Already Pam Golding Properties International & Projects Division and its Mauritian operation have sold close to 45 units at a total value of over US$50 million or the equivalent of approximately R500 million at current exchange rates. In addition, a further 16 units have been reserved. Only six villas and 14 apartments remain available for purchase in the first phase.
Jonathan Tagg, director of Pam Golding Properties Mauritius, said "The early phase in this development is very competitively priced and we expect later phases to be 20 to 30% more expensive when these are launched next year (2014). The current phase also occupies the prime location in the development with optimal beach access and proximity to facilities.
"Le Parc de Mont Choisy offers a broad range of apartments and villas well priced from US$600,000, which is very competitive for an IRS (Integrated Resort Scheme) with a top-quality golf course of international standard, country club, spa, restaurant and other attractions. Buyers also qualify to apply for Mauritian residency. The contemporary architecture of Stefan Antoni of SAOTA - Stefan Antoni Olmesdahl Truen Architects is a major drawcard, together with the fact that world-renowned South African designer Peter Matkovich designed the 18-hole golf course, providing both local and international appeal.
"And with Grand Baie being such a popular resort and hotel destination, and sought after among South African expatriates in Mauritius, the response from South Africa and Europe has been outstanding. This is coupled with the close proximity of Mont Choisy beach, which is considered the best on the island."
Tagg said that the rapid uptake at Le Parc de Mont Choisy is, in part, driven by the well-priced first-phase prices. "This makes for an attractive offshore property investment as a sound currency rand hedge with the potential for positive capital appreciation. The opportunity to earn offshore revenue through rental pools is also an attraction and the location and offering of the development creates the potential for the strongest possible revenue stream of any development in Mauritius. The entry-level and first-phase apartment units have been designed to create a number of resort-type facilities, like spa, gym, pools, sun decks and loungers, which are included to create resort-type ambience and appeal to facilitate short-term rental revenue."
He said that while some 60% of the buyers in this new development are French and European, 25% are South African - with the vast majority from Gauteng, while the remaining 15% comprises other nationalities including Swiss, German and other countries as well as local Mauritian purchasers.
Buyers represent a mix of those seeking relocation, a home for retirement either now or in the future, and investment buyers seeking offshore exposure as a rand hedge with income revenue and some personal leisure usage. Tagg said that the bulk of the purchasers at Le Parc de Mont Choisy are looking to make Mauritius home for at least three to six months per year in the future. "There is an increasing number of buyers looking at the tax haven status of Mauritius, planning to move their tax domicile here and manage all their investments and funds through a tax-friendly environment.
"Those focused on investment as a key factor intend to utilise their units for holidays and possibly future retirement, or their key aim is to acquire Mauritian residency with the investment aspect an additional benefit. For many buyers the acquisition is simply to enter the market, obtain a return and then when they are ready to relocate or spend part of their time in Mauritius they will gain full-time access to the unit."
He said that even those purchasing for leisure use have a keen eye on investment, both for capital growth and rental return. "We find that most buyers are well informed in regard to Mauritius and recognise the importance of location in regard to rental income and capital growth potential, and, generally, we suggest Grand Baie as the location that attracts most foreigners, especially in the rental market.
"Interestingly, the bulk of these purchasers are cash buyers with others seeking only 30 to 40% bonds. However, they represent a cross-section of income brackets as many buyers wanting to acquire property in Mauritius are looking at the entry-level requirement of US$500,000 for residency, so some are looking at smaller apartments with lower costs. While a portion of buyers are those with families, most of the purchasers at Le Parc de Mont Choisy are in their 50s and 60s.
"Residential property in Mauritius is increasingly popular not only because of its idyllic climate, easy access for South Africans and its stable economy, but because of the opportunity to acquire residency. South African buyers tend to look at the areas of Grand Baie and Tamarin because of the infrastructure and expat communities that live in the area, while international buyers are also drawn to this location due to its good infrastructure and because the weather is better all year round," added Tagg.
Including the golf course, Le Parc de Mont Choisy comprises over 1200 acres with lush landscaping focused mainly on the use of natural grasses and indigenous plants to minimise water usage. Construction will commence before the end of 2013, with the first phase of units expected to be completed at the end of 2014. Villas are sold on a freehold basis and apartments as sectional title units. Buyers in the first phase automatically gain complimentary membership of the golf club. The gym and wellness spa will be for the exclusive use of residents and guests.
Le Parc de Mont Choisy is developed by 2 Futures and Mont Choisy Property Development Company.
