Barbados Property News August-September 2015

EE NE FR NLI O &

BARBADOS PROPERTY

Island Gold - Page 19

NEWS

Vuemont - Page 21

Eastern Land Developments - Page 23

I

S

S

U

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

www.barbadospropertynews.com • August - September 2015 • Issue 100

E

O

N

E

H

U

N

D

R

E

D

Monkey Hill, Sugar Hill - Page 14

RE D

UC ED

RE DU CE

D

I

S

S

U

E

O

N

E

H

U

N

D

R

E

Editor’s Comments Welcome to Barbados Property News – the 100th Issue – a milestone Publisher – Hiltop Publications Ltd, we are mighty proud of! We hope, whether a visitor for the Crop Over 11 Cottage Ridge, St George, Barbados, Festival, or a local, you will find the contents interesting. You have plenty BB19071 Tel (246) 228-9122, Fax (246) 228-0243 of choice for shopping and of course, a plethora of places to rent or buy Email: sportingb@caribsurf.com in the future. www.sportingbarbados.com With so much buzz about earthquakes in recent times it seems www.barbadospropertynews.com www.caribbeanpropertymag.com appropriate to highlight hurricane preparedness as the season www.caribbeanmortgageservices.com approaches. Some people might feel highlighting hurricanes in the region has a Editor/Advertising – Pamela L Hiles negative effect, but nothing could be Design and Art Direction – 809 Pamela Hiles, Editor further from the truth. In much the same way as insurance is a necessary Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage requirement for a wide range of risks, being prepared for something that might never happen gives peace of mind and is pragmatic.

Printing – Coles Printery There’s no point in trying to be prepared the day before a hurricane The Material and editorial contained in this or a major storm approaches because that’s too late and although publication have been deemed accurate at the we haven’t had a direct hit for over 60 years we’ve had a few near time of going to print. The views expressed as editorial are those of the Editor unless stated misses and plenty of warning. We should never be complacent. otherwise. No part of this publication may be Barbados Property News is a niche property publication that reproduced without the consent of the permission of Hiltop Publications Ltd. highlights property sales and rentals, property services and a wide On the Cover: Monkey Hill at Sugar Hill range of property products. It is published bi-monthly and provided free throughout the island as a hard copy and on the Internet all If you would like to advertise in Barbados Property over the world on www.barbadospropertynews.com.

News call Pam at 228-9122 or 232-0692 We hope you enjoy it and find something to meet your needs.

Pamela Hiles - Editor

D

BULKELEY HEIGHTS

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

Š2015 Wolseley. All Rights Reserved.

US$160m C&W Investment for Barbados

Feature

- New Retail Brand, Flow unveiled as company begins significant roll out C&W is investing US$160M in Barbados as the Company rolls out its new retail brand Flow on the island as part of its merger with Columbus Communications. Barbados is the first country to launch the newly combined retail brand. Niall Sheehy, Country Manager of the ‘new’ Flow, revealed a number of significant developments for Barbados.

“What we have today is the product of two legacies working in unison to meet our customers’ needs,” said Sheehy. Under the new consumer brand Flow, the company has combined the strengths of the former LIME and Flow organisations and is positioning Barbados as the first country in the world with 100% Fibre-to-the-Home (FTTH) broadband connectivity.

The FTTH network will allow the Company to bring new and cutting edge services to itscustomers. As a start, customers will receive telephone (mobile and landline) video, audio, television and just about any other kind of digital data stream using Flow’s comprehensive FTTH broadband connection. Sheehy indicated

Niall Sheehy, Managing Director of Flow Barbados.

34

that the consumers will benefit from bundling of products, new and exciting apps and the ability to access products and services from a variety of platforms, via its network.

Sheehy also outlined other aspects of the company’s investments in Barbados as the Company rolls out its new consumer brand. “We have already moved into our new corporate home in Warrens (formerly the Orange Mall) and on August 1, we will officially transition from our Customer Care Centre at SkyMall to a new retail store under the Flow brand.

This new retail outlet will serve as the touch-point for all our products and services of the combined entity,” he said.

“Customers will still be able to access a full Flow Customer Service Centre at Windsor Lodge (formerly LIME),” added Sheehy. “These changes are part of a wider plan to ensure that our newly combined company meets our stated goal of putting the customer at the heart of what we do.”

Sheehy also informed that the company is currently transitioning all of its products and services to the Flow brand. He noted that the transition phase will take some time, during which customers may still see communications using the former LIME and Flow brands.

Sir Allan Fields, Chairman of Cable & Wireless (Barbados) Limited, celebrates the launch of Flow Barbados with Managing Director, Niall Sheehy.

John Reid, President of C&W’s Consumer Group.

Legendary saxophonist Arturo Tappin kept the crowd rocking.

This aerial acrobat was a hit with the VIP crowd.

35

JUST ARRIVED! 9FT COMMERCIAL GRADE UMBRELLAS & BASES DUTY FREE PRICES AVAILABLE. VARIETY OF SUNBRELLA OUTDOOR COLOURS. WOODEN & FIBERGLASS POLES & RIBS

INDOOR & OUTDOOR FURNITURE

ACCESSORIES

REUPHOLSTERY

DRAPERY & SOFT FURNISHINGS

Available exclusively at: Designer Decor RK Complex, The Pine, St.Michael, Barbados Tel: 246.427.1627/9 * Fax: 246.427.1642 info@designerdecorinc.com

www.designerdecorinc.com

Absence of local bank leaves a vacuum In a recent interview with a prospective overseas buyer he expressed surprise at the small number of potential lenders and amazement that the island has no national bank. He was not swayed by explanations of economies of scale and the problems of the old Barbados National Bank and felt any nation worth its salt should have its own bank. After all, banks hold the key to the financial welfare of any country and its citizens and if they are serving their own interests rather than the country’s interest then there is a huge disconnect. Yes, the Central Bank of Barbados has a strong influence in operational matters, regulations and compliance, but it has little effect on policy and that’s where Barbados will always lose out.

The government’s shares in the Barbados National Bank were sold off to Trinidadian business interests over a decade ago and in due course the bank was named Republic Bank. It has strong local representation on its board and plays a significant role in local banking, but it is essentially a Trinidadian bank operating in Barbados. The same can be said for Bank of Nova Scotia, CIBC First Caribbean, Royal Bank of Canada and First Citizens Bank.

And therein lies one of the biggest challenges in local banking at what happens at Headquarters determines what happens down the line and in recent times a lot has been happening.

The Barbados economy needs a vibrant construction industry and by association a robust real estate market where properties are built and sold to both local and overseas buyers. Yes, there are market challenges, but these challenges are primarily in attracting overseas investors. Pre-2007 there was no problem in attracting overseas investors, but the whole picture dramatically changed in the ensuing eight years and although signs of improvement are apparent both internally and externally, we are waiting for it to happen rather than being proactive. But where does the

Finance

responsibility lie? Yes, the real estate industry and the associated professional services could do a lot more to promote easier and cheaper purchase procedures, but the big players are Government and banks. The Government has taken no significant role in the real estate industry and ignored appeals for lower land tax, stamp duty, tax concessions for new buyers and developers. Instead they have raised taxes to supplement their overall strategy to tax the country out of our economic crisis.

And what of the banks?

Branch closures, staff reductions, repositioning strategic services to offshore locations and tighter lending terms and conditions leaves nobody in any doubt where they stand when it comes to austerity measures. Barbados is not alone in this trend as several other Caribbean islands are feeling the impact of Canadian banks’ retraction in the region and at least one of the big names has openly expressed the possibility of complete withdrawal. In the light of this general trend is the need for a Barbados National Bank not essential?

A local bank can stimulate key economic industries with the clear purpose of improving the financial welfare of the country, something an overseas bank has neither the inclination nor the financial motivation to do. In the economies of scale we are small fry compared to large North American towns, so the policies and vision of overseas owners are understandably different. Hence the need for a vision and strategy that puts Barbados interests at the top of the list.

We need a local bank!

Clarence Hiles Editor Clarence Hiles is a Mortgage Broker with over 40 years experience in banking, real estate, marketing and journalism. He has written many article of local business and can be contacted at 230 9215 or by email at Clarence@caribbeanmortgages.com

THE BEST MORTGAGE rates and service in Barbados.

Tel: (246) 230-5824 anita@caribbeanmortgages.com SEEK TOTALLY INDEPENDENT ADVICE 40

BENEFITS:

JADA Improvements Launches

Real Estate News

An efficient and fully mobile service to effectively undertake and manage Minor Works contracts, Planned and Reactive Maintenance programs and Renovations.

On Saturday June 13th 2015 the JADA Group successfully launched its new subsidiary company JADA Improvements.

JADA Improvements services focuses on Minor Works, Planned and Reactive Maintenance and Renovations for both domestic and commercial clients. The QuarterDeck pool island at Port Ferdinand, St. Peter was transformed with a spectacular light show and fine dining samplings from the venue’s dock-side dining Restaurant 13 59.

During the event Philip Tempro, Managing Director of JADA Group (pictured below far left) stated that over the 20 years of being in business JADA had come to realize that there is a lack of support surrounding programs like minor works, maintenance and renovations in Barbados. “It has become JADA’s goal to bring these programs to the forefront by assembling a team of professionals fully equipped to meet their clients’ needs in these areas and save them money”. He also mentioned that technology like mobile apps would play an important role going forward, in executing these programs to create an immediate response which saves their clients time.

Jeff Mager, General Manager of JADA Improvements later commented that his team has been chosen specifically, because

44

of their experience and abilities, from a clients’ needs perspective, rather than randomly grouping construction professionals together. This way the team can better understand the project and would have a more intimate relationship with the client to ensure the best quality results.

Specially invited guests were treated to special tours of Port Ferdinand’s luxurious rooms and amenities including water taxi shuttles. They were able to take in the relaxing settings of the new Sandbox Tree Spa and impressive Games Room where guests were able to try their swing using the Golf Simulator.

During the night the company also launched its new website (www.jadaimprovements.com) and Facebook fan page (facebook.com/jadaimprovements).

No Room for Complacency in Hurricane Season The earth tremors in July may have passed and everyone is back into a normal routine, but the hurricane season is upon us and with it comes the threat of severe damage.

It is interesting that many Barbadians do not see publicity about the hurricane season as anything other than an annual ruse because they certainly don’t do much about it. Ask your friends and neighbours what hurricane preparedness measures they have taken and I suspect most will have very casual, flimsy and throwaway answers. The truth is most people do nothing, and their complacency comes from the fact that we haven’t had a direct hit since 1955. We’ve had a few near misses and some general panic, but the hard facts are that no direct hits means most people feel the island is either protected through divine influence or just lucky. And statistics support the reasons for the complacency, as according to the experts in the hurricane business there have been fewer major hurricanes in the last 40 years than before and even less in recent times. Indeed, as we enter the 2015 hurricane season the top meteorologists in Florida are predicting a below normal season of activity because the high winds associated with El Nino will hinder hurricane formation.

Hurricane preparedness is a form of insurance and although the risk might be seen as low is it any different than life cover or critical illness cover? We hope and pray never to need it, but if we do, have we prepared properly and dealt with all the issues involved? To do nothing isn’t very smart and it places a lot of faith in either divine protection or lady luck. OK, the odds may be high, but the outlay in being prepared is relatively small and makes common sense. After all, the potential damage could be catastrophic, and this covers personal injuries, physical damage to property and financial ruin.

The most important part of hurricane preparedness is to have a plan. We know the potential horrors involve storm damage, high winds, floods and storm surge at sea level. We therefore need to review our property and make the necessary adjustments to ensure we are prepared for the most likely risk. Home protection, tree trimming, secure areas to sit out storms, stocking essential requirements, evacuation centres, power alternatives, IT alternatives etc, all come into play and need to be addressed within the plan. To do nothing is not an option, yet the smartest people in Barbados are just as complacent as anyone else so relatively little is done.

Having a plan should also involve having insurance in place.

46

Feature

Most people have personal and property insurance, but not everyone knows the cover they have or specifically how it relates to hurricane damage. It may shock some people to find out their cover is minimal or has restrictions, and the only way to find this out is to ask your insurer. This should involve a property inspection and while this may be an inconvenience it is an integral part of hurricane preparedness and should limit potential risks. A good insurer will point out areas of high risk, including trees. This is especially important with tropical properties where there are lots of verandas, windows, patios, glass doors and outdoor equipment.

We live in a society where nutcases drive on the road without car insurance, property owners don’t insure their properties while others don’t insure them to their full value to reduce cost.

These people may be in a minority, but when it comes to hurricane preparedness the vast majority of property owners do nothing. This may not be high risk given the improbability of a direct hit, but it is still a serious risk that must be addressed or you could face financial ruin in a worst-case scenario.

However, it may be too late to shut the gate after the horse has bolted.

Clarence Hiles Editor

Hurricane Preparedness For six months out of the year, from June to November, we in the Caribbean live under the threat of a hurricane making landfall with sometimes no more than a few days’ notice. Despite this threat, many of us in Barbados believe that we will continue to be spared from the damage that has inflicted so many of our Caribbean neighbours. This common attitude can leave many of us unprepared and scrambling to protect our homes from the potential damage that a passing storm brings. To ensure that you and your family do not fall victim to this scenario, it is essential to assess all risks and take the necessary steps to mitigate them.

The basic rule of hurricane preparedness is that the building envelope should remain secure to ensure the safety of the family, eliminating the likelihood of water & wind damage to the inside & contents of the home. The three areas that are most vulnerable in creating breaches in the building are the roof, windows & doors. Homeowners can feel secure in their homes by using established and tested methods of hurricane protection that guard against the effects that hurricanes are known to cause, such as missile impact and extreme wind pressures. Hopefully this preparation will negate the need for last minute scrambles to nail plywood sheets over window opening or use risky and often ineffective measures, such as taping glass to window panes.

Ideally the preferred form of hurricane protection is taken into consideration when designing one’s home. This provides the perfect opportunity to incorporate hurricane protection into the look and feel of the home as well as ensuring that the proper

48

Feature

allowances have been made for the installation of these products. Consumers should seek to use products that have been tested and certified as Florida Building Code Compliant.

These products are not only designed with hurricane conditions in mind, but are tested by third parties to ensure that the product stands up to the promises under hurricane conditions. Windows and doors that meet this specification use special laminated glass that is installed into the window frames with structural silicone. Laminated glass installed like this will stay in place even if an object strikes it and causes it to break.

For those homeowners looking to introduce retrofit hurricane protection into an existing home, there are also a number of other secondary products in the market to help protect the building from being breached during a hurricane. Products such as aluminium roller shutters, top hung & side hung shutters can be installed after the building is constructed, and can provide adequate levels of protection to critically vulnerable areas that are not outfitted using laminated glass products.

The essential component in deciding what products to use is to perform a careful evaluation and determining the type of solution that is right for your home and budget. Homeowners should take time to assess their home’s key areas of vulnerability to hurricanes. Classically, windows and doors openings have been identified as essential areas to protect, since the costliest damage is likely to take place inside the house due to entry of wind and rain. For those persons that do not feel comfortable with this exercise, there are professionals there to help. It costs nothing to receive quotations, and request more detailed information. For further information or to set up a free site evaluation, evaluate different options or request more detailed information contact Oran Ltd at info@oranltd.com or 436-6863.

Justin Oran

“WE’VE BEEN THERE” WE KNOW THIS HOUSE, LIKE WE KNOW EVERY HOUSE WE INSURE…

• • • • • •

Buildings Alternative Accommodation Replacement of External Locks Glass Property Owner ’s Liability Landscaping

• 10% discount for Sagicor Life customers

For more information, visit sagicorgeneral.com today.

Sagicor General Insurance Inc. is rated “A-”Excellent by A.M. Best Rating Company.

Feel Safe and Secure with Oran’s Hurricane Impact windows protecting you and your home!

Oran’s Royal Guard Impact Window Systems include: All vinyl welded frames and sashes l co-extruded weatherstripping on casement l 7/8” laminated insulated glass l silicone glazed to assure strength and structural integrity l aluminum reinforcement in sashes on hung and slider windows l multiple installation methods l Miami Dade County/Florida Building Code approved for large missile impact.

Harbour Industrial Park, St. Michael, Barbados | Tel: (246) 436 6863 | Fax: (246) 436 8807 | info@oranltd.com www.oranltd.com

LOCAL KNOWLEDGE : GLOBAL EXPERIENCE

M W O VI OR E U R S EL A w EC C E D BSI N IT w TR O E T EW w. O P T E ca N Y O AI FO r t IC F L S R er B O A s- RO U ND gr C R ov H e. UR co E m

FINAL PHASE ONLY FIVE UNITS LEFT PRICES STARTING AT BDS$425,000

• Land/Construction detached single storey homes • 1,200 sq ft three-bedroom design • Small community of 15 units in quiet cul-de-sac • Plot sizes approx 4,000-4,500 sq ft.

• First Phase of 10 units completed and occupied • Located just off Enterprise Road a few minutes drive from Oistins • Up to 100% mortgage facilities available

FOR MORE INFORMATIONEmail-info@carters-grove.com Tel- 230 9215 Or visit website- www.carters-grove.com

BEAVA News BE AN EXHIBITOR AT THE BEAVA REAL ESTATE & HOME EXPO! On Saturday October 03rd, the Warrens, St. Michael area will come alive from 10 a.m. to 5 p.m when BEAVA hosts its Real Estate and Home EXPO. This event promises to be exciting and informative as dozens of exhibitors showcase and demonstrate their latest products and services in and outside of CIBC First Caribbean’s newest branch at the Autodome.

The location is of course home to the EXPO’s Platinum Sponsor, CIBC First Caribbean who has been a steady supporter of BEAVA’s initiatives over the past two years. The institution

58

Real Estate News

came on board at the association’s first EXPO held at the Yacht Club two Octobers ago and has, since then, sponsored all of the ongoing members’ workshops thus far this year.

BEAVA President Suzanne Davis is heading TEAM EXPO as plans take shape for the association’s major event for the year.

The association has secured a number of partnerships including FLOW, TMR Sales and Services Limited and Consumers’ Guarantee Insurance Co. Ltd. and invites everyone who trades in real estate or home supplies and accessories to register and sign up for a space at the EXPO. Exhibitor costs are $450 for non-members and $350 for members. Each vendor is assigned a 6-ft table with trestle and two chairs, and will enjoy the benefit of free wireless connectivity, compliments CIBC First Caribbean. Throughout the afternoon, customers are invited to take advantage of several on-the-spot presentations by sponsors in air-conditioned comfort.

To book your space, email admin@beavainc.com or call the BEAVA office on 836.0650 / 624.1811.