Barbados Property News Oct/Nov 2014

EE NE FR NLI O &

Port St. Charles Yacht Club - Page 21

Boarded Hall Green - Page 27

Realtors - Page 32

Endorsed by the Barbados Estate Agents and Valuers Association Inc.

BARBADOS PROPERTY

NEWS www.barbadospropertynews.com • October - November 2014 • Issue 95

Royal Westmoreland - Page 30

Editor’s Comments As we move into the last quarter of the year many business analysts are starting to compare 2014 with 2013 and evaluate our current economic position against this time last year. There are many benchmarks that can be used although most people in everyday business remain reluctant to look far beyond the current after seven years of uncertainty. Every business is different, but there is no substitute for experience and more and more people in the real estate business are confirming things are better than this time last year.

The last quarter of the year can be a highly productive time for many businesses and if green shoots are starting to appear across various sectors then things are positive going into this crucial period. We certainly have the products within the real estate industry and the market is hot with purchase and rental bargains. There’s never been a better time to buy or to rent in Barbados so we hope though the pages of Barbados Property News and our electronic copy on www.barbadospropertynews.com you find the property, the On the Cover: property product or the property service that meets your needs.

Royal Westmoreland Pamela Hiles Editor If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

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.

POOLSIDE RESIDENCES

Messel House, St. James

Little Good Harbour House, St. Peter

Set in exclusive Royal Westmoreland, this private 4-bed residence offers a pool, Jacuzzi, gazebo and superb views of the ocean and fairway. Tropical gardens enhance the villa.

This 3-bed cottage features a covered deck overlooking the tranquil West Coast. This home is highlighted by a paved sun terrace, plunge pool and surrounded by immaculate gardens.

Bimshire House & Little Bimshire, St. James

Plantation Cottage #3, St. James

Bimshire House and its charming cottage offer generous living space with a patio and wet bar opening onto a pool terrace.

This 6-bed property is enhanced by a mature orchard.

Set amidst lush greenery, this attractive 3-bed townhouse is well-appointed. This split-level home features a pool and wooden deck, with West Coast beaches and amenities nearby.

Sale Price: US $4,950,000

Sale Price: US $1,200,000

Specialising in luxury properties for sale and rent in Barbados Contact one of our experienced sales agents:

T: (246) 422 2618 | E: sales@bajanservices.com

Sale Price: US $2,690,000

Sale Price: US $475,000

OCEANFRONT RETREATS

Port St. Charles 180 - Petit Bateau, St. Peter

Villas On The Beach 403, St. James

Ideally positioned at Commodore Point, this 5-bed villa at the renowned Port St. Charles marina, is designed to the highest standard. It offers a 100 ft. berth and private beach access.

This luxurious 3-bed penthouse is situated in Holetown. With exceptional sea views and a lagoon-styled resort pool, this condo is complemented by landscaped gardens.

Merlin Bay, St. James

Glitter Bay Estate 305, St. James

These beachfront 3-bed Mediterranean-styled townhouses boast intimate balconies with private plunge pools. The large, communal pool’s wide deck leads to private beach access.

Beautifully landscaped gardens and amazing ocean views are enjoyed from the patio of this cozy 1-bed condo. On-site amenities include a shared pool, restaurant and gym.

Sale Price: US $8,950,000

Sale Price From: US $1,300,000 - $1,400,000

Sale Price: US $1,750,000

Sale Price: US $600,000

Our portfolio ranges from expansive villas to modern beachfront residences Newton House, Battaleys, St. Peter BB26094, Barbados W.I.

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Royal Westmoreland launches its newest ownership option St James, Barbados: Launched in response to feedback from regular rental guests at Royal Westmoreland, the estate has introduced its newest ownership option. Having found that many repeat visitors who love the Royal Westmoreland lifestyle but who simply can’t commit the time at this point in their lives for full ownership; there is now a shared ownership program allowing for the purchase of a beautiful, standalone luxury villa with membership in the Royal Westmoreland Club. The shared ownership may be traded into full ownership at any time. Royal Westmoreland is building five elegant fully furnished fourbedroom villas, the Royal Palm Villas, due for completion in winter 2015, which come replete with daily housekeeping, a large private swimming pool, lush landscaping, sweeping terraces and contemporary furnishings throughout. The shared ownership program allows for purchasers to own just the time they intend to stay at the resort. The property is held freehold/deeded in a third party trust and ownership shares in the villas are fully transferable, sellable and willable. Owners who are unable to visit the resort during the time period purchased need not worry.

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Royal Westmoreland has created an internal exchange program to allow the storing and movement of time that provides the benefit of year-round access to multiple size residences. For the times when a trip to Barbados is not in the plans, the Royal Palm Villas have been accepted into a prestigious affiliation with Preferred Residences - www.preferredresidences.com.

Ownership also entitles the purchaser to a two year membership with www.preferredgolf.com allowing access to some of the best golf courses in the world. Prices in season are for 4 weeks of time ranging from US$129,700 to $431,500 and out of season for 2 weeks of time, from US$50,800 to US$307,400. Royal Westmoreland is a 700 acre exclusive golf, beach and spa estate located in St. James on the prestigious west coast of Barbados. Royal Westmoreland's unique range of private villas, townhouses and apartments are designed for any lifestyle and available for both home ownership and holiday rentals. Five-star amenities include the championship golf course and pro shop, beach club, world class gym and pools, three diverse restaurants, children's facilities, tennis courts and spa. Developed in 1994, the estate was purchased in 2004 by UK-based Pure Leisure Group who have grown it into one of the most prestigious, well-managed properties in the world. For further information, visit www.royalwestmoreland.com

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Red Goes Green

Real Estate News

Innovative full service agency Red Advertising and Marketing Ltd recently went ‘Green’ causing a stir in the Rockley area. Red is the first agency in the region to install a Photo Voltaic system at it’s offices in Golf Club Road. The 26.37KWp system which utilises 97 solar panels was outfitted and installed by Williams Solar.

Managing Director Jevan Jutagir is proud as can be!

“Now, we not only generate our own clean and renewable energy, but we also produce excess power which can be put back into the national grid. It’s a small but significant contribution to reducing our collective dependence on fossil fuels and their multiple negative effects like global warming, pollution and use of scarce foreign currency,” said Jutagir.

Come October, Red will go back to Red again but this ground breaking exercise will carry on with the help of expert service and help of Williams Solar, choosen for their use of first grade components and good track record. Well done Red, leading the way yet again.

Caught Off Guard!

Paul Altman, Owner and Managing Director of Altman Real Estate takes a moment to pose for BPN in front of the Limegrove Altman office. Mr Altman is delighted to have the magnificent Four Winds on the Platinum Coast as his Signature property.

This and many other properties can be views on www.altmanbarbados.com

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BEAVA News BEAVA MODULE SEMINAR ANOTHER SUCCESS Members of Barbados Estate Agents and Valuers Association (BEAVA) are still talking about the riveting presentation from two attorneys at last September’s seminar held at Barbados Yacht Club.

Clarke Gittens Farmer’s Creig Kinch and Melanie Garrett-Bailey, guests of BEAVA, laid down all the facts on leases and guided members, who in turn can guide their clients, on the importance of registering long term rental agreements. It should be noted that it is the responsibility of property owners to seek attorney advice on matters pertaining to taxes and recording/registering a lease.

Agents, brokers and valuers were told of the legal requirements (which must be met by their clients) to ensure the effectiveness and validity of leases. They were reminded of the necessary steps taken with regard to: registering/recording a lease; stamp duty payment; property transfer tax and land tax.

Kinch and Garrett-Bailey were peppered with questions

Real Estate News

throughout the seminar especially when they touched on the importance of having a lease stamped and recorded/registered.

If this was not done, rent could not be lawfully set off against assessable income under the Income Tax Act. If a landlord generated, let’s say over $BDS80,000.00 annually from a rented property, he or she is required to register with the VAT Department. However if a lease is for a period of 25 years or more, the landlord is not required to register with the VAT Department as such leases are VAT exempt.

The hours-long afternoon workshop was well attended and BEAVA remains encouraged by the turnout of members and their active participation there. It was preceded by a presentation by sponsor, TMR Sales and Service Ltd’s Peter Thompson, who also fielded questions on how to get the most economic value from air-conditioning units.

BEAVA’s next module is scheduled for early in the first quarter of 2015.

BEAVA AGM SET FOR EARLY DECEMBER Mark your calendar. Save the date!

The Annual General Meeting (AGM) of Barbados Estate Agents and Valuers Association (BEAVA) is scheduled for the afternoon of December 04th, 2014. Time and place will be announced.

47

Digital versus Print: Don’t be brainwashed!

We live in an electronic era where breaking news is instant and as a result there are many people in marketing who would have you believe magazines and newspapers are on their deathbed. In addition to its speed they point out the amazing reach of the Internet, its low cost, its and the increasing numbers that are attracted to this medium through telephones as much as computers, large public screens and strategically placed monitors in offices and shops. And some tell us in 20 years time everything will be done on telephone or tablets and newsagents, publishing houses, magazines and print agencies will disappear. They repeatedly tell us thousands of hits are registered on popular websites and swell our heads with potential sales that might ensue.

It sounds too good to be true and of course it is too good to be true.

The great Digital versus Print debate is ongoing and inconclusive and while diehard exponents on both side of the debate will argue passionately for their cause most of the middle ground can see the merit of multichannel and a place for both.

Marketing and advertising go hand in hand in the modern world, but there is one subtle difference. The former is what you have to do to promote your business and if you don’t then your business might well crumble. The latter is an option to support marketing, but it comes at a cost and when times are tough it is often the medium that suffers most. It is certainly ironic that many companies go to great lengths to trim their advertising budgets before non-productive fixed costs and create more problems when their revenue drops yet their fixed costs remain. And in the midst of these tough austerity decisions Mr. Internet is a welcome option with almost insatiable market penetration and low costs. It sounds like a marketing dream and therein lies the fallacy.

The Internet is a tremendous marketing tool if used correctly. It has amazing reach and cannot be equalled in relaying breaking news at rapid speed all over the world. It can also generate sales in particular fields, but there’s a big difference between beaming

48

Finance

news all over the world and closing sales from websites and social media. Many people still love the hard copy and there’s a certain comfort in carrying a newspaper or a favourite magazine home to read. Reading hard copy as opposed to reading a screen is still the preferred option of most people and is much more relaxing. Some surveys claim readers will spend 30 minutes reading a printed magazine, but only three minutes reading a digital copy. They also have statistics that dispel the myth that more people read online, but in reality if the Internet started at a negligible base then inevitably its numbers will grow every year. That said, there is no denying that newspaper sales and advertising revenue are dropping, but they are mainly in the breaking news market. In contrast there are more magazines on newsagents’ racks these days that ever before and people love them. Interestingly big Digital publishers like Politico, Pitchfork and Pando are going back to print, a medium they were supposed to replace. The underlying element in this debate is that print has a physicality that digital has not and customers are more comfortable with it.

At the end of the day when hard decisions have to be made the marketing cake should include all forms of promotion and many experts are now seeing the merit in digital marketing being aligned to print to get the best of both worlds. After all, you could have the best website in the world, but if nobody knows about it then it could be a well-kept secret and a lost opportunity. Worse still, you might be expecting customers from multiple hits, but they may not be significant browsers and spending only limited time on the site. The business that relies totally on website marketing has a flawed business model and when the leads and sales don’t materialize then it will be back to the drawing board if it survives long enough to identify and consider change.

We should embrace the electronic age and make the most of what it offers, but we should not allow its protagonists to brainwash us into thinking it is the answer to all our marketing needs. Thankfully most of us are not brain-dead and can still decide what we like and what we want.

Clarence Hiles is a local businessman with extensive experience in banking, real estate, journalism and sport. He is currently the Editor of Caribbean Property Magazine and Managing Director of Caribbean Mortgage Services.

Scotiabank understands that your home is where your life happens.

When you choose Scotiabank, you’ll get a partner who will be there for every step of your home ownership journey, providing financial solutions and benefits such as: Affordable monthly payments to help you manage your cash flow >i\Xt rates and extended amortizations up to 30 years Flexible pre-payment privileges to pay off your mortgage faster Talk to one of our specialists today at 426-7000 or

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PROPERTY AND DEVELOPMENT CONSULTANTS CHARTERED QUANTITY SURVEYORS PROJECT AND CONSTRUCTION MANAGEMENT REAL ESTATE VALUERS AND APPRAISERS

Barbados Office I Orena I St. Lawrence Main Road I Christ Church I Barbados I T 1 246 428 8091 I E infobarbados@bcqs.com I www.bcqs.com BAHAMAS

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Capita Financial is a breath of Fresh Air 1 Capita Financial is growing rapidly in the Barbados Financial Services market place. What is the background to the company?

While CAPITA - as it is now known - is relatively new to the landscape, the operation has been around for a number of years. The company was originally incorporated in May 1984 as the Caribbean Commercial Trust Company Limited and has been through a number of transitions since then.

Today we are known as CAPITA FINANCIAL Services Inc. and can boast of a dynamic and innovative team with years of experience in the provision of financial services.

We are also backed by a strong parent; Barbados Public Workers Co-operative Credit Union Limited is Barbados' largest Credit Union with assets in excess of USD$450 million.

2 There is always a place for a new provider in this field. What does Capita offer that is different and have you a specific market?

CAPITA FINANCIAL is a full service provider of financial solutions operating in the islands of Barbados and St. Lucia. It is a very nimble company, always working to ensure that the customer’s experience with us is convenient, easy and satisfying.

Our primary areas of business include financing for residential and commercial real estate, vehicle purchase and leasing and home equity loans. On the investment side, CAPITA offers fixed deposits at competitive rates. Additional services that include stock brokerage, insurance brokerage and Trustee services complete the range of services offered.

Our clients are wide-ranging and include, private individuals, Insurance Companies, Credit Unions, Government Statutory Corporations and Institutional Investors.

3 With specific reference to lending, Capita offers a 100% mortgage facility. This is particularly attractive to first-time buyers trying to get on the property ladder, but unable to meet all the initial set-up costs. What is your business strategy in this sector?

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Home and property ownership is a goal of the average Caribbean person. We have a long successful history in providing financing in this area. Our 100% product helps us to assist people to achieve this goal. Our strategy is simple; make property ownership affordable while taking a very calculated risk in relation to who we lend to. We also recognize that property values in Barbados and most of the region are relatively stable.

The other end of the spectrum is managing our depositor relationships and strategic partnerships to keep funding available.

4 Are there plans afoot to develop new products and move into other financial services sectors?

Yes, definitely. Without giving too much away at this stage I will say that we are currently expanding our insurance brokerage portfolio and are also looking to get into one or two new areas of financial services. We are working with all stakeholders including our regulators in this process.

We have also attracted investor interest from a few institutions in other Caribbean territories and we will be pursuing relationships in this regard.

Our future looks good.

Paul Maxwell holds a Bachelor of Science Degree in Economics & Accounting (Hons) from the University of the West Indies. He has also been awarded the Diploma in Credit Union Management from the University of Wisconsin. He is a certified Credit Union Director (CCUE) by the Credit Union Executive Society through the London School of Economics.

He is a former President of the Barbados Public Workers Cooperative Credit Union Limited and a Past President of the Barbados Co-operative Credit Union League Ltd. Paul is currently the Chairman of the Audit Committee of the Caribbean Confederation of Credit Unions Ltd. and a Director of the Barbados Stock Exchange.

Prior to joining Capita Financial in September 2010, he worked at Cable & Wireless in various Finance capacities.

Paul can be contacted at paul.maxwell@capitacaribbean.com

Moco Container Storage

Feature

A subsidiary of Crane & Equipment Ltd.

MOCO CONTAINER STORAGE Crane & Equipment Ltd. introduces MOCO Container Storage.

This new service answers the call from many homeowners who need storage for their extra household furnishings when moving or downsizing. Businesses that find themselves with extra stock and supplies needing to be stored SAFELY also find the solution with MOCO.

spaces. Call MOCO: they can sit with you and conceptualize your new office or living space.

These modular homes / offices boast durability and strength, with the ability to withstand hurricane-force winds. They are mobile and can be moved to any desired location.

MOCO rents and sells containers (20ft & 40ft) for general storage purposes. All rental containers are vented to minimize heat build-up.

WHAT IS THE DIFFERENCE WITH MOCO? A MOCO Container will be delivered to your residence or business place. You can take your time packing it, and MOCO will then collect the container and STORE IT SECURELY for you at their Lower Estate facility.

In addition to the storage aspect, MOCO is supplying “MOVE-IN READY” modular offices and homes. This innovation is not just for commercial use but for private dwellings as well. These modules are ideal for small businesses with limited spending power and for those looking to save on living arrangements.

These “move-in- ready” units come complete with utilities, airconditioning and office furniture. You may also choose from shell units that can be outfitted to your special requirements and design.

Units range from 160 sqft to 320 sqft. Special modifications can be done to accommodate combining two units to offer wider

57

W G NOLLIN SE

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

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

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