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 community will consist of 3 Villas and 18 Apartments. Residents of the community will enjoy spectacular Atlantic views, access to a secluded cove with a private jetty and luxury Caribbean living. 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:
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Night Security; The development will be gated to ensure privacy and restricted entry. |
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Building Insurance will be part of your quarterly fees. You will only have to insure the contents of your villa or apartment and your personal possessions. |
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Property Tax; All homes in St.Lucia pay an annual “property tax”. |
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Property Maintenance; this will include sanitation, paths, drives, grounds and pool maintenence.
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Rates will be between EC $3,300 and EC $4,500 per quarter depending on the villa or apartment purchased.
Buying at Allamanda
On deciding to purchase a home 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.
Should purchasers which 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 70% 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.
To buy a property in St Lucia, if you are not a St Lucian citizen you will need to obtain an Alien Land Licence, this will cost EC $5,000. Stamp duty is 2% of 85% of the purchase price. |
