions, and in
some instances, the results were
not pretty. The credit crunch that
followed       brought       tighter
regulations, and this combined
with a lack of available funds to
virtually close down the lending
industry. Things have improved,         appetite of caribbean lenders       values and rampant demand have
but it will be some time before         declined in the light of what has   made lending decisions very
they get back to previous levels.       happened overseas?                  straightforward. The market
Inevitably there has been a                                                 place has now changed. Tourism
knock-on effect in the Caribbean,       On the surface, Caribbean           figures have dropped, rentals
but we have much smaller                lenders have not changed too        have declined, and arrears and
markets, and lenders have always        much from their previous            delinquency have increased. In
been more cautious and                  position, and they appear to want   the mature markets this has
conservative in their lending           to grow their lending portfolio.    happened before and the good
strategies. Tighter credit controls     But behind the scenes it appears    times eventually returned, but
have been introduced, but the           that the old adage of “proceed      until this recent demise, the
change was not as dramatic as           with caution” is the fundamental    Caribbean real estate and lending
with the larger overseas lending        principle. There are also other     industries      have        never
markets.                                issues involved. The non-resident   experienced a downturn.
                                        mortgage portfolio is relatively
Are mortgage loans still available      new, and has grown quickly in an    What is the general culture of the
to non-residents or has the             environment where property          caribbean lending industry?


It is a conservative and risk-averse   disappeared. It has to be                 papers, and liaise with all the
culture with a limited number of       remembered, in terms of size, all         parties involved to get the Offer
lenders. There are virtually no        of the Caribbean islands are very         Letter. An Engagement Fee is
overseas players involved, and         small markets.                            charged for this service, but the
non-resident applicants have to                                                  applicant will have a much
satisfy the lender that they have      What are lenders looking for in           stronger chance of getting the
the necessary net worth and            non-resident application?                 mortgage, and a lot less stress, for
credibility to meet their tight                                                  this nominal payment.
lender criteria. There is no queue     The basic requirements for a non-
of lenders fighting for mortgage       resident application are similar to       Are there changes you feel could
customers in the Caribbean, and        anywhere else in the world. The           improve the mortgage process?
comparing local lending with           lender wants to be sure that the
overseas      lending      is   like   applicant has a solid financial           There are always ways to improve
comparing apples and oranges.          background with tangible assets           efficiencies. The mortgage
                                       and a dependable source of                process is slow and lenders could
                                       income. Their credit record must          do a lot more to improve their
                                       be clean, and the property they           turnaround times. Lenders must
                                       are buying must be a viable               take the initiative as they control
                                       security. To meet the criteria a          the process, and that includes the
                                       lender will require as a minimum          legal process that follows. A loan

                                                                                                                        m a g a z i n e
                                       of income verification, copy tax          could take three months to
                                       returns, certified photo ID, a            obtain, and then another three
                                       credit report and a property              months to do the legal work. This
                                       valuation.                                level of customer service is very
                                                                                 poor in the modern world.
                                       Why should someone use a

                                                                                                                        p r o p e r t y
                                       mortgage broker as opposed to             Are the terms and conditions
                                       going direct to a lender?                 attractive?

                                       Our services are probably not as          Mortgage interest rates have
                                       important to a local borrower as          never been lower. The 3-months
                                       to a non-resident because a local         LIBOR rate that is being used by

                                                                                                                        c a r i b b e a n
                                       borrower may have established             several lenders means rates are
                                       relationships with a lender, and          currently around 4-5% which is
                                       perhaps some professional                 attractive for a second home
                                       advisors. However, an overseas            investment. All other terms and
                                       applicant will find the process           conditions are similar to overseas
                                       challenging, because the lending          lenders’ terms and conditions.
                                       environment is different, and             Some borrowers might feel the
Who lends to non-residents in the      they may need the services of a           loan-to-value (LTV) restrictions of
caribbean?                             mortgage professional to look             50-70% is low, but it reflects the
                                       after their interests. It is a lot less   conservative nature of the
Mainly the local offices of the        stressful having a knowledgeable          industry, and the lender’s wish to
large international banks, plus        mortgage person on the ground             see the borrower inject a
some local banks, if the numbers       dealing with an application, than         significant investment into the
are not too high. A few UK banks       trying to do it electronically from       purchase. At the end of the day,
have tried to work at a high net       thousands of miles away. A good           nobody in the process wants to
worth level, but their terms and       broker will assess the needs of the       see a borrower over-extend
conditions didn’t impact on the        applicant, source the most                themself in the purchase of a
general market, and in the past 12     suitable mortgage product, collate        second home.
months they have largely               and submit the application

ANITA ASHTON is a former UK bank director who moved to the Caribbean four years ago. She is now a director
in Caribbean Mortgage Services, an established regional mortgage consultancy that offers advice and services across
a wide range of financial services. She can be contacted at; Tel: (246) 230 5824 or by Email:


                                    Has the Horror
                                    of Haiti Brought
                                    Greater Awareness
                                    of Insurance?
Island Heritage Manager Ryan Williams answers some key questions in
the aftermath of this terrible tragedy…

Are property owners generally       considerations have been the          catastrophes.    Island
diligent about having adequate      major reason. Clients have            Heritage    has    gone
insurance in place to cover all     consciously or unconsciously          beyond this by ensuring
their risks?                        elected to under-insure or self       that we are able to
                                    insure without totally considering    respond promptly and
Unfortunately not. Insurance is     the implications. It should be        meaningfully to our
an intangible commodity, the        explained that one of the             clients when it counts
benefits of which are only          consequences of underinsuring is      most.
realized in a claim situation.      that claims settlements are
Consumers generally know that       reduced by the proportionate          Will the Haiti disaster
insurance is important to have,     amount of underinsurance. A           mean higher premiums
however because premiums are        property valued at $500k but          for insured people in the
linked to values, most persons      insured for $250K results in a        other islands?
insure only for a value which       $50k claim being reduced by
allows for an “affordable”          50%. That’s significant, especially   There      will    be     no
premium. As it relates to cover     when one considers that to insure     immediate impact on
which matches the risk, detailed    the property at the correct amount    premiums within the
information is necessary to make    would not have necessarily            Caribbean. Outside of
an adequate assessment. Many        resulted in a doubling of the         competition within the
times this information is not       premium.                              industry,      rates     are
immediately       available   and                                         impacted on by other
persons insure taking generic       The Haiti earthquake disaster is a    external factors such as
cover (standard package policies)   somber reminder of what can           activity in the worldwide
which does not always match the     happen. How was Island Heritage       financial market and the
level of risk that they should be   affected by this disaster?            cost of reinsurance.
insured for.                                                              During periods of decline
                                    Historically Caribbean insurers       in the financial market,
With more claims and higher         have focused mainly on risk           premiums          generally
premiums, are some property         associated with Hurricanes and        follow suit. From all
owners reducing their cover         storms. The Haiti experience has      reports reinsurance rates
instead of increasing it?           brought us to the realization that    have remained relatively
                                    other perils need to be more          stable. From an Island
It’s a double edged sword that      closely followed and provided for.    Heritage perspective, I can
insurers have faced especially      To maintain our favorable rating      say definitively that our clients
over the past 2 years. There’ve     we have had to ensure that our        across the region will not suffer
been a number of incidences of      reinsurance arrangements and          from any adverse increases in
reductions in both cover and        financial standing adequately         rates purely as a result of the Haiti
sums        insured.     Price      protect us in the face of             disaster. What you may expect is a

greater focus on service and          In the present climate however it     final decision as to the value they
information sharing so that our       would be advisable not to             will insure at. As insurers, we are
clients are clear on the risk that    overlook catastrophe cover.           obligated to advise of the
they are exposed to and                                                     implications of underinsurance at
comfortable in their interactions     How do you ensure property            this stage.
with us.                              owners are adequately insured? Is
                                      there a monitoring system or is       Can customers pay their annual
Is hurricane insurance separate       the onus on the customer to have      insurance by installments and if
buildings insurance cover or is it    the proper cover?                     so, is the cost higher.
integrated into a normal policy?
                                      Property Owners are encouraged        Paying by installment is indeed
Policies can be built to exclude      both at the inception and policy      an option offered to our clients.
catastrophe cover, however most       renewal stage to have their           During this period of financial
generic policies include it as a      properties valued. We take every      downturn we remain cognizant of

standard provision. A client can      opportunity to sit with our clients   the financial pressures being
elect to insure using a Fire Only     to    determine       the      true   exacted on our private and
policy or a Fire and special perils   replacement value of the              commercial customers. Interest
policy. These wouldn’t include        properties insured. Ultimately        charges do not apply at this time.
catastrophe cover.                    however, the client makes the

How do you answer the claim that       catastrophe situation is yet           can guarantee a personalized level
all insurance companies are the        another characteristic not shared      of service that is not always
same. What gives Island Heritage       by all insurers. Clients deserve       possible with a company with
an edge?                               prompt and personalized service        such wide reaches. We cater to
                                       regardless of the severity of the      each individual’s needs to ensure
Though Insurance companies in          situation. Rated companies like        a unique experience.
general offer a homogeneous            Island Heritage provide clients             Island Heritage is a prudent
product, the claim of similarity       with financial peace of mind,          and stable company with a proven
across the board could not be          which in these trying times, is        track record. We are serious
further from the truth. Insurance      something to cultivate and hold        contenders in the property market
companies possess very different       on to.                                 and are able to meet our client’s
underwriting and claims ethos.               Island Heritage has also         needs in even the most trying
These have a far reaching impact       maintained a strict focus on our       times. These are all differentiating
on their ability to serve.             objectives. Essentially we have        factors that the discerning client
   The ability to stay afloat in a     become experts at what we do. We       shouldn’t dismiss.

Ryan Williams was appointed Barbados and EC Branch Manager for Island Heritage on February 2010. He was
previously responsible for the Claims area in the Island Heritage Barbados office and has to his credit a wealth of
experience in other areas such as Re-insurance, Risk Management and Litigation. He possesses valuable knowledge
of the Barbados and Caribbean Markets where he has worked for the past twelve years. He can be contacted at; Tel:
(246) 434 2803 or Email: rwilliams@islandheritage.bb


Energy Savings and
Efficiencies are Vital
        in Property
                                        TMR’s Director of Sales and Marketing
                                        Peter Thompson answers some of the
                                        key questions…

Your business is strongly aligned     Energy savings for the property        increased exponentially as the
to real estate, so how has it been    owner starts with simple things.       efficiency increases. As long as
affected by the recent decline in     For example, the type of and           the consumer is willing to expend
the property market?                  usage of lighting, the type of         the additional capital cost, their
                                      refrigerator being used. How is it     savings become more favourable.
The recent decline has impacted       rated in terms of its efficiency?
our sales. Our sales are not only     What type of air-conditioning is       What other services and products
dependent on new construction         installed? How efficient is the air-   does TMR offer property owners?
but also on the future service.       conditioning system?           Air-
Both of these areas have declined     conditioning, and refrigeration,       TMR Sales & Service Ltd. has a
due to the economic downturn.         are two main consumers of              team of highly trained engineers
                                      energy in any household, and air-      and technicians and can conduct
Most new properties now include       conditioning for any commercial        energy audits of any facility,
cooling systems as part of the        property. The type of equipment        provide power system analysis to
overall product. has there also       being used therefore, is of            determine any unusual or
been a steady increase in systems     paramount importance if one            irregular faults in the electrical
being installed in existing           seeks to control and reduce the        distribution system, provide
properties?                           energy consumption of a                Uninterruptible Power Systems
                                      property.                              (UPS) to not only provide
Yes. Air-conditioning is still                                               sufficient time after a power
considered a luxury item, but it is   Saving money and saving the            outage to allow for the safe
becoming more commonplace in          environment are now prime              shutdown or running of
the property market. As a result      objectives for most home owners.       equipment, but also to protect
more persons are retrofitting air-    What are the general cost              against sags, surges and other
conditioning       to    existing     implications for the installation of   power quality faults on a
properties, which never had any       enery-efficient systems?               distribution system, which may
air-conditioning previously.                                                 damage sensitive equipment.
                                      Presently       energy      saving     Additionally, TMR provides
Energy saving is a huge area of       equipment increases in cost as         installation and maintenance
potential business for companies      the efficiency increases. However,     services on air-conditioning
like yourselves. What exactly does    the payback for the use of more        systems        and      electrical
it mean for the property owner?       efficient systems has generally        installations for residential,


commercial       and     industrial    rewind motors, alternators, and        We prefer to work with strategic
applications. We can design and        transformers, as well as a metal       partners in any island that require
install Building Management            workshop capable of building, not      our services.
Systems, and we also install and       only duct, but also panels and
maintain Fire Alarm systems. We        enclosures, boxes, or almost           What separates TMR from the
have recently added, as a natural      anything which can be made from        competition?
add-on to these services, security     galvanised metal. Finally, we can
installation and maintenance. We       provide generators for any size        One of TMR's strengths is the
are equipped with a thermal            facility, with or without the          level of service, which we provide.
imaging camera to allow us to          Automatic Transfer Switches, and       We pay close attention to detail to
analyse electrical systems for hot     any other sophisticated control        ensure that we can meet the
spots, air-conditioned buildings       and monitoring equipment.              client's demands correctly first
for airflow leaks and air-                                                    time. Our cadre of technical
distribution issues and areas of       Your business is expanding across      experience is also a major
high heat gain or loss. At TMR we      the Caribbean region. What             strength to our business.
have a motor repair/rewind             islands have you targeted for
workshop where we can repair or        future development?

Peter Thompson is currently the Chairman and Director of Sales and Marketing of TMR Sales and Service Ltd. He
graduated from The UWI St. Augustine Campus with an Honours degree in Mechanical Engineering.
A registered professional engineer, Peter has served on the Engineers Registration Board from 2007 and is currently
the Chairman of the Board. He has also served on Management Committee of the Barbados Association of
Professional Engineers and is a member of the Barbados Association of Professional Engineers and the American
Society of Heating, Refrigerating and Air-conditioning Engineers.
He was awarded the Manager of The Year Award at the Barbados Industrial Development Corporation's National
Industrial Awards for 2006. Peter joined TMR Sales & Service Ltd. in 1999 as the Air-conditioning Engineer and
later continued to the post of Air-conditioning Contracts Manager. He can be contacted at; TMR Sales and Service
Ltd Tel: (246) 430 5600 or Fax: (246) 426 0125 Or Email: Perter_Thompson@tmrservice.com


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