Launched in March this year (2013), the prime located Mauritian development, Le Parc de Mont Choisy, ideally positioned in Grand Baie in the sought after north of the island, has met with considerable enthusiasm from the European and South African market, reports exclusive marketers Pam Golding Properties.
Already Pam Golding Properties International & Projects Division and its Mauritian operation have sold close to 45 units at a total value of over USD 50 million , or the equivalent of approximately EUR 380 million at current exchange rates. In addition, a further 16 units have been reserved.
According to Jonathan Tagg, Director of Pam Golding Properties Mauritius: “Le Parc de Mont Choisy offers a broad range of apartments and villas well priced from USD 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 Antoniof SAOTA – Stefan Antoni Olmesdahl Truen Architects is a major draw-card, 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 French and South African expatriates in Mauritius, the response from Europe and South Africa has been outstanding. This is coupled with the close proximity of Mont Choisy beach, which is considered the best on the island.” Tagg states that the rapid uptake at Le Parc de Mont Choisy is in part driven by the first phase prices which are discounted by around 7.5 percent of the average selling price .“This makes for an attractive offshore property investment as a sound currency hedge with the potential for positive capital appreciation. While some 60 percent of the buyers in this new development are French, 25 percent are South African and the remaining 15 percent comprising other nationalities including Swiss, German and 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 insists that the bulk of the buyers are looking to make Mauritius home for at least three to six months per year in the future.
“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 says even for 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 30-40 percent 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 USD500 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 toInternational destinations and its stable economy, but because of the opportunity to acquire residency. 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,” adds 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.
For further information, contact Pam Golding Properties Mauritius on office +230 263 0600
or Yves de Comarmond +230 252 7685,
Jonathan Tagg +230 498 3842
or Mridula Sembhoo +230 728 8200, email: [email protected]
