Barbados Property News April May 2016

EE NE FR NLI O &

Realtors - Page 5

Caribbean Island Properties - Page 15

Ecostructure - Page 16

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • April - May 2016 • Issue 104

The 9th Edition of The Red Book - Page 45

Editor’s Comments Welcome to the April May spring edition of Barbados Property News!

Of course, in this wonderful tropical climate of ours we are fortunate to have it nice and warm all year round but in the colder climes, you will be embracing slightly warmer temperatures and a return to greenery and less harsh weather. It may not have been the best winter for the property market on the island with the drop in Sterling but Barbados still remains a very attractive and affordable destination for property investment. The island was packed with visitors over the season and there is much optimism for this trend to continue Pamela Hiles, Editor throughout the year.

Congrats to Terra Luxury, a new brand on the island. We wish them every success with this venture.

Welcome to One Caribbean Estates as a new advertiser!

As always, we have pages and pages of property for rent and for sale and excellent stores and services offering the best variety and quality on island. Enjoy and don’t forget, we are on line on www.barbadospropertynews.com Best Pamela

Publisher – Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados, BB19071 Tel (246) 228-9122, Fax (246) 228-0243 Email: sportingb@caribsurf.com www.sportingbarbados.com www.barbadospropertynews.com www.caribbeanpropertymag.com www.caribbeanmortgageservices.com Editor/Advertising – Pamela L Hiles Design and Art Direction – 809 Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

On the Cover: Terra Caribbean

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

Building A Sustainable Barbados

Tel: 246 433 9097 Email: philip.young@fmc.bb or ecostructurebb@gmail.com

MALTA - Cattlewash, St. Joseph A 3 bedroom, beachfront villa located on Cattlewash Beach. Property also has an additional 1 bedroom cottage. This truly is the perfect spot to experience the cooling Atlantic tradewinds and relaxing pace of life found on the east coast of Barbados.

Lot Size: 26,698 sq. ft. • Asking Price: USD$2.195 million

APES HILL ECO-VILLA - 28 Holders Meadow, Apes Hill, St. James This revolutionary 4 bedroom home has not sacrificed luxury in the pursuit of sustainability. A combination of luxury, quality and sustainablility that sets the standard for eco-luxury in Barbados.

Lot Size: 25,000 sq. ft. • Asking Price: USD$3.3 million

SECRET SPOT For those seeking privacy and nature, this plot of land offers lagoon and ocean views with miles of beautiful, pristine beach close by to stroll on. The perfect place to build an off grid eco-home and enjoy outdoor activities.

Lot Size: 6.71 acres • Asking Price: USD$975,000

APES HILL LOT J49 - Apes Hill, St. James Overlooking the 6th green on the fabulous Apes Hill course, this lot is in the perfect location for building your own custom eco-villa. With its stunning unobstructed views of the west coast, island living truly can be achieved.

Lot Size: 15,120 sq. ft. • Asking Price: USD$395,ooo

#6 Canewood Industrial Estate St. Michael 246-627-0580 wolseley_showroom@live.com

Š2015 Wolseley. All Rights Reserved.

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/ScotiabankBB Visit: barbados.scotiabank.com/thehomeyouown †The Variable Flex Mortgage (VFM) product only applies to owner/non-owner occupied residential properties. Customers must comply with the Terms and Conditions applicable to Scotiabank Mortgages. Mortgage applicants must meet Scotiabank Mortgages lending criteria. VFM’s interest rates and product availability are subject to change without notice at any time. Interest rates and payments for customers with a VFM are subject to change annually at their VFM anniversary date. Customers who do not respond to the annual VFM notification letter sent to them will have their VFM be automatically renewed for a one year term effective 60 days after their VFM anniversary date.”* General terms and conditions apply to each eligible mortgage product.* The terms and conditions for The Variable Flex Mortgage can vary at any time, at Scotiabank’s sole discretion without giving any notice or reason.*Trademark of The Bank of Nova Scotia, used under license.

CIBC FIRSTCARIBBEAN FINANCE CENTRE IN BARBADOS: MORE THAN A BANK CIBC FirstCaribbean has strengthened its presence in Barbados with the opening of a new Finance Centre. With its modern finishes that provide the ideal environment for customers to do their banking and discuss their finances with trusted advisors, the Centre is the true definition of elegant functionality. Located in Rendezvous, Christ Church, the Centre caters to platinum, and business banking clients and retail clients applying for a mortgage or consumer loan.

The Centre offers multiline services that include the latest digital technology, ABM services and an expanded Loan and Mortgage Centre specializing in loan sales and solutions. This, coupled with an excellent ABM network and other banking channels such as internet and mobile banking, ensures that

Finance

CIBC FirstCaribbean provides something for everyone and that its mix of channels allows customers to choose how they want to bank.

Reaching beyond banking, the customer’s experience at the Finance Centre is both personal and reliable. Upon entering the ultra-modern Centre, clients are greeted through a concierge service and attended to in convenient and confidential client meeting spaces where they enjoy a personalized banking experience that is offered by the Bank’s dedicated teams of financial services advisors. The diverse staff on location remain focused on functioning as true financial partners and advisors, helping our clients optimize their finances to respond to their evolving needs. Each customer is treated with the highest degree of care, ultimately enriching their banking experience with us.

Developed at a cost of US$1.5m, the Centre is a solution that was created specifically at the request of CIBC FirstCaribbean’s clients and demonstrates the Bank’s commitment to transforming the banking experience of its customers across its broad footprint not only on the island of Barbados but throughout the wider Caribbean region.

Top: L-R: Craig Waterman – Partner KPMG and Brian Clarke, General Counsel, CIBC FirstCaribbean International Bank. Above: L-R: Donna Wellington, Managing Director, Barbados Operating Company, Gary Brown, Chief Executive Officer, CIBC FirstCaribbean International Bank, Mark St. Hill, Managing Director, Retail, Business and International Banking, Michele Whitelaw, Director, Retail Banking Channels.

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LOCAL KNOWLEDGE : GLOBAL EXPERIENCE

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RBC Royal Bank representatives representatives

FFace ace th thee mo mortgage rtg gage monster... monster... or m eet an R BC rrepresentative. epresentative. meet RBC Getting a mortgage can be full of scary surprises.

Whether you are buying your first or next home, your RBC representative will help you through the process with reduced turnaround times. You’ll also get: > Rates as low as 4.75%

> Up to 2% of your mortgage value in closing costs (attorney's fee, stamp duty) covered by us* > Financing available for first year's property insurance or to assist with the purchase of furniture and appliances > Pre-approved Visa Credit Card up to $6,000 > Expert advice, guidance and tools

Call or visit any RBC Royal Bank branch or go online at rbc.com/caribbean M ain Branch Branch Main 467-4000

Chelston Park Park Chelston 431-6600

Hastings Hastings 431-6650

Su nset C rest Sunset Crest 419-8510

S ix R oads Six Roads 416-8544

University Drive Drive University 417-1700

* Not exceeding $10,000 - Campaign runs from February 1st to May 31st, 2016 - Special conditions apply. Subject to normal lending criteria.

- The cost of borrowing will be made available upon application.

ÂŽ Registered trademark(s) of Royal Bank of Canada. Used under licence.

Private Banking Banking Center Center Private 431-6500

Terra Caribbean Launches New Luxury Division to Enhance Luxury Real Estate Service Terra Caribbean, a well-established and reputable real estate leader in Barbados, is excited to announce the launch of its new dedicated luxury real estate division, Terra Luxury. Built on the heritage, knowledge and experience of both Bajan Services and Terra Caribbean, Terra Luxury caters to the niche luxury property market in Barbados. The launch of Terra Luxury is part of an ongoing client-focused strategy at Terra Caribbean to refine and enhance its portfolio of services by providing dedicated teams and resources for each segment of the Barbados real estate market.

The launch was commemorated recently by the Terra Caribbean team, who invited its valued clients and its network of industry professionals to attend a prestigious event at the Villas at Beachlands development site in Holetown, St-James. Beachlands is one of the many luxury properties on the West Coast of Barbados that will be represented by Terra Luxury.

The launch of Terra Luxury coincides with the release of the 2016 Red Book which was written entirely by internal resources, and delivers valuable insights for each market segment. According to findings, recent trophy sales and the construction of super villas

Real Estate News

in Sandy Lane are helping to enhance overall confidence in the market. Further developments such as the construction of the club house at Apes Hill, and rising sales at Royal Westmoreland are also improving market sentiments.

Terra Luxury is uniquely positioned to enhance the exclusivity of its clients’ luxury homes and extend its services to discerning clients worldwide who aspire to own an exquisite property in Barbados. A continued partnership with leading global property firm, Knight Frank, strengthens Terra Luxury’s international reach.

The partnership also mirrors Terra Caribbean’s long-standing knowledge culture, as Knight Frank continues to produce informative publications such as its most recent release of the Wealth Report.

“Launching Terra Luxury as our new dedicated luxury brand serves to refine our real estate services, resources and knowledge to clients who want to sell, purchase or rent the island’s finest properties,” explains Andrew Mallalieu, CEO at Terra Caribbean.

“We are thankful for the ongoing support from our clients, and are committed to continually investing in new initiatives which ultimately help us fulfill our mission— ensuring that our clients feel comfortable and confident to make informed decisions.”

For information about Terra Luxury, visit the new website at www.terraluxury.com.

From L-R: Karyn Fakoory, Rachel Edwards, Andrew Mallalieu, Anna Lee Warren, Hayden Hutton, Jeanie Mahon, Sam Mahon

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Terra Caribbean Releases Ninth Annual Edition of The Red Book® The Terra Group of Companies, a well-established and reputable real estate leader in Barbados and the Eastern Caribbean serving all market segments through its brands Terra Caribbean, Terra Luxury and Blue Sky Luxury, recently announced the release of its annual Barbados real estate insights publication, The Red Book 2016. This year’s release marks the ninth edition of the Red Book, which features a revamped internal layout focusing on detailed insights for each segment of the real estate market in Barbados.

According to Andrew Mallalieu, Chief Executive of The Terra Group of Companies, “While in the past we have provided market wide macro data, the new structure of The Red Book showcases detailed data that we track on a segment-by-segment basis. We focused only on our direct service lines and relied exclusively on our internal knowledge team to provide, produce, and write leading insights and trends on the Barbados property market. We hope our clients enjoy reading the 2016 Red Book as much as we have enjoyed putting it together.”

Some key highlights of The Red Book this year include an

Real Estate News

article examining the beachfront supply on the West Cost of Barbados and the contribution from the Advisory service line on “The Value of a Valuation” in the Barbados real estate market.

“In an ever-changing real estate market, having access to accurate and timely information is key,” explains Hayden Hutton, Chief Operating Officer at The Terra Group of Companies. “The Red Book continues to set the benchmark as the go-to source for meaningful data and insights on just about every segment of the market. Whether a first-time home buyer is interested in learning more about the market, a sophisticated property investor is keeping an eye on trends, or a visitor is looking to purchase a holiday home, The Red Book is a valuable resource for all real estate matters in Barbados.”

The release of The Red Book coincides with the Group’s recent launch of Terra Luxury, the new division that caters to the niche luxury property market in Barbados. Findings from the 2016 Red Book suggest improved sentiment and an increase in overall confidence in the market, ensuring a well-timed opportunity for this new, dedicated luxury brand to serve the needs of discerning clients worldwide.

To download the ninth edition of the Red Book, please visit Terracaribbean.com

From L-R: Andrew Mallalieu, Kathy-Dawn Burke, Gemma Holder, Symon Clarke, Tarik Browne, Hayden Hutton

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One Caribbean Estates Expands Professional Team One Caribbean Estates, the premier Real Estate firm serving the Barbados Luxury Market has expanded its professional team, a move to grow their market share, and service the discerning buyer, seller and global traveller “Since being founded in 2013 One Caribbean Estates has taken an organic approach to our growth” said Richard Hudson CEO and Principal. As a proud affiliate of Christies International Real Estate our initial focus was our flagship property One Sandy Lane.

From there, we have evolved to listing solely the premier properties on the island of Barbados and the Eastern Caribbean.

In keeping with the firm’s growth, One Caribbean Estates engaged Jason Applewhite as Operations Manager; his diverse experience in luxury Caribbean residential properties includes extensive market research, as well as providing valuations and advisory services for our High Net Worth owners and buyer who are interested in these markets.

In 2015, Dominique Silvera joined the Firm as VP Strategic

Real Estate News

Planning, Marketing and Sales. With over 20 years of experience in the Caribbean’s leading destinations, she has held executive positions with major global brands, and brings her expertise in marketing strategy, innovation and execution. She is a recognized force in Caribbean Marketing, and the cornerstone of our new brand strategy.

Our team has further expanded with the addition of Shawn Mottley joining us as our Estate Sales Executive. Shawn, a true Caribbean professional and connector throughout the region, brings diverse experience to the table, having started her career in the advertising world, then traversed into Sales and marketing before transitioning into real estate, which was a natural progression, based on her own personal experiences and portfolio of investments regionally.

Our entire team is committed to delivering exceptional service to our clients in keeping with our corporate theme which is, “ Our World revolves around you”, said Hudson

L to R – Alyssa Klein – Copywriter Dominique Mitchell- Marketing Assistant – Shawn Mottley – Estate Sales Agent Richard Hudson CEO and Principal, Dominique Silvera VP Strategic Planning, Marketing & Sales , Jason Applewhite – Operations Manager Shakila Belgrave – Sales Administrator

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One Caribbean Estates, The Christies Real Estate News International Real Estate Affiliate welcomes Alicia Barnard to their Professional Team The Directors of One Caribbean Estates are pleased to announce the further expansion of our Professional team, and welcome Mrs. Alicia Barnard, as Senior Estate Sales Agent, effective April 01 2016. A seasoned Real Estate Professional, with over 15 years experience in the business, in both the US market for ten years, and more recently, here in Barbados for the past five years where she is regarded as a respected member of the real estate fraternity.

Alicia has a reputation with her clients for providing an excellent level of service.

Her value for putting the customer first, creates great synergy with our brand value of “Our World Revolves Around You” said Dominique Silvera, Vice President Marketing and Sales at One Caribbean Estates. “She has a results oriented approach and knows how to get the deal done”. We welcome Alicia, she is a great addition to the team, she brings her knowledge and know how and we are so happy to have her onboard Contact: Alicia today at abarnard@onecaribbeanestates.com or Mobile 246-826-4252

Potential Homeowners turn out for Scotiabank Home Showcase

Real Estate News

Home ownership may be more affordable and easier than you think, was the message from Scotiabank mortgage specialist Keisha McAlmont-Fraser at a recent home showcase held at Scotiabank Rockley.

A large engaged audience took in the presentations by expert realtors Julie Dash from Hannah Properties and David Coombes from Caribbean Island Properties. Ms. Dash discussed best practices in purchasing a home, suggesting that potential homeowners first find out from the Bank what they would be eligible to borrow. Mr. Coombes presented a range of homes currently available.

Scotiabank’s McAlmont-Fraser ended the presentation by pointing out that now during the current buyer’s market was a good time to purchase or upgrade a home.

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Standard Opens New Doors in Norman Centre, Bridgetown Barbadian consumers with discerning tastes can look forward to an enhanced customer experience with the opening of a new store for leading retail home appliance, electronics and furniture company, Standard Distribution & Sales (Barbados) Ltd., which opened its doors on the 8th April, on the first floor of Norman Centre, on Broad Street in Bridgetown.

The new store, which will be open six days a week for shopper’s convenience in the newly renovated Norman Centre on Broad Street, boasts a clean and contemporary design and continues to reposition our brand, says Chief Executive Officer Katrina Newton.

She said Barbadian consumers expect a higher level of merchandising and product presentation as well as great customer service. “That’s what our new store design offers,” she added. Since the opening of the store in the MQI complex in late 2014, we have transformed our merchandise portfolio so that it distinguishes us in the market place and continues to exemplify our core message of selling stylish, quality products at affordable prices.

The CEO stated that Bridgetown continues to play a very important role in our business strategy. The relocation to Norman

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Centre exemplifies the company’s commitment to the regeneration of Bridgetown. The company will continue to operate from its Tudor Street location however this will now be the Standard Outlet where customers can purchase scratch & dent, imperfect items at heavily discounted prices.

Katrina Newton, CEO Standard Barbados congratulated her team on the fabulous new store and their commitment to the vision of the company. She went on to remind customers that Standard offers simple, affordable financing to those who prefer to pay over a period of time. To celebrate the opening of the new store, a number of promotions are taking place Ms. Newton said, including 10% off storewide as well as doorbuster deals and Standard Cash on purchases.

Nicholas Mouttet, CEO Ansa Mcal Barbados said: ‘Ansa Mcal’s group of companies is determined to continue investing in Bridgetown, every country needs a capital and Bridgetown is ours.

In celebrating our 50th anniversary of Independence it is vital to keep Bridgetown a vibrant hub and the investment made in the newly refurbished Norman Centre shows our commitment to doing this. This fabulous location offers retail spaces of various sizes to suit all pockets for modern contemporary companies who want a presence in the heart of Bridgetown.’

The Barbados Estate Agents & Valuers Association News The Barbados Estate Agents and Valuers Association Inc. (BEAVA) held its first seminar for 2016 on the 12th February. The topic was THE SALES PROCESS and covered topics such as Investigating Title, Transferring Title, Completing a Sale and The Relationship between Attorney and the Sales Agent. This was a very lively and interactive session presented by Melanie GarrettBailey and Nicole McKetney of Clarke, Gittens and Farmer. The seminar was attended by sales agents , administrators, sales assistants and valuers. Our thanks to Clarke, Gittens and Farmer for their support of our Association.

CIBC FirstCaribbean is also to be thanked as they are our Platinum sponsor of the Continued Educational and Training Program. Beava is committed to this educational program and the continued growth of knowledge of its members.

We encourage all those in the industry or have ties to the industry to join this vibrant and progressive association known as BEAVA. For further information on joining The Barbados Estate Agents and Valuers Association Inc. please see our website:www.beavainc.com

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Calling all Real Estate Agents!

The Barbados Real Estate Agents and Valuers Association (BEAVA) wishes to invite you to an extremely important seminar to be held on May 13th 2016 at 2:00 p.m at Mahogany Ridge, St Thomas.

This Seminar will be held in conjunction with the Barbados Financial Intelligence Unit with the purpose of educating Real Estate Agents in respect of the impact of the Money Laundering and Financing of Terrorism (Prevention & Control) Act on the industry, and the possible adverse consequences of non-compliance with the provisions of the said Act could have on their business, the overall industry and Barbados.

In December 2016 the Anti-Money Laundering/CounterFinancing of Terrorism regime of Barbados will be evaluated by a team of examiners from the Caribbean Financial Action Task Force. The examiners will be assessing all the sectors that fall

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under the purview of the Money Laundering and Financing of Terrorism (Prevention & Control) Act including the real estate sector, to determine the level of compliance.

An important component of the above evaluation process is the conduct of a National Risk Assessment whereby the risks for money laundering and the terrorism financing will be identified and appraised and consequently mitigated.

Accordingly, the real estate sector will also be assessed to ascertain its sectoral risk for money laundering and terrorism financing. A short survey will also be circulated during the seminar to gather further information of the sector and its operation.

Therefore, we urge all estate agents and valuers to attend this critical seminar as we at BEAVA recognize the significant and farreaching effects these events can have on the sector. Look forward to seeing everyone there!

Please contact Jeanine Jones at 836-0650 or Admin@beavainc.com to register for the Seminar.

There will be a cover charge of $50.00 per person.

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