Investment

Allamanda at Anse Galet is a 6 acre, private luxury development on the north east coast of the Windward Island of St Lucia. This exclusive residential development will consist of only eighteen two and three bedroom apartments and townhouses and three villas. Residents of the community will enjoy spectacular views overlooking a secluded cove with stunning views towards Martinique. Fully secure, the community will be gated and feature two main pools with sun decks.

All the properties will be sold freehold and you may live at Allamanda all year round. However, there is a large demand for holiday accommodation in St Lucia and a generous income can be generated from renting your property when you are not in residence. Should you wish, the developers will be happy to recommend a rental management company.

Allamanda at Anse Galet will be registered under the Condominium Act of St.Lucia. The act allows owners to form an association to oversee the management of the property. Allamanda Developments Ltd. will have a representative on the Board for the first two years and will appoint a local manager to coordinate the management. After two years the owners will form their own management association and may decide whether to retain or change the local manager.

Condominium fees with be charged quarterly in advance and cover:

Rates will be between EC $3,300 and EC $4,500 per quarter depending on the villa, apartment or townhouse purchased.

Buying an Apartment or Townhouse at Allamanda

On deciding to purchase an apartment or townhouse at Allamanda, a non refundable US$5,000 reservation fee will be taken on either Visa or MasterCard.

Within thirty days of the reservation fee being paid, the purchaser must transfer 30% of the purchase price (less the reservation fee).

Subsequent payments are as follows:

25% of the purchase price is payable on completion of the foundations;
25% of the purchase price is payable on completion of the roof;
15% of the purchase price is payable on Practical Completion;
5% of the purchase price is payable on Handover.

Purchasers of the apartments and townhouses will pay a 2% Stamp Duty, based on the purchase price.

Anyone not a citizen of St Lucia, or an affiliated Caribbean country, will need to obtain an Alien's Landholding Licence, which will cost US$1,800.

Buying a Villa at Allamanda

Within the gated community are three villa plots with full planning permission for three or four bedroom residences, with infinity pools.

The villa plots will be private enclaves within the development and are to be sold ready to build, with all essential services connected. The villa drive ways are already constructed and will be individually gated.

On deciding to purchase a villa at Allamanda, a non refundable US$10,000 reservation fee will be taken on either Visa or MasterCard.

Construction can commence immediately on signing the Agreement to Purchase and paying the 30% contract payment.

The following designs are available:

• Four bed design – Villa Allamanda – Living: 3,696 sq. ft. Terrace: 1,471 sq. ft – US$2,200,000*
• Three bed design – Villa Hibiscus – Living: 3,101 sq. ft. Terrace: 1,428 sq. ft. – US$1,975,000*
• Three bed design – Villa Frangipani – Living 2,861 sq. ft. Terrace: 1,295sq. ft. – US$1,850,000*

* Prices quoted include the cost of the plot and furnishings.

On existing designs construction time is 18 months from the date of signing the Agreement to Purchase and paying the 30% contract payment.

After having paid the first 30% contract payment subsequent payments are as follows:

• 25% of the purchase price, including the cost of construction of the villa, is payable on completion of the foundations;
• 25% of the purchase price, including the cost of construction of the villa, is payable on completion of the roof;
• 15% of the purchase price, including the cost of construction of the villa, is payable on Practical Completion;
• 5% of the purchase price, including the cost of construction of the villa, is payable on Handover.

Purchase of the villa will be by way of purchasing the shares of the individual company which owns each villa and plot. Therefore instead of Stamp Duty of 2% the purchaser will pay a Share Transfer Tax of 0.5% of the purchase price, thereby saving 1.5%.

Anyone not a citizen of St Lucia or an affiliated Caribbean country will need to obtain an Aliens Landholding Licence, which will cost US$1,800.

Should purchasers wish to take a mortgage on their new home, Allamanda Developments Ltd. has arranged favourable terms with the First Caribbean International Wealth Management Bank (Barbados) Ltd. for loans of up to 60% of the property value. In this instance, the bank would not pay the developer until Handover of the property. Therefore an additional interest payment of 5% per annum would be added to all sums outstanding from the date they are due as stage payments up until the time of Handover.