The Red Book® 2019 - Trinidad & Tobago

Trinidad & Tobago 2019

Welcome It has been a long road for the Terra Caribbean Trinidad team to get to this juncture of producing the first volume of The Red Book Trinidad and Tobago. 2019 marks the 20th year of Terra Caribbean’s existence in Trinidad and it is more than timely that we release a publication of this magnitude. With The Red Book Barbados in its 12th year and The Red Book Grenada in its 2nd year, it is with immense pride and honour that we present our inaugural edition. This is our contribution to the local Real Estate industry as well as our addition to the regional Red Book library.

Over the last two decades, our economy has seen many unprecedented highs and unexpected lows which have altered the way we do business, customer confidence and the market at large. With the pending reinstatement of the Property Tax, the advent of legislation to regulate our industry, and the general hunger for credible real estate information, we felt that the production of a definitive guide of this caliber was appropriate and necessary.

In this periodical, Terra Caribbean Trinidad extracts information from over two decades of local market data to collate articles and insights that candidly represent the dynamic landscape of the T&T property market. Each section of the magazine highlights impressive, available properties as well as topical editorials from our experienced staffers and influential stakeholders. At every point of compiling The Red Book, our team has attempted to answer most questions posed by you, our reader and also to ensure you feel comfortable and confident to make informed decisions.

As a second generation property professional, I am truly ecstatic to be a part of this project. As the first Real Estate firm in T&T to produce such a comprehensive source of information, we hope that The Red Book Trinidad exceeds your expectations and that you look forward to subsequent volumes in the future.

Congratulations to our team and Happy 20th Anniversary!

Sincerely,

Jean-Paul de Meillac Chief Executive Officer Terra Caribbean Trinidad

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O N T E N T S

CONTENTS

01

WELCOME

Intro To Trinidad Red Book Andrew W Mallalieu, CPA FRICS

4

Commercial Properties For Rent

11 - 27

Commercial Market Insights

18 - 19

The Office Renaissance

A Caribbean Perspective: Territories of Terra Caribbean

5

Real GDP and Real Estate Over The Years Jean de Meillac, Chairman, Terra Caribbean Trinidad

6-7

Ryan Proudfoot, Managing Director, Total Office Ltd.

20 - 21

Green Is Just Good Business RGM Limited

28 - 29

Terra Caribbean’s Classifications of Office Buildings

30

Commercial Properties For Sale

31 - 37

High-End Rentals

49 - 52

53 RESIDENTIAL Residential Sale Insights

54 - 55

Residential Properties For Sale

56 - 70

Market Pricing and Exposure Period

62

The Road To Legislation Sasha Anton, Real Estate Agent

66

What Can TTD $2.5 M Buy Today?

72

38 HIGH-END 08

COMMERCIAL

Drivers of The Commercial Market

10

High-End Properties For Sale

38 - 48

Let’s Talk Luxury Jean-Paul de Meillac, CEO, Terra Caribbean Trinidad

39

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C O N T E N T S

THE RED BOOK First Edition

71

APARTMENTS & TOWNHOUSES

Apartments & Townhouses For Sale

73 - 84

The Townhouse Trend Andrew Sampson, Valuations Manager

80 - 81

Residential Rental Market Insights

88 - 89

Apartments & Townhouses For Rent

85 - 95

Developments For Sale

98 - 107

Thinking Outside Of The West Denise Trigg, Knowledge Officer

104 - 105

Terra Caribbean is not the estate agent for all the developments and properties depicted and in some cases has compiled the information contained in this section, and other sections, from public sources.

Consequently, details provided herein may not be accurate or may have changed without notice to Terra Caribbean since, and in some cases, prior to the publication of this book.

Property Tax: The Facts

108

109 LAND

None of the details contained herein are to be relied upon as a representation of fact and any intending purchaser or tenant must satisfy himself by enquiry, inspection or otherwise as to the correctness of the details given for each development or property.

Land Doh Spoil!

Ria Ramos, Valuer

Buying Property in Trinidad and Tobago

96

110

Land For Sale

111 - 118

119 TOBAGO Tobago Properties For Sale

120 - 128

Tobago Love

97

Denise Trigg, Knowledge Officer

DEVELOPMENTS

124

Terra Caribbean does not make or give any representation or warranty whatsoever in relation to any development or property shown and in particular does not warrant the correctness, completeness or quality of the information provided.

In no event will Terra Caribbean accept liability for any injury, loss or damage whatsoever, including, without limitation, indirect or consequential loss or damage, arising from the use of or reliance on information provided in this publication. Š 2019 Terra Caribbean. All rights reserved.

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W E L C O M E

Intro to Trinidad Red Book It is with a great sense of pride that we congratulate our Trinidad team for its vision and market leadership with the inaugural publication of The Red Book Trinidad.

The Red Book Trinidad aims to be your definitive source of accurate and timely information on the Trinidad real estate market. It is perhaps fitting that our sister publication, The Red Book Barbados, is currently celebrating its 12th anniversary, having grown from strength to strength since the first edition in 2008.

It may come as a surprise to readers that the roots of Terra Caribbean can be traced to a Trinidadian, Mr. John M. Bladon who established a real estate business in Barbados in 1946.

In 1957 he expanded briefly into Trinidad. In 1958 William “Bill” Mallalieu joined the Barbados operation and eventually took it over as the sole owner. The name however remained until 1997 when I took over from my dad and we rebranded the business with Ernst & Young. Bill’s philosophy was a simple one - to introduce buyers to sellers and to educate them both on the market. This philosophy would go on to become the foundation upon which Terra Caribbean has been built.

Terra is a Caribbean born and bred real estate firm. Our ongoing passion for knowledge has led us to develop and build our bespoke technology platform - RED (Real Estate Database) which today is a market-leading platform for real estate market data from across the region. Our teams leverage this platform to provide comprehensive reports and insights to enable better and faster decision making for our clients. The Red Book was created to share this key information on the real estate market with our clients. Our Website has also been a game changer with a proprietary vendor dashboard and custom full-screen viewing experience, now more than ever delivering value online and putting you in the driver’s seat.

But perhaps most importantly, at the heart of Terra Caribbean is our people. Nowhere is that more evident than with our team T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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here in Trinidad. Founded in 1999 with the purchase of C M Fojo Ltd as a part of Ernst & Young, then in 2005 taken over privately

by Jean De Meillac with himself having over 40 years of Regional and International real estate experience and now managed by his son Jean-Paul De Meillac, Terra has firmly established its reputation as a market leader in Trinidad.

Trinidad, and indeed the wider Caribbean markets, continue to face headwinds and it seems there are no shortages of events undermining confidence and creating uncertainty. What is certain, however, is that there are few places in the world with the natural beauty of the island and the charm of the people of sweet TNT. The Industrialisation of Trinidad makes them a unique market when compared to other territories. Specialising in Commercial sales and rentals, Terra has identified itself as an industry leader, ideal for local and regional property investors seeking comprehensive insights into the market.

We take great pleasure in congratulating our Trinidad team on the publication of their first edition. Whatever your local or regional property needs may be, having a partner with the knowledge, experience and global reach to help you navigate the market is key. As your partner, our sole objective is to ensure that you feel comfortable and confident to make informed decisions. How can we help?

Sincerely,

Andrew W Mallalieu, CPA FRICS Chief Executive, Terra Caribbean Group

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W E L C O M E

Real GDP and Real Estate over the years Being in the real estate business for over 45 years, both here and abroad, I have witnessed too many changes in the local landscape to discuss in one article. From the economy to advances in technology and the way we do business, Real Estate in this country has evolved from the 1960’s to today. The cyclical nature of T&T’s economy post-Independence has spurred waves of development, which have in turn stimulated a flourishing industry to what it is today.

Trinidad and Tobago is historically known as an oil rich country, with our economic growth and government spending pegged to the fluctuating price and demand for oil globally. But, in the 1950’s as the economy diversified into manufacturing and construction, we enjoyed steady GDP growth, averaging at 8% growth for the period, before the economy declined post-Independence. This, as well as other social factors prompted civil and political unrest in the late 1960’s, which came to a head by 1970. At this point, demand for property was drastically reduced due to a general lack of confidence in the country. Concurrently, the Real Estate sector was served by a few agents scattered around the country, with no real rules or regulations except for the standard commission being 5%.

Oil and Opulence In 1973, fueled by the Israeli war, OPEC pushed for higher prices and by the mid-1970’s to 1980’s, oil prices increased from $3.60 USD/barrel in 1972 (already a high from $1.80 USD during 1968 1970) to a whopping $35.75 USD/barrel in 1981. Consequently, that decade marked a period of rapid development and superficial wealth in T&T. With excess liquidity in the money system, government expenditure skyrocketed which resulted in double-digit inflation, reaching as high as 22% in 1974.

Thus, residential sales exploded as Joe Public, replete with newfound wealth, began flipping properties thus becoming overnight millionaires.

Of course, the Real Estate market followed this upward trend in development. Across the usual intersection of landowner/developer /real estate agent, business was transacted via word of mouth using a phone, a telephone directory, and a classified ad in the Trinidad Guardian. Sales were recorded in books, information shared amongst colleagues and no sale was secret. During this time, developments like Diamond Vale and Trincity came to market to satisfy the new demand for housing. The first townhouse and condominium complexes also came to market as a novel style of

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living in Trinidad. The Real Estate market was finally out of the starting blocks with the help of a few innovators, still well known names in property circles today.

“Money is no problem!”

However, even with the influx of money and wealth, T&T suffered from a systemic challenge of poor financial planning and of NOT saving for a rainy day. In the words of the late Dr. Eric Williams, “Money is no problem!” But money WAS our problem as oil prices plummeted in the early 1980’s and T&T tumbled into a deep, dark recession. During the years of 1983 to 1989, GDP fell by 30%. By December 1985, the Trinidad and Tobago dollar was devalued by 50%, in an attempt to increase export competitiveness. Added to this, a change in government administration in 1986 brought a shift in government spending and fiscal policies. Structural adjustment policies dictated by IMF were implemented to assist with the economic slump, but this was ill-timed for a majority of the population; new homeowners could not endure another burden on decreasing salaries. As a result, many homeowners returned keys for their properties and reneged on bank loans and mortgages. Some even fled the country in search of greener and more lucrative pastures abroad. It goes without saying that the Real Estate market took a hit as demand waned. Suddenly, there was a glut in the market. We were in oversupply.

1990!

The year of turmoil. As if Trinidad and Tobago could bear no more, the country stood still during the attempted coup d’etat on the ruling government. While it only lasted a few days, it further lowered buyer confidence in a market that was already undergoing a recession. Coincidentally, around the same time, the Association of Real Estate Agents (AREA) was being established by a few property movers and shakers to legitimize the industry as the entire country was in a state of reform. The Real Estate industry

W E L C O M E

had grown from its infancy as AREA’s initial membership included 8 broker members and 25 salespeople.

Now, in its seventh year, this mammoth downturn continued until 1991, just before another oil induced boom began in 1994.

By the mid 1990’s, with an average GDP growth of 3.7% T&T’s economy made an about-turn and experienced another wave of development. As residential developments expanded throughout the country, so too did the Real Estate industry once again. Gone were the days of 5% commission and 3% is now the industry standard.

Construction Boom

Real GDP against Oil Prices over the years and the impact on the Real Estate Industry $100

$30.0000

$90

$25.0000

$80 Oil Price/ Barrel (USD)

$70

$20.0000

$60

$15.0000

$50 $40

$10.0000

$30

$20

$5.0000

$10 0

1968

By the early 2000’s, a “construction boom” struck the nation (also oil induced), GDP grew at an average of 10% per annum and savvy investors graduated from residential into the realm of commercial development. Thus, Real Estate in T&T revolutionized and became closer to what it is today. During this period of growth, 2000 to 2007, close to a dozen commercial buildings were developed in Port of Spain alone, increasing the supply of office space in the burgeoning capital. Many agencies were established around this time. In fact, established in 1999, Terra Caribbean Trinidad gathered a team of experienced property professionals as well as a commercial real estate team to navigate this expanding segment of the market.

While the global recession of 2008 to 2009 affected Trinidad and Tobago, it was short lived and mitigated by high oil prices, sustained throughout 2008 to 2010. Circa mid-2010, the three largest petrochemical companies in Trinidad and Tobago each acquired new land leases for gas and oil exploration which created a new demand for upmarket offices and warehouse space in the commercial segment and expat rentals in the residential segment.

At this point, we began seeing renewed confidence in the real estate market. Again, Real Estate followed this upward trend in development and by 2012, there were over 500 real estate agents or agencies, which pushed the industry into fierce competition.

Additionally, the advent of expansive websites, social media, and instant messaging apps has transformed the landscape of marketing and advertising. For end-users - the buyers and sellers that are players in this now dynamic market, the speed and accessibility of information are of utmost importance.

The Day of Reckoning By the early to mid 2010’s, the local economic system benefited from an abundance of liquidity due to a domino effect of super inflated pricing in the petrochemical industry and government development projects. This time, instead of superficial wealth,

1978

1988

1998

Year

2008

$0

2016

GDP in Billions(USD) Oil Price in USD/Barrel

GDP per Annum in USD in Billions

Size of Real Estate Industry

the boom spurred white collar and financial crime. Hence, the Financial Intelligence Unit (FIU) of Trinidad and Tobago was incorporated in 2010 to implement anti-money laundering and combating the financing of terrorism policies; the Real Estate industry was cited as one of the sectors used as a conduit for crime, and quasi-regulatory measures have been implemented through the FIU. Under these policies, agents must be registered with the FIU and comply with their policies.

Beginning in late 2015, our volatile economy showed signs of another recession, again affected by a global slump in oil prices, which slipped to half of the price per barrel of the previous year.

In response to this worldwide decrease in the demand for oil and by-products of oil, large corporations of the petrochemical industry downsized operations globally, as well as in Trinidad, leaving a void of vacant upmarket office space and empty expat rentals in their wake.

Today, just four years later, we are still recovering from this recession. As a result of dwindling earnings, foreign exchange reserves are now scarce and this has led to the depreciation of the T&T dollar. History repeats itself. Again, to mitigate the economic challenges, the present government of Trinidad and Tobago has implemented stringent controls through changes in the fiscal policies. But while this recession is not as horrific as the 80’s, we have seen many changes in our economy and the real estate market. Now with established segments catering to varied clients, the business of real estate is vast and agile and one must be on the pulse to succeed. In almost 57 years of this country’s Independence, Real Estate as a service industry is rapidly thriving, and we have come a long way and still have a long way to go to raise the bar in this Real Estate business.

Jean de Meillac Chairman of Terra Caribbean Trinidad T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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Commercial

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C O M M E R C I A L

Drivers of the Commercial Market Trinidad is known as the business hub of the Caribbean, so it’s only natural that we have an extensive commercial market and a wide variety of commercial offerings, both rentals and sales, as compared to our Caribbean counterparts. But this segment of the market has seen many shifts and movements over the years; from growth and expansion in the 90’s to a construction boom in the mid 2000’s to a depression in the mid 2010’s.

This ebb and flow has continued for the past two decades.

The cyclical nature of this segment of the market leads us to question, what are the drivers of T&T’s commercial market?

We round it up in 5 quick points below:

The Economy Pegged to the price of oil and gas, T&T’s economy is temperamental at best. The economic climate has a domino effect on the level of commercial activity and thus the movement and migration of businesses within the commercial realm. For instance, with commercial overcrowding and traffic becoming more of a challenge in the capital, we’ve seen many companies consolidate branches, and relocate to areas outside of Port of Spain.

While isolated moves by one company may not make much of a difference, en masse they trigger an entire trend within the segment.

Demand and Supply Just like any other industry, demand and supply determine the market price of this commodity. Similarly, the demand for A Class and B Class office space in the last decade spurred the construction of new buildings around Port of Spain and more recently, in Aranguez, Chaguanas,

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and Trincity. Consequently, the landscape of the standard office building has changed as has the supply of office rentals and also rental and sale prices.

Government occupancy All political controversy aside, occupancy of privately owned properties by the public sector and government agencies influence the rental rates and supply of office space across the board. The yardsticks by which we measure commercial standards, rates and codes between private and public sector buildings are usually vastly different. As the migration of some public sector agencies and ministries out of private sector buildings increases, the commercial landscape changes.

Foreign occupancy With the influx of global organizations on our shores and in our cities, building owners have had to comply with international building standards and classifications to satisfy our foreign tenants. For instance, hurricane and earthquake codes, safety and sustainability conventions are now a norm in more modern commercial properties. But as standards of buildings increased, so did our rental rates.

Customer confidence The intangible factor of fear influences the velocity and development, or lack thereof, of the commercial market.

The environmental pressures of foreign exchange and international investments all trickle down to this market and shape the buying or renting behavior.

To this end, all other factors being equal, once there’s an inclination of decline or failure, businesses hold fast and curtail spending; so too does the commercial market.

C O M M E R C I A L

R E N T A L S

PARK PLACE Port of Spain

Located on the Queen’s Park Savannah, this recently constructed office building brings a new elegance to Queen’s Park West. Minimalist contemporary design married with a touch of art deco brings this building to life.

features: Spectacular Savannah views, tiled A-class office space, other occupants include international organizations, 24 hour security floor area: 9,043 sq. ft. rental price: TTD $153,731 per month

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C O M M E R C I A L

R E N T A L S

INVADER’S BAY TOWER Port of Spain

This impressive, high-profile building is adjacent to the Marriott Courtyard and the Movie Towne cineplex/shopping and dining centre. Sophisticated presence in highly accessible seaside location.

features: Ocean views, excellent location, A-Class corporate space, generous onsite parking

floor area: 4,089 sq. ft. rental price: TTD $65,424 per month

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C O M M E R C I A L

R E N T A L S

ELEVEN ALBION Port of Spain

Modern, fully outfitted office space, just off the Queen’s Park Savannah. Adjoining this building is a historical, impeccably maintained colonial era building with heaps of character.

features: Ample parking on the compound, great location, safe and secure

floor area: 7,300 sq. ft. rental price: Available on Request

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C O M M E R C I A L

R E N T A L S

PRINCES COURT Port of Spain

Executive top floor office space overlooking the National Academy for the Performing Arts with views extending to the Northern Range and over downtown Port of Spain and the Gulf of Paria to the south.

features: Rooftop entertainment area, onsite facility management team, 24 hour security

floor area: 11,318 sq. ft. rental price: TTD $135,816 per month

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C O M M E R C I A L

R E N T A L S

GEORGE BROWN BUILDING Port of Spain

Known as a Heritage Building, George Brown has been renovated and retrofitted to executive standard and is on the Queen’s Park Savannah.

features: High visibility in an excellent location, great for professional/doctor/consultant, ample onsite parking floor area: 3,400 sq. ft. rental price: TTD $35,000 per month

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C O M M E R C I A L

R E N T A L S

NEWTOWN CENTRE Port of Spain

Situated on bustling Maraval Road, this building features an impressive and unexpected rooftop area with panoramic views of Port of Spain and walking access to many eateries.

features: Close to amenities, prime location, safe and secure

floor area: 7,379 sq. ft. rental price: TTD $95,927 per month

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C O M M E R C I A L

R E N T A L S

TRINCITY COMMERCIAL CENTRE Trincity

features: High visibility location in a growing commercial hub, easily accessible to major roadways, close to airport and other amenities floor area: 16,650 sq. ft. rental price: Available on Request

BRIAR PLACE St. Clair

features: Ground floor space in premium building, prime location, large patio area, generous onsite parking available floor area: 3,747 sq. ft. rental price: TTD $63,699 per month

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Commercial Market Insights Terra Caribbean Trinidad has collated data from over forty buildings and produced our annual Commercial Rental Rate Study for over a decade.

Our study, which focuses on A Class, B+ Class and B Class buildings within high demand areas, is based on data extracted from our proprietary database.

rate of private office rental space has increased to as much as 25%. This in turn has affected the Average Rental Rate per square foot of A, B+ and B Class Buildings, with A Class buildings affected the most.

Rental Rates

In 5 short years, 2014 to now, the commercial office rental real estate market has taken a steep nosedive into near stagnation. In our 2014 survey, we highlighted that the market was buoyant with demand outweighing the supply of A Class and B Class office space.

In our analysis below, we have compared A Class, B+ Class and B Class buildings, within the same area of Port of Spain, over a 12 year period. All buildings selected are within walking distance of each other and face the same challenges of traffic congestion, offsite parking and proximity to amenities. Thus, all other factors being equal, the primary variable in this evaluation is the Class of each building.

Since then, in response to a worldwide decrease in the demand for oil and by-products of oil, large corporations of the petrochemical industry have downsized operations globally, as well as in Trinidad. Consequently, the vacancy

The information shows that the current commercial office rental market is conducive for tenants to relocate from substandard accommodations to superior, more modern buildings.

Average Base Rental Rate / Month per square foot

Figure 1 $20

A CLASS

$16

B CLASS

B+ CLASS

$18 $14 $12 $10 $8 $6 $4 $2 $0

2007

2008

2009

2010

2011

2012

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2013

2014

2015

2016

2017

2018

C O M M E R C I A L

$

Common Area Maintenance (CAM)

the building. Consequently, due mainly to the increases in vacancy rates in A Class buildings, there has been pressure on CAM rates as building owners have carried the shortfall in CAM as seen in Figure 2 below.

Unlike monthly per square foot rental rates, Common Area Maintenance (CAM) rates are not subject to the ebbs and flows of the economy.

Commercial Sale Trends

Fundamentally, CAM is determined by the aggregate cost of maintenance of a building’s common areas, shared internal services and statutory expenses and can change based on the age of the building, the level of maintenance and peripheral factors such as inflation and labour costs. The tenant’s share of CAM is calculated proportionate to their respective space rented as a percentage of the entire Net Rentable Area of

The turbulent commercial rental market has translated into a contraction in the commercial sale market of office buildings.

As commercial developers adjust to recovering capital outlays over longer investment periods due to the unpredictable market, demand for commercial sales has weakened as illustrated, based on our data, in Figure 3 below.

Common Area Maintenance Rate / Month per square foot

Figure 2 $6

A CLASS

B+ CLASS

$5

B CLASS

$4 $3 $2 $1 $0

2007

2008

2009

2010

2011

2012

2013

2014

2016

2017

2018

Our information is an amalgamation of Terra Caribbean transactions and market transactions to provide a comprehensive picture of the segment. While this data does not encompass all commercial sales in this segment over the 12 year period, sufficient data was gathered to render it representative of the commercial sale segment.

Number of Commercial Sales

Figure 3

2015

16% 14% 12% 10% 8% 6% 4% 2% 0

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

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C O M M E R C I A L

The Office Renaissance It wasn’t long after smart phones, tablets and the ubiquitous Wi-Fi that workplace pundits predicted the end of the office. If emerging technologies allow people to work anywhere, they reasoned, then who needs the office?

As it turns out, the vast majority of workers do because work, at its essence, is a social endeavour. Even people armed with the latest mobile device still come to the office for two main reasons: to connect with other people and to access technology they can’t carry around in their backpacks. The office didn’t go away, but it’s evolving into something fundamentally different.

“

Locally, companies try to attract and retain millennials (seemingly every company’s challenge) by implementing a BYOB or Bring Your Own Device policy. Local firms in the private sector are moving away from the Scott Adams cubicle farm type layout and employing more benching type workstations.

”

Tech startups in the early 2000’s were some of the first to make radical changes in their workspaces. Communal tables and do-it yourself design may have been a necessity for cash-strapped entrepreneurs, but the informality and creativity struck a chord with workers everywhere. Tech startup offices were really just an early signal of greater change to come. After years of frustration and growing fatigue over the sea of sameness that so many offices had become, people wanted more autonomy, self-expression and freedom. Emerging technologies offered an escape route and many people voted with their feet, leaving the office whenever possible to work elsewhere.

It seemed like a good idea, at first. The idea of waving goodbye to the office and working in a cool coffee shop seemed like a worker’s utopia. Until they actually did it for a while. Then people started to discover that cushy sofas get uncomfortable and small tables make it tough to spread out your stuff. Remote work proved to be a solution some of the time, but not all of the time. In fact, Gallup’s State of the T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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American Workplace report found that people who worked remotely 20 percent of the time or less were the most engaged. But the study also revealed that higher levels of remote work correlated with higher levels of disengagement.

It seems that enthusiasm for remote work was tempered by the underlying need to seek places that offer emotional as well as physical comfort where it was easy to get work done.

Also, management remembered something critical about the office. In 2013, Yahoo’s CEO, Marissa Mayer, catapulted the office into mainstream media when she told her employees to go “back to work.” Her decision to re-establish the office as Yahoo’s primary workPlace was a strong signal to employees about her belief that people need to come together in physical space in order to do their best work, amplifying their own performance, as well as that of their organization. Place shapes behaviour. Behaviour over time is culture. Corporate culture.

Locally, companies try to attract and retain millennials (seemingly every company’s challenge) by implementing a BYOB or Bring Your Own Device policy. Local firms in the private sector are moving away from the Scott Adams cubicle farm type layout and employing more benching type workstations. In the process the total square feet per employee, and cost per square foot, is shrinking, though from a lower starting point than in North America. Designers are being encouraged to add a lot more colour as well.

In addition, the café or “third place” is moving into the workplace. The old dark lunchrooms of the past are being refurbished into bright, colourful, “Work Cafes”. This has the added benefit of increasing their usage throughout the day.

And so began the office renaissance. Like any cultural movement, most people don’t realize the impact while they are in the middle of it. Things begin to change around us, gradually at first, and then suddenly it seems like everything is different.

KEY FORCES ACCELERATING THIS CHANGE: Where and How Work Happens Has Changed Rapid advances in technology allow people to work anywhere, anytime. It’s clear that the old paradigm-one person working almost exclusively in one workspace-does not support the ways people are working today.

C O M M E R C I A L

The Shift to Creative Work New pressures to compete and grow businesses shifted organizational emphasis toward work that requires creativity and a new, team based innovation process. Many workplaces don’t make spaces for creative collaboration a priority.

The War for Attracting and Retaining Talent Employees with coveted 21st-century job skills, millennials for example, those who can help organizations innovate and grow, are a limited commodity. They often choose organizations that offer the most meaningful work, rejecting anything that makes them feel like a cog in the wheel of industry. Organizations have become aware that this is true for attracting new employees as well as retaining existing ones.

Employee Disengagement Over one-third of workers in 17 of the world’s most important economies are disengaged, according to a study conducted by Steelcase and according to global research firm Ipsos. The study found that the most disengaged workers were also the most dissatisfied with their work environments, citing a lack of control over where and how they work. Workplaces with a strong focus on uniformity

don’t empower people. This creates a crisis for organizations that need to be agile and resilient.

The Promise of Technology Consumer technologies are a game changer for the office.

People are accustomed to technology that helps them drive better, manage their home appliances remotely, walk more, sit up straighter or connect more with their friends and family. Then they come to offices where technology largely exists on desktops or mobile devices, and no one has thought about embedding it in the physical environment to help make the work day better.

As all these forces converge, individuals and their organizations recognize that something fundamental has to change. The office “the Place” is like an ecosystem.

Organisms in ecosystems evolve because there's pressure on the status quo. In the case of the office, there’s an ‘anti-corporate’ backlash because the term ‘corporate’ implies that a space has been created for the benefit of the organization, not the person. It’s putting pressure on the “Place” to change. The infinite challenge of the “Place” is to meet business needs while we’re serving the needs of human beings.

Ryan Proudfoot Managing Director, Total Office Ltd. T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

R E N T A L S

SOUTH PARK San Fernando

features: Prime office space above new shopping plaza, ample onsite parking and security, easy access to the highway and city centre

floor area: 10,108 sq. ft. rental price: Available on Request

ERNST & YOUNG BUILDING St. Clair

features: Fully outfitted first floor office space, prime location, onsite parking for 12

floor area: 4,134 sq. ft. rental price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

R E N T A L S

KAZIM TOWER Port of Spain

features: Furnished first floor office space, views of the Queen's Park Savannah, 24 hour security, top floor executive space also available floor area: 3,519 sq. ft. rental price: TTD $66,861 per month

BRENTWOOD PROFESSIONAL CENTRE Chaguanas

features: New three-storey commercial building located within the prestigious Brentwood Town Centre, notable presence in a developing hub, adequate onsite parking facilities

floor area: 1,487 sq. ft. rental price: TTD $15,626 per month

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

R E N T A L S

MAPLE HOUSE St. Clair

features: Third floor space in prime location, ample onsite parking, secure building, ground and first floors also available floor area: 6,100 sq. ft. rental price: TTD $82,960 per month

ENDEAVOUR ROAD Chaguanas

features: Furnished first floor, premium office building in Chaguanas with easy highway access, three floors of the building are available and can be rented together floor area: 7,500 sq. ft. per floor rental price: TTD $90,000 per month

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

R E N T A L S

SAVANNAH EAST Port of Spain features: • Savannah East is the first LEED

(Leadership in Energy and Environmental Design) certified building in the English-speaking Caribbean

• Located on the Queen’s Park Savannah,

this building benefits from the stunning panoramic views of this fantastic green space and the wider city of Port of Spain

• This 78,000 square foot building was

designed in the most efficient, modern, and environmentally responsible methods

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• Rooftop suite is equipped with gym,

lounge areas, and corporate meeting room with all of the modern luxuries and is partially open to enjoy breathtaking views of the Savannah

• Enjoy innovative eco-friendly features,

including solar-powered lighting, insulated glass windows, rainwater capture for irrigation and a living wall

• Features 160 dedicated car spaces,

smart card access, CCTV with live coverage, a full backup generator and ample water storage

• Encourage the business community to

a level of social corporate responsibility and commitment with a tenancy at Savannah East 27

C O M M E R C I A L

GREEN is just good business In March 2017, RGM’s newest commercial property, Savannah East, received its Leadership in Energy and Environmental Design (LEED) certification, making it the first ever ‘green’ building in Trinidad and Tobago, as well as the first building certified under LEED-CS v2009 (Core & Shell certification) in the Englishspeaking Caribbean.

It was big news for the regional commercial real estate market. As the internationally recognised, independent verification that a building is designed, built and will operate in an environmentally responsible way, Savannah East’s LEED certification signalled the start of a move towards sustainable corporate development in the Caribbean.

“

Green buildings cater for these probabilities. Savannah East is designed to be hurricane and earthquake resistant, with solar-powered lighting, rainwater capture for irrigation, insulated glass windows and a living wall.

”

Well-maintained LEED-certified buildings routinely produce less waste and are more energy efficient than their traditionally constructed counterparts. In a University of San Diego study that was featured in the Journal of Sustainable Real Estate, researchers surveyed over 500 tenants located in LEED or Energy Star labelled buildings and found that these working environments boosted companies’ productivity, reduced sick days and made it easier for them to recruit and retain quality employees.

Quite apart from green buildings speaking volumes about tenants’ commitment to corporate responsibility (Savannah East, for instance, generates much less waste and has a T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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smaller impact on the surrounding community than a non-LEED building would), healthier buildings make good economic sense. According to the Intergovernmental Panel on Climate Change (IPCC), buildings - thanks to the massive amounts of energy they consume via mostly petrol-based lighting and air conditioning - account for the majority of the earth’s carbon dioxide (CO2) emissions. Limiting global warming would require “rapid and far-reaching” changes by various CO2 contributors - including energy, transport and yes, buildings. One IPCC report said that human-caused CO2 emissions would need to fall by as much as 45 percent from 2010 levels by the year 2030, reaching “net zero” by 2050 in order to reduce the negative impact on ecosystems and human health.

By using much less energy to carry out the same functions non-LEED structures do, green buildings can help achieve that goal. Even if you don’t care about the environment (and island nations in particular should be very concerned about rising sea levels), eco-friendly buildings make sense for your bottom line. The operational savings to be dervied from a LEED-certified building like Savannah East is one of the main reasons that so many commercial buildings all over the world are choosing to go the sustainable path - and tenants are lining up to occupy them because they understand how sustainability can positively contribute to profitability. Green buildings shield their tenants against market factors like rising electricity prices, which are out of their control and can really take a bite out of profits.

Caribbean companies should also view green buildings as an insurance policy of sorts. With the United States pulling out of the Paris Agreement (the international coalition intended to slow down the rate of global warming by curbing the level of emissions), climate change now has the potential to more rapidly affect the smaller, vulnerable countries located in America’s backyard. Quite apart from rising sea levels, climate change threatens the supply of water and increases the likelihood of natural disasters. The signs are already there: the Caribbean has grappled with fierce hurricanes and devastating earthquakes with greater frequency over the last decade, leaving much of the archipelago like sitting ducks.

C O M M E R C I A L

Green buildings cater for these probabilities. Savannah East is designed to be hurricane and earthquake resistant, with solar-powered lighting, rainwater capture for irrigation, insulated glass windows and a living wall. These are all features that make the building environmentally friendly, but just as importantly, they make it smart. Gerard D’Arcy, RGM’s Chief Executive Officer, hopes that this example of sustainability will help to make environmentally conscious construction a priority in the region. “Just as health and safety considerations are now the industry norm, commercial real estate developers should be committed to sustainable development practices,” he says. “RGM does

this for all its existing buildings, even those that are not LEED-certified, and we are committed to doing it for future developments.”

Better energy efficiency, water conservation, healthier air and the use of recycled materials all contribute to reducing a building’s environmental footprint while maxmimising profits. Going green can definitely increase the “green” your company earns.

RGM Limited

SOURCES: • Green Buildings and Productivity, Draft: August 19, 2009, by Norm G. Miller, PhD, University of San Diego, Burnham-Moores Center for Real Estate and Dave Pogue, LEED AP and National Director of Sustainability, CBRE, with Quiana D. Gough, University of Baltimore and Susan M. Davis, Bachelor of Commerce, University of British Columbia (http://catcher.sandiego.edu/items/business/Productivity_paper_with_CBRE_and_USD_Aug_2009-Miller_Pogue.pdf) • The IPCC Summary for Policymakers of IPCC Special Report on Global Warming of 1.5°C approved by governments (https://www.ipcc.ch/2018/10/08/summary-for-policymakers-of-ipcc-special-report-on-global-warming-of-1-5c-approved-by-governments/

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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TERRA Caribbean’s

Classifications of Office Buildings To sufficiently categorize and sort various buildings within similar areas, we have utilized appropriate classifications, which are akin to BOMA (Building Owners and Managers Association) International’s description. However, Terra Caribbean Trinidad’s classifications take into consideration factors unique to the local market, such as parking ratios, vehicular congestion and degree of professional management of the building.

PARAMETERS

A CLASS

B+ CLASS

B CLASS

Location

• Well-located in terms of access and egress into and out of the business hub, • in relatively safe area • with proper road infrastructure

• Well-located in terms of access and egress into and out of the business hub

• Within main arteries and road networks of business hub

• Managed by a professional facilities management team • with staff stationed at the building or 24-hour off-site monitoring

Between 1:350 and 1:750

• Managed by a professional facilities management team • with regular visits and communication

More than 1:750

• On-staff building manager or • managed by owner

• Within easy access of amenities for tenants, • equipped with green spaces, • fitness facilities and • designated entertainment areas

Parking Ratio Management Company

Safety, Security & Internal services

Amenities

Architectural Designs & Finishes

Market Perception

1:500 or lower

• 24 hour security and access into building for tenants, • OSHA compliance, • superior building code requirements and certification

• Superior quality fixtures and fittings in common areas, • above average quality flooring and ceiling infrastructure, • excellent building flow • High profile building with aesthetic appeal

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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From converted residential structures to environmentally efficient buildings, our team has witnessed the transformation in the office space landscape. However, as building standards change to accommodate the modern tenant market, it is imperative to understand the principal distinctions between various classes of buildings and their corresponding costs.

• 24 hour security and access into building for tenants, • OSHA compliance, • Card entry

• Standard security, • building code requirements met

• Within easy access of amenities for tenants • Shared communal spaces

• Within relatively easy access of amenities for tenants

• Standard quality fixtures and fittings in common areas, • standard building flow

• Standard quality fixtures and fittings in common areas, • standard building flow

• High profile building with average appeal

• Standard building

C O M M E R C I A L

S A L E S

PRINCESS MARGARET STREET San Fernando

Standing on approximately 23,600 square feet of freehold land, this commercial listing is outfitted for use as a medical center with room for expansion.

features: High visibility, freehold land, easily accessible

floor area: 6,195 sq. ft. land area: 23,614 sq. ft. price: TTD $4,000,000

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

S A L E S

PT. LISAS BUSINESS PARK Pt. Lisas

New dock high warehouses in a secure gated business park, within close proximity to the Port of Pt. Lisas. Perfect for different types of companies and can be outfitted as showrooms or offices.

features: Customizable to suit your business needs, established businesses already in occupancy, paved yard space for parking of containers and trailers floor area ranges from: 6,400 sq. ft. - 12,750 sq. ft. prices range from: TTD $5,000,000 TTD $9,240,000

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

S A L E S

HILLCREST DRIVE Cascade

Well-maintained home in a mixed-use zone that can be converted to office space. Hillcrest Drive is a fantastic location, just outside of Port of Spain with the usual amenities within reach.

features: Freehold land, parking onsite for 14 cars, prime location for professional offices or small business

floor area: 2,720 sq. ft. land area: 16,467 sq. ft. price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

S A L E S

HOBSON STREET San Fernando

Hobson Street is just outside the city centre in an established area of other commercial businesses.

This property includes two 2 storey structures for office space and warehousing.

features: Great location close to established businesses, move-in ready, parking for 15 vehicles

floor area: 10,500 sq. ft. land area: 10,000 sq. ft.

TTD $4,500,000

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

S A L E S

LADY HAILES AVENUE San Fernando

New four storey office building in the heart of San Fernando that takes advantage of the ample road network in this busy city centre. Set on 38,000 square feet, Lady Hailes Avenue features ample onsite and soft parking.

features: High visibility in the city centre, great parking, new construction

floor area: 38,000 sq. ft. land area: 18,000 sq. ft. price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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C O M M E R C I A L

S A L E S

LA SARGESSE ROAD Santa Cruz

Outfitted as a guest house, this grand 3 storey, 14 en-suite bedroom listing has various balcony views as well as annex units. To the rear of the property includes outdoor entertainment area, swimming pool with Jacuzzi and onsite parking capacity for at least 10 vehicles.

features: Spacious and well maintained, beautiful finishes, furnished and in a quiet and serene and upscale neighborhood

floor area: 11,650 sq. ft. land area: Approx. 1 Acre price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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High-End

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

THE LOCH NEST

Beaumont Ridge, Maraval

An impressive property boasting some of the best views in Maraval. The grand entrance of this house takes advantage of these unhindered views through a two storey glass window.

• •

•

• The Loch Nest has 7 bedrooms and 9 full baths over two separate wings of the property The South wing of this property is its own enclosed 4 • bedroom en-suite residence with full entertainment quarters, complete with study, gym and media room • The master suite resides in the South wing and has a walk-in closet and hotel-grade bathroom with double showers

Independently accessed staff quarters and a 2 bedroom guest suite with self-contained kitchen and living areas All bedrooms have private balconies, benefiting from the surrounding views and 3 bedrooms have lofts The 3 car enclosed garage is off to the side of beautifully landscaped multi-level gardens. The pool, Jacuzzi and gazebo area are centrally located

floor area: 10,000 sq. ft. • land area: 21,520 sq. ft. • price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

ROCKDALE ROAD Blue Range, Diego Martin

A Maureen Legge design, fully automated and contemporary home. With clean lines and lots of living space, this home is on the edge of technology and is also available for lease.

•

•

This sprawling 6 bedroom home boasts all of the modern comforts and is fully automated. Enjoy complete remote access, from the security camera system and entry to the lights and televisions The kitchen is custom built with quartz countertops which flows throughout to the bathrooms, bar and utility room

•

•

Saltwater pool includes a heated Jacuzzi and a pool deck made entirely of quartzite. The entertainment area also features a full outdoor kitchen and gazebo Water storage is not an issue in this property; the 2000 gallons of onsite water storage includes a water softener and water filter as well as a full garden sprinkler system

floor area: 6,964 sq. ft. • land area: 15,052 sq. ft. • price: Available on request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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TERRA REDBOOK2019-TRINIDAD-FINAL3.qxp_Layout 1 7/22/19 1:43 PM Page 41 H I G H - E N D

P R O P E R T I E S

THE RENAISSANCE AT SHORELANDS Shorelands, Cumana

Tucked away in the Western peninsula, The Renaissance at Shorelands is an opulent development, inspired by Roman and Greek architectural styles.

•

•

This resort-style development includes a wide range of first class services and amenities from saunas and spas to a 24 hour concierge service, as well use of a conference room and business centre Choose from spacious 2 bedroom, 3 bedroom and 4 bedroom condos, all of which convey a sense of refined elegance and sophistication.

•

•

Each condominium also enjoys a majestic view of the Caribbean Sea by day and the dazzling city lights of Port of Spain at night The Renaissance delivers unparalleled privacy, security, and peace of mind

2 bed | 2 bath • floor area: 2,815 sq. ft.

3 bed | 3.5 bath • floor area: 4,135 sq. ft.

4 bed | 4.5 bath • floor area: 5,095 sq. ft. price: Available on request T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

VALLEY VIEW DRIVE Maracas, St. Joseph

Veiled in the lush greenery of Maracas Valley is this secluded sanctuary, Valley View Drive.

Exquisitely designed, this plantation style home is an unexpected treasure, full of character.

•

The spacious 3 bedrooms and 3 bathrooms of this home

•

landscaped gardens and a majestic Samaan tree

breathe effortlessly unto a manicured lawn •

Fully furnished, the open concept living room and wrap-

Valley View sits on an expansive lot of land, adorned with

•

A 2 car enclosed garage, additional storage, small day

around porch flow unto a tea terrace with outdoor dining

room with bathroom en-suite and two adequate water

space, overlooking a large pool and cozy cabana

systems complete this opulent residence

floor area: 4,678 sq. ft. • land area: 20,766 sq. ft. • price: Available on request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

NUTMEG AVENUE Haleland Park, Maraval

Located on a private, elevated site at the end of quiet Nutmeg Avenue, this grand property overlooks the established neighbourhood of Haleland Park.

•

• •

The carriage porch entrance to the main house boasts an authentic Venetian water fountain and adjoining coy ponds flow to a man-made waterfall to the back of the property With 4 bedrooms and 3.5 bathrooms, this capacious home boasts of both old architecture and modern luxuries The updated kitchen flows to an open living and dining room area which continue out to a covered porch

• • •

This property also includes a 2 bedroom annex equipped with its own kitchenette and sitting area Adding to the lush aura and privacy of the site is the adjacent sloping land of approximately 45,000 square feet A 3 car covered garage completes this stately home

floor area: 7,900 sq. ft. • land area: 64,082 sq. ft. • price: TTD $7,250,000

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

Let’s Talk LUXURY! It goes without saying that the Trinidad economy has seen decades of buoyancy and wealth and consequently a property market fueled predominantly by domestic buyers.

Additionally, with real estate being the greatest source of private wealth locally, it’s no surprise that high-end homes exist in Trinidad and Tobago for us Trinis, by us Trinis.

On the other hand, in other Caribbean markets, namely Barbados, Grenada, Antigua and St. Lucia, where tourism is their mainstay, luxury homes and villas are not only priced in the tens of millions of US dollars but are also developed to a higher standard to attract an international, wealthy clientele.

Here at home, our international market consists mainly of expatriates on business missions, converting into both residential and commercial leases from a largely transient population.

So who’s buying all these high-end homes in Trinidad and Tobago?

The Market Traditionally, astute property investors with an eye on the market seeking to provide rental accommodation for the captive expat segment of varied income strata purchased high-end homes for lease. Financial institutions and embassies also purchased high-end homes for their top-level executives and diplomats.

But recently, there has been a trend in that niche market of banks and embassies, towards leasing high-end homes for their personnel while disposing their luxe properties off the books. Simultaneously, investors’ capital followed the tenancy market and with the contraction of the petrochemical sector came a drastic decrease in demand for expat rentals locally. Unfortunately, this decrease in leasing of high-end homes far outweighs the small subsection of the market that are moving towards leasing, resulting in a net effect of empty high-end accommodations.

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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Consequently, on the sale side, the only purchasers remaining for these luxury homes are local owner/occupiers with the means to purchase and maintain properties of this caliber.

What does this mean for the high-end home investors?

Due to the significantly limited pool of buyers and the even smaller pool of tenants, the lower demand has effectively pushed the market for high-end homes into a buyers’ market.

What constitutes a luxury home in T&T?

Price For the majority of luxury homeowners and investors in the fortunate position of not needing to sell, the market does not change their perception of value or price. For the market however, the category of high-end homes is quite subjective.

Given their international clientele, luxury homes in Barbados, Grenada and Antigua, begin around the $1m USD price tag and climb to numbers well beyond those found in Trinidad and Tobago, to exceed their customers’ expectations. In Trinidad and Tobago however, these homes usually exist in the above $7m TTD range, about $1m USD and usually do not cross the $20m TTD range. As the price tag gets higher, the already limited pool of buyers decreases.

Location All this being said, the price of a property on its own, does not automatically qualify it as a high-end home. The ascribed prestige and esteem of exclusive locations play a crucial role in the value of a high-end property. Neighbourhoods like Ellerslie Park, St. Clair, Bayshore, Fairways, Millenium Lakes, Moka, Goodwood Park, Valsayn and Bel Air, just to name a few, are the areas that fetch the big bucks and lure the affluent populace of Trinidad and Tobago. However, forced by the limited availability of properties for development in these prime districts, ill-advised buyers seeking the luxury lifestyle have chosen to overdevelop properties in otherwise middleincome locations, disregarding the investment and price bracket for the area. Consequently, capital invested is often times not recouped as resale values are not realized simply based on one factor: Location! For instance, a high-end home in a middle-income location could potentially be worth less than a small home in an upscale neighbourhood.

H I G H - E N D

Design The common misconception is a big house is a luxury house but luxury is not represented by size alone. Developing a luxury home begins at the planning stage and all factors coming together. Location, functionality, design, premier quality of finishes and luxe amenities collectively catapult a property into high-end home status.

The local residential market is behind the curve when it comes to embracing professional architecture but it is becoming increasingly popular to consult with an expert when building a home that is not only luxurious but also, timeless and practical. Of course, it must not only be visually arresting with a feeling of grandeur but even more importantly flow well for ease of lifestyle. Hence, open floor plans with vaulted ceilings, stunning, modern kitchens with high-end finishes, grand bedroom suites with hotel-grade bathrooms, and more than ample entertaining areas are the norm for high-end homes.

Caribbean lifestyle means outdoor living is just as important as indoor areas. These high-end homes continue the flow and

P R O P E R T I E S

functionality of the house externally, with outdoor living spaces, complete with wet bars and kitchens, gazebos and water features, and well-landscaped grounds around impressive pools.

Comfort is key. Therefore, to supplement our local infrastructure, amenities such as water storage and back-up generators are a necessity for a house in this price bracket. Security is also a top priority and fully automated camera and alarm systems are obviously essential in these homes. Additionally, with the emergence of smart home technology, the new norm of controlling everything remotely is an added benefit in a luxe home.

Luxury homes and the markets for them in T&T are vastly different to our Caribbean neighbours. Even though our clientele may not be an international one, we are definitely affected by the global ebbs and flows of trends, and while our luxury home market is definitely a niche one, the volume makes it a segment to keep an eye on.

Jean-Paul de Meillac Chief Executive Officer

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

CHATEAU DE CHANTILLY Maraval

Chateau de Chantilly is the life of luxury. These 16 architecturally designed units present large open-plan areas that flow naturally into each other.

•

•

The 3 bedrooms, located on the third level, are private sanctuaries complete with walk-in closets and each has its own en-suite bathroom The fixtures reflect the feeling of lavishness with quartzstone countertops, stainless steel appliances, Italian porcelain tiles and top brand fixtures and fittings

floor area: 2,398 sq. ft. • price: TTD $6,740,000

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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•

•

Enjoy a private plunge pool to the rear of the unit, completely concealed and secluded or utilize the community pool This gated community with 24 hour security affords you the city life convenience and the country life peace and tranquility

H I G H - E N D

P R O P E R T I E S

SAMAAN DRIVE

Perseverance, Maraval

A gorgeous Spanish-style, architecturally designed property, Samaan Drive is unassuming from the entrance but opens up into a unique tri-level home.

• •

Samaan Drive takes advantage of the topography of the area to create separate but interconnected levels of privacy The 4 bedroom, 4.5 bath home features a spacious entertainment area around the pool and beautifully landscaped gardens

•

This property also includes a full apartment under the main residence, with separate entrance

floor area: 6,320 sq. ft. • land area: 11,255 sq. ft. • price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

P R O P E R T I E S

ATLANTIC AVENUE Shorelands, Cumana

This completely rebuilt, modern home in a prime location, benefits from clean lines and open living spaces. With a fully equipped annex and large yard, this listing is the perfect family home.

• •

•

The main house features 3 bedrooms and 2.5 bathrooms with high ceilings and central air conditioning The open-plan kitchen boasts quartz countertops, full height tiled backsplashes and quality stainless steel appliances in custom-built wall and island cabinetry The 2 bedroom annex includes full staff facilities and both the main house and the annex are equipped with security alarm systems and smoke detectors

• •

A large yard with green landscape wraps the residence with lots of space for children and pets and a pool The automated sliding gate conceals the 4 car driveway and the enclosed 2 car garage

floor area: 3,225 sq. ft. • land area: 10,285 sq. ft. • price: Available on Request

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

R E N T A L S

COCO GREENS

Moka, Maraval

This exquisite Caribbean styled golf villa overlooks the 1st hole fairway of the St. Andrew’s Golf Course in the beautiful Moka Valley in Maraval.

•

Elegantly furnished and wonderfully designed, this

•

and landscaping service

3 bedroom, 2.5 bath villa is the ultimate getaway, •

right on the edge of West Trinidad •

This rental is hassle-free; it includes complimentary pool

The infinity pool looks onto the peaceful greens of the

Enjoy 20,000 square feet of open garden space, and quiet serenity in a secure and gated residential community

golf course

floor area: 4,000 sq. ft. • rental price: TTD $39,440 per month

T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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H I G H - E N D

R E N T A L S

THE VILLAS AT HALELAND PARK Moka, Maraval

The Villas at Haleland Park, a development superbly designed and located in an exclusive gated community comprising of both cluster and stand-alone units.

•

•

The two storey cluster units are designed with a sky light, indoor • balconies and artistic wrought ironwork throughout while the stand-alone units have external balconies off every bedroom All units include modern kitchens. High-end appliances are • included with each unit and match perfectly with premium finishes of granite countertops, premium cabinets and hardware

Bedrooms in these lovely villas are well-appointed and en-suite. Additionally, folding doors from the master bedroom allow a view to the lower atrium Select units in this development include private plunge pools with a cascading water feature into the pool, completing the backyard oasis

las colinas (Cluser Units): floor area: 3,433 sq. ft. • rental price: TTD $37,400 per month la silla (Stand-alone Units): floor area: 2,836 sq. ft. • rental price: TTD $30,600 per month

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H I G H - E N D

R E N T A L S

CEDAR AVENUE Bayshore

This waterfront property overlooking the Gulf of Paria takes advantage of the coastal sea breeze in every way. Open and airy, Cedar Avenue is the perfect rental for a family.

•

•

Expansive 5 bedroom, 6 bathroom executive home with open plan living area which flows directly onto the pool and beach The master bedroom enjoys a spacious walk-in closet and a balcony that looks out onto the water

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•

The sprawling driveway leads to a 2 car enclosed garage and the house is secure with full alarm and intercom system Cedar Avenue is equipped with a generator to ensure that the tenant avoids even the shortest moments of discomfort

floor area: 5,500 sq. ft. • rental price: TTD $57,800 per month

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H I G H - E N D

R E N T A L S

THE HAMLET Moka, Maraval

This single storey executive, fully outfitted apartment is beautifully furnished and offers views of St. Andrew’s Golf Course from the moment you enter.

•

As you enter this unit, the kitchen which features granite counters and stainless steel appliances, is to your right

•

•

The natural flow of this unit leads you out onto a large outdoor patio with a private plunge pool

The spacious formal living and dining room areas are off the kitchen and lead to three en-suite bedrooms

floor area: 4,500 sq. ft. • rental price: TTD $20,400 per month

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Residential

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R E S I D E N T I A L

S A L E S

Residential Sale Insights Despite pitfalls in the economy, demand in the middle to lower Residential Sale segment has remained stable over the last 5 years.

However, the composition of types of property and price ranges has changed to match that of changing consumer demands.

Based on our data, house sales declined within the year 2014 to 2015, remained steady through to 2017, and then 2 declined in 2018. Moreover, the disparity between house

sales and combined sales of townhouses and apartments has decreased over the 5 year period, concluding in an excess in combined townhouse and apartment sales of 10% over house sales in 2018. This trend can be attributed to market forces.

On the supply side, the scarcity of available land in densely populated high-demand areas and the respective costs have driven residential developers to construct multi-family dwellings to maximize on land size as well as building costs.

On the demand side, townhouses and apartments are more affordable properties for the market that presently has the

Houses

Number of Transactions by Property Type

Figure 1

Land

Townhouses Apartments

60% 50% 40% 30% 20% 10% 0

2014

2015

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2016

2017

2018

R E S I D E N T I A L

purchasing power and are an alternative to houses of the same age. Therefore, the demand for these properties has increased over the past 5 to 10 years as the supply of middle to lower income housing has increased. Additionally, the added benefits of security and low-maintenance living have lured a younger, buying population to these new developments.

The category of land continues to be a strong seller.

Well-priced land in single family developments offers an opportunity for even the sole financier or lower income family to buy and in some cases, subsequently use the land as equity.

As shown in Figure 2, sales were prominent in the $2m to $4m price range, during 2014. However, as the economy declined in late 2015 to 2016, sales in the $2m to $4m bracket decreased by 5% over the period of 2015 to 2017.

Simultaneously, sales of houses, townhouses and apartments priced below $2m increased by 27% from 2014 to 2017.

S A L E S

... the scarcity of available land in densely populated high-demand areas and the respective costs have driven residential developers to construct multi-family dwellings... $6m price range also decreased incrementally and sales in the over $6m bracket continued to dwindle through to 2018.

Though the economy has not recuperated fully, 2018 marked a change in sales as homes in the $2m to $4m bracket, as well as the $4m to $6m bracket have increased by 9% and 3% respectively, from 2017 to 2018.

While this data does not encompass all residential sales in the country over the 5 year period, sufficient data was gathered to render it representative of the residential sale segment.

Throughout the period 2014 to 2017, sales in the $4m to

Over $6m

Houses, Townhouses and Apartments by Price Range

Figure 2

$4 - $6m

$2m - $4m

$Below $2m

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0

2014

2015

2016

2017

2018

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R E S I D E N T I A L

S A L E S

COCONUT GROVE Perseverance, Maraval

This gem is located just a half mile away from the St. Andrew's Golf Course. The backyard space is an unexpected oasis with manicured grounds, covered verandah with bar and a pool.

features: Master suite has a private terrace overlooking the pool and grounds, recently refurbished kitchen, quiet neighbourhood

4 bed | 3.5 bath floor area: 3,250 sq. ft. land area: 11,416 sq. ft. price: TTD $4,780,000

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R E S I D E N T I A L

S A L E S

FARFAN AVENUE

Santa Margarita, St. Augustine Situated on the mountainside of the Northern Range, this home was designed to bring the outdoors in, with the living area opening onto a balcony overlooking panoramic views of the Central Plains.

features: Upscale and quiet neighborhood, property adjacent to state forest reserve providing a serene atmosphere, appliances included

5 bed | 3.5 bath floor area: 3,780 sq. ft. land area: 10,629 sq. ft. price: TTD $4,300,000

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R E S I D E N T I A L

S A L E S

FAIRVIEW DRIVE Moka, Maraval

Fairview Drive enjoys spectacular views of the St. Andrew's Golf Course and the surrounding mountains.

The open plan living area and vaulted ceilings lend to the airy and breezy ambience of this hilltop location.

features: Excellent location in desirable neighbourhood, wrap-around deck and infinity pool, view of Moka Valley and the fairways

3 bed | 3.5 bath floor area: 3,140 sq. ft. land area: 9,118 sq. ft. price: TTD $4,500,000

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R E S I D E N T I A L

S A L E S

LA ESTANCIA DRIVE Diego Martin

Set on a hill, this property was constructed on three levels which emphasize the flow and function of the house. From this vantage point, this home has commanding views of the lower Diego Martin Valley.

features: Recently upgraded kitchen, move-in ready and in a great neighbourhood, self-contained one bedroom, one bath apartment on lower level, available with appliances and some furnishings

3 bed | 3 bath floor area: 3,875 sq. ft. land area: 9,429 sq. ft. price: TTD $5,100,000

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R E S I D E N T I A L

S A L E S

MOKA ROAD Moka, Maraval

Right on the perimeter of St. Andrew’s Golf Course, this Moka property has many living areas, including a loft and lots of character.

features: Recently refurbished kitchen, available with appliances only, private back patio with pool and landscaped area

6 bed | 4.5 bath floor area: 5,670 sq. ft. land area: 10,072 sq. ft. price: Available on Request

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R E S I D E N T I A L

S A L E S

GULF DRIVE Bel Air, La Romaine

Spacious, luxury home set on over 13,000 square feet of land with a magnificent entertaining area, overlooking ocean views of the Gulf of Paria.

features: Luxury home in upscale neighborhood, fantastic outdoor living space, ample storage space available, available with furnishings

4 bed | 3.5 bath floor area: 4,000 sq. ft. land area: 13,720 sq. ft. price: TTD $6,700,000

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R E S I D E N T I A L

S A L E S

Market Pricing and Exposure period Pricing to market is not an exact science and as the economy, trends and consumer behaviours shift and change, so too does the average market price of a listing. However, our aim as property professionals is to match the right buyer to the right listing in the shortest time possible. To achieve this, we assist our clients by providing comparable properties to determine a suitable list price as close as possible to market price in an effort to reach qualified buyers.

Under normal circumstances, an average transaction in the current residential sale market typically takes 3 to 6 months.

This window of time is the exposure period; the length of time a property is exposed to the market prior to sale, given

the list price. Therefore, if the property is on the market longer than this window of 3 to 6 months, the list price should be reduced, closer to market price of a comparable property.

To show the correlation between the exposure period and the percentage difference of list price over market price, all properties included in this analysis were sold during the years 2017 and 2018 and are residential sales, including land, houses, townhouses and apartments in high-demand areas.

Therefore, the main variable within control in this analysis was the list price. Our analysis shows the larger the disparity between the list price and market price, the longer a property would be exposed to the market unsold.

Market pricing and Exposure period 60% 50% 40%

Percentage 30% price over market

20% 10% 0

5

10

20

Exposure Period in Months

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15

25

30

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R E S I D E N T I A L

S A L E S

KALLIECHARAN LANDS La Romaine

features: Completely upgraded home with ocean views, open plan living area, separate study, covered parking, available with appliances 4 bed | 3 bath floor area: 3,850 sq. ft. land area: 7,506 sq. ft. price: Available on request

SCOTLAND TERRACE Andalusia, Maraval

features: Architect designed home in prime location of Maraval, lovely green views across the Maraval valley, gated and secure residential neighbourhood

4 bed | 2.5 bath floor area: 3,000 sq. ft. land area: 9,943 sq. ft. price: TTD $4,200,000

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R E S I D E N T I A L

S A L E S

COLUMBUS CIRCLE Westmoorings

features: Contemporary home in a prime location, spacious garden area off the river’s edge, large family room on the upper floor, close to amenities

4 bed | 4.5 bath floor area: 4,300 sq. ft. land area: 7,500 sq. ft. price: Available on request

BRENTWOOD PALMS Chaguanas

features: New gated community in the growing district of Brentwood, easy access to highway, shopping and amenities, family neighbourhood

3 bed | 4 bath floor area: 3,006 sq. ft. land area: 5,001 sq. ft. price: TTD $4,000,000

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R E S I D E N T I A L

S A L E S

BENJAMIN STREET Diego Martin

features: Spacious home in family-friendly neighbourhood set on over 13,000 square feet of land, annex with 2 bedrooms and 1 bathroom, sprawling backyard space 4 bed | 2.5 bath floor area: 2,480 sq. ft. land area: 13,590 sq. ft. price: Available on request

ASHLAND AVENUE Valsayn

features: Well-maintained family home on two lots of freehold land, basement space for extra storage or living space, quiet neighbourhood

6 bed | 4.5 bath floor area: 4,188 sq. ft. land area: 10,740 sq. ft. price: TTD $5,200,000

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R E S I D E N T I A L

S A L E S

The Road to Legislation As a member of AREA, Terra Caribbean Trinidad stands in solidarity with the Association to secure the regulation and legislation necessary for the continuity and legitimacy of the Real Estate industry. However, it has not been an easy journey.

that may be construed as illegal. The FIU is mandated to ensure that all agents and agencies are registered, trained in detecting and reporting suspicious activity, collect transaction data in accordance with their compliance manuals and submit to an annual audit to validate compliance with both the FIU’s directives and their individual compliance manuals.

The Association of Real Estate Agents (AREA) was founded by a group of pioneering individuals, in June 1990, and incorporated by an Act of Parliament, which was assented to on July 2nd 2012 - Act No 10 of 2012. This Act confirmed the Association as the only registered governing body for Real Estate in Trinidad and Tobago. Its initial mandate was to provide organizational structure and improve the level of professionalism to an international standard by offering avenues for education and training, establishing standards of practice and a code of ethics for all practitioners in the industry. More importantly, becoming the only registered body for Real Estate was the first step in securing licensing and registration on the road to legislation.

However, AREA’s fight for legislation is not over. AREA collaborates with the Financial Intelligence Unit, Trinidad and Tobago Bureau of Standards, Trinidad and Tobago Coalition of Services Industries, Trinidad and Tobago Group of Professional Associations Ltd, the Institute of Surveyors of Trinidad and Tobago, Central Bank, commercial Banks, The World Trade Organization, Inter-American Development Bank, Accreditation Council of Trinidad and Tobago, University of the West Indies, ROYTEC and other industry stakeholders to further its objectives of establishing a professional and self-regulating Real Estate industry in Trinidad and Tobago.

Being an unregulated industry in Trinidad and Tobago, Real Estate has increasingly become a conduit for crimes like fraud, money laundering and terrorism financing, which are increasingly mounting global challenges. Additionally, without regulation, untrained and unlicensed Real Estate agents are allowed to act as property professionals, further weakening public opinion and perception of the industry. For that reason, legislation has been the top priority for more than two decades and AREA continues to champion this cause.

Enter the Financial Action Task Force (FATF), an inter-governmental body formed by the G7 countries whose purpose is the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing. The formation of the FATF then led to the creation of the Financial Intelligence Unit of Trinidad & Tobago (FIU) with supporting legislation via The Proceeds of Crime Act, Chapter 11.27; The Anti-Terrorism Act, Chapter 12.07; and The Financial Intelligence Unit of Trinidad & Tobago Act, Chapter 72.01. The latter Act established the FIU in T&T and outlined its powers.

One of the mandates of the FIU is to find and monitor all listed business entities within T&T that may be a channel for these crimes and require them to be registered and supervised by the FIU. The Real Estate industry has been identified as one of those sectors which may be targeted for money laundering, acts associated with the financing of terrorism and possible tax evasion.

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A draft Real Estate Broker’s Bill and Policy Document in support of the proposed Bill have been developed in collaboration with the Law Reform Commission and the Attorney General’s office.

The Bill is currently being reviewed and amended after having been circulated for public comment and is expected to soon be laid in Parliament.

With legislation requiring licensing and registration finally becoming a possibility in this sector, the enforcement of standards through education and disciplinary action will be achievable. This will undoubtedly improve the quality of service offered by the entire industry and provide enhanced consumer protection for the general public.

The Road: 1990 - 2019 • • • • • • • •

1990: AREA was established 1994 : Principles of Real Estate Sales pilot course 2012: Incorporated by an Act of Parliament, Act 10 of 2012 2013: Legislation became top priority, worked on full edit of draft legislation 2015: Celebrated 25 years 2017: AREA seminar to lobby for legislation, to which the AG was invited 2018: Policy Document on the real estate industry completed 2019: Government draft Legislation released for general comment

Sasha Anton Real Estate Agent -Terra Caribbean Director (Sales Associate representative) - AREA

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R E S I D E N T I A L

S A L E S

MAHOGANY CIRCULAR

Timberland Park, D’Abadie

features: New construction in the upscale development of Timberland Park, excellent flow from entry into the kitchen, all bedrooms are air-conditioned, close proximity to main roads and highway

5 bed | 4.5 bath floor area: 3,600 sq. ft. land area: 5,000 sq. ft. price: TTD $3,000,000

THE PARK Glencoe

features: Fixer-upper in good location, sizable rooms and covered patio area, close to amenities

4 bed | 3 bath floor area: 3,205 sq. ft. land area: 6,610 sq. ft. price: TTD $2,900,000

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R E S I D E N T I A L

S A L E S

ALICIA DRIVE Diego Martin

features: Recently renovated home with lots of natural light, upgraded spacious kitchen, covered rear patio with quaint garden space, remote main gate and extra added security features 3 bed | 4 bath floor area: 3,000 sq. ft. land area: 8,000 sq. ft. price: TTD $3,100,000

CAMACA ROAD Valsayn

features: Unique layout on expansive portion of land in established neighbourhood, separate wing for master bedroom suite, office space with separate entrance

4 bed | 3 bath floor area: 2,500 sq. ft. land area: 20,400 sq. ft. price: TTD $6,000,000

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R E S I D E N T I A L

S A L E S

NIGEL AVENUE Hillsboro, Maraval

features: Newly refurbished home in great location, surrounding mountain views, set on 12,700 square feet of freehold land

4 bed | 4 bath floor area: 2,400 sq. ft. land area: 12,700 sq. ft. price: TTD $3,650,000

SERENITY ESTATES Mohammed Avenue, Piarco

features: Brand new construction in a developing family neighbourhood, modern kitchen, situated within close proximity to Piarco International Airport and Trincity Mall

3 bed | 2 bath floor area: 2,300 sq. ft. land area: 5,260 sq. ft. price: TTD $1,900,000

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Apartments & Townhouses

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What Can TTD $2.5m Buy Today?

All properties illustrated sold between late 2017 and 2018.

West

East

Santa Lucia Villas, Diego Martin

Signature Park, Arima

Standard 3 bedroom, 2.5 bathroom townhouse in a secure, and quiet gated compound measuring 1,500 sq. ft. with communal pool. Prime location of Diego Martin.

Two storey 3 bedroom, 2.5 bath home which sits on approx. 5,000 sq. ft. of land, within a gated development. This fully air-conditioned home measures over 2,400 sq. ft. and is within a quiet gated development.

Central

South

Palm View Gardens, Carapichaima

Soogrim Street, La Romaine

New and modern, open plan, 3 bedroom, 2.5 bath home in a gated development. Floor area measures over 2,400 sq. ft. and sits on approx.

5,600 sq. ft. of land.

Cozy 3 bedroom, 2 bathroom bungalow in the sought after neighbourhood of Gulf View, measuring 1,800 sq. ft. and sits on approx. 4,800 sq. ft.

Within close proximity to all amenities and road networks.

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A P A R T M E N T S

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T O W N H O U S E S

ISLAND VIEW AT THE BUOYS The Buoys, Carenage

Open plan high-end apartments nestled on the tranquil hillside of The Buoys; a prominent and secure community which enjoys stunning views of the Gulf of Paria.

features: Gated luxury development, unit finished with marble and wood floors, breathtaking views from the peninsula, available with high-end appliances

3 bed | 3.5 bath floor area: 3,910 sq. ft. price: TTD $5,800,000

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A P A R T M E N T S

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T O W N H O U S E S

PAMPELLONE VILLAS Lillian Heights, D’Abadie

Tucked away in the quiet neighbourhood of Lillian Heights, Pampellone Villas is a new, modern townhouse development with spacious units.

features: This unit comes with a large backyard, master bedroom measuring over 280 square feet, fully air-conditioned, kitchen outfitted with custommade mahogany cupboards, granite countertops and porcelain tiles 3 bed | 2.5 bath floor area: 1,800 sq. ft. price: TTD $1,700,000

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A P A R T M E N T S

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T O W N H O U S E S

RAINBOW HILL VILLAS Goodwood Park

Set against the hills of Goodwood Park, this remodeled townhouse features an open plan living/dining area which opens out to unobstructed views of the mountains and the Gulf of Paria.

features: Grand master bedroom suite with walk-in closet, beautifully redone kitchen, rooftop terrace for entertaining, gated compound, pool on the compound

3 bed | 2.5 bath floor area: 3,013 sq. ft. price: Available on request

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A P A R T M E N T S

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T O W N H O U S E S

ARMOURY SQUARE Elizabeth Gardens, St. Joseph

Armoury Square is a well-maintained gated compound with only 19 units. This unit is spacious and beautifully finished with quartz countertops and porcelain tiles throughout.

features: Spectacular views of the Central Plains, located within a sought-after residential community, in close proximity to all amenities.

2 bed | 2 bath floor area: 1,450 sq. ft. price: TTD $2,100,000

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A P A R T M E N T S

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T O W N H O U S E S

CASSIA PLACE Petit Valley

This open plan end unit is located within the family-friendly gated compound of Cassia Place.

features: Two enclosed back patio areas add to the living space of the home, fully air-conditioned, great location in West Trinidad

3 bed | 2 bath floor area: 1,970 sq. ft. price: TTD $2,750,000

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A P A R T M E N T S

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T O W N H O U S E S

THE GREENS Fairways, Maraval

The Greens is an established gated, family compound with unparalleled green space. This ground floor unit has an upgraded kitchen with breakfast bar and small back patio.

features: Gated and secure compound with pool, Italian kitchen with built-in stainless steel appliances, fantastic location

2 bed | 2 bath floor area: 1,200 sq. ft. price: Available on request

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A P A R T M E N T S

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T O W N H O U S E S

HIBISCUS APARTMENTS Petit Valley

features: First floor unit of this building in a great location, move-in ready and furnished, elevator access and pool view

3 bed | 2.5 bath floor area: 1,550 sq. ft. price: TTD $2,425,000

MONTROSE PLACE Lange Park, Chaguanas

features: Modern townhouse development of 34 units in the established neighbourhood of Lange Park, each unit has a rooftop deck, in close proximity to shopping and main roadways

3 bed | 2.5 bath floor area: 2,220 sq. ft. price: TTD $2,650,000

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A P A R T M E N T S

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T O W N H O U S E S

The Townhouse Trend It’s the late 1970’s, we were all ‘Jammin’ to Bob Marley Exodus, and grooving to a post-war speciously modern consciousness. Simultaneously, the economy was growing at exponential rates and in order to meet the demand for housing, new construction techniques and novel types of accommodations evolved to satiate changing lifestyles.

Developers at the time envisioned creating not only single family homes, but also communal living. As such, the area of Westmoorings, once spurned marshlands which were reclaimed at the mouth of the Diego Martin River, was the first to see the development of townhouse units where a shared party wall was involved.

The concept behind this type of unit was a straightforward design, introducing a housing unit that would appeal to first time homeowners, professionals, and speculators. The first of these units to be introduced was the Westpark Villas; well designed and laid out in several blocks with basic common amenities considered luxurious at the time. Based on historical information, these units were initially pre-sold, which was another new concept, and under $100,000. By the time of completion, the prices quickly rose. While this was above the affordability of the middle income earner at the time, the units sold out within a relatively quick timeframe. Due to demand, initial purchasers put their property back on the market and were able to achieve prices significantly above what they paid for the unit, introducing a new phenomenon called the “flip sale”.

1980’s - “Oil doh spoil” By the mid 1980’s, several townhouse developments sprinkled the market with relative success. However, the price of oil plummeted, the economy took a downturn, and property prices declined. As a result, the appeal of townhouse units which were still a relatively new concept, waned as speculators and flippers dropped out of the market. During this time townhouses were constructed in other parts of the country with little interest in a declining market; land was more desirable in those areas.

However, there was still some appeal for a pre-built housing unit to first time homeowners. The price point of these types of units did not reach saturation. The data indicates that the price of a wellappointed unit in a desirable location did not lose as much value compared to the detached pre-built single family homes.

2000’s - There were some good times and some bad times too It was not until the late 1990’s that the market saw a turnaround and property prices increased significantly again. Units were T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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1980

$2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0

1980

1985

1990

Westpark Villa

Prices overtime for standard units.

2000

2010

Schooner Court

2018

Diamond Vale

.

It should be noted that this is not due to location alone but to quality as well

being rapidly developed to take advantage of this new boom and to maximize land space. Unresolved social issues lead to an upsurge in crime and naturally, there was a serious concern for personal safety and property. The concept of shared amenities and the higher level of security which was offered by the “gated” design had high desirability. By the mid 2000’s, in some areas, such appeal escalated above that of a detached unit or even vacant land, and prices for townhouse units doubled over a five year period.

Eventually, several market events followed: 1. The effects of the global economy had an impact on our economy and real estate activity. Generally prices declined again by approximately 30% at the higher end of the market.

2. Several developers entered the market creating an oversupply with demand moving downward.

3. Inflationary pressures caused an increase in construction costs having a knock-on effect on services charges.

4. The demand for rental units decreased as expats and other market participants did not renew their leases.

Today is today…

Coming into this period, existing demand for housing is not at the same level, relatively speaking, as 1978. Additionally, increased security concerns are not alleviated at the same level that communal living provided in 1999. However, there is some excess liquidity and pent-up demand along with low interest rates, and hopefully it will return to some stability and eventual growth.

Over the past 5 years, several projects were completed or are underway attracting buyers, investors and flippers but these units

A P A R T M E N T S

are all mainly at the middle income level. There are no new known or planned high-end units in development and prices of the existing stock are experiencing declines.

Interestingly enough, the value of Westpark Villas and few others constructed in the early 1980’s, has maintained relative consistency when compared to the newer stock, and some older stock which were not so well designed.

2500000 2000000 1500000 1000000 500000

0

Westpark Villas

Median House Price 2018

1980

Comparison of Westpark Villa standard unit with Median House Price

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2020 exodus or redemption It is challenging to accurately predict the future for this market segment but diminishing demand for our energy products and our inability to wean ourselves off the reliance of oil production in the short term may have a lasting impact on the return to sustained growth and eventually, the trickle-down effect on the townhouse market. However, some indicators suggest that a turnaround could be likely. The pace of infrastructural development means less land available for housing and the ability to meet the demand for single family stand-alone homes. This could result in construction of more townhouse units utilizing a higher density ratio on available land.

Nevertheless a cultural shift into acceptance of this real estate type is still lagging behind in many parts of the country and this may also have some correlation to the availability of land in those areas, at least in terms of the presumed disparity of the desirability between the two. The connectivity between major towns and the ease of access to amenities can help facilitate this change, but again this will take some time before resultant fruition. An upsurge in demand buoyed by economic growth, population dynamics and market confidence is the likely reason for any foreseeable revolution in the townhouse sector.

Andrew Sampson Valuations Manager

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HILLCREST MANOR Petit Valley

features: Beautiful, move-in ready townhouse, small private garden, gated development in a prime location with communal pool

3 bed | 2.5 bath floor area: 2,800 sq. ft. price: TTD $3,100,000

ORCHARD VILLAS

Orange Grove Road, Trincity

features: Fully air-conditioned townhouse in well-maintained gated compound, maple kitchen cupboards, available with appliances

3 bed | 2.5 bath floor area: 1,300 sq. ft. price: Available on request

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THE HUTTONS

Sydenham Avenue, St. Ann’s

features: Beautifully furnished penthouse unit, loft in master bedroom, gated compound with elevator access and basement parking for two cars, just outside Port of Spain

3 bed | 2.5 bath floor area: 1,700 sq. ft. price: TTD $3,000,000

EAST GATE ON THE GREENS Trincity

features: Spacious fourth floor unit in this gated community on the periphery of Millennium Lakes Golf Course, within easy access to the airport and shopping, available with appliances

3 bed | 2.5 bath floor area: 1,724 sq. ft. price: Available on request

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ALLORA

Picton Street, Newtown features: Units available in this new and modern 6 storey apartment building, centrally located in Port of Spain, views of the Savannah, Maraval, and Gulf of Paria, covered parking for two cars with each unit, building is equipped with an elevator 3 bed | 2 bath floor area: 1,450 sq. ft. price: Available on request

PROVIDENCE CIRCULAR Arima

features: Small compound with 5 newly constructed townhouses, end unit is both spacious and airy, within walking distance to amenities, ideal starter home

3 bed | 2.5 bath floor area: 1,450 sq. ft. price: TTD $1,450,000

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THE SUMMIT Moka, Maraval

The Summit is an apartment compound which provides magnificent views of the Maraval Valley and the St. Andrew's golf course. This unit’s master bedroom suite opens onto the commanding terrace overlooking the greens. features: Available semi-furnished, prestigious gated development with community pool and fully equipped gym, unit comes with plunge pool, gazebo and bar

3 bed | 3.5 bath floor area: 5,100 sq. ft. price: Available on request

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CASCADA VILLAS Cascade

These tastefully decorated townhouses of Cascada Villas are just outside the capital, are private and secure with double security gates, and have only 5 units on the compound.

features: Bask in comfort with a solar heated pool, jacuzzi, or the sauna room, enclosed parking for 2 cars, furnished and close to all amenities

3 bed | 2.5 bath floor area: 2,300 sq. ft. price: Available on request

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GOLF SPRING VILLAS ON MILLENNIUM LAKES Trincity

This townhouse is a little oasis in the gated compound of Golf Spring Villas on Millennium Lakes, bordering the prestigious golf course.

features: Beautifully furnished and fully air-conditioned, plunge pool and private outdoor entertaining area, convenient location close to the airport and shopping

3 bed | 2.5 bath floor area: 1,600 sq. ft. price: TTD $10,200 per month

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Residential Rental Insights Before 2014, the middle to high-end residential rental market was influenced mainly by expatriate rentals, generally quoted, leased and paid in US dollars. With the exodus of multi-national petrochemical companies and downstream energy companies, the landscape of this segment changed.

Based on our analysis below, over the last 5 years, the composition of types of property and price ranges in this segment has changed. In this new environment, the demand for units above TTD$10,000 declined, from 2014 to today.

Consequently, there has been an upsurge in residential rentals below the TTD$10,000 threshold; which accounted for less than 20% of market transactions in 2014 to over 60% by 2018.

Due to some landlords of domestic rentals advertising and renting on their own, all transactions are not captured by the real estate agents or agencies in the rental market. However, the forces at play in the middle to upper rental market are significant and telling.

To clarify, this is not a reflection of an increase in supply but rather a decrease in price for the same units over the years. During the period 2014 to 2018, landlords and owners have incrementally reduced rental prices to accommodate decreasing budgets and to get their properties occupied.

Below $10000

$10000 - $20000 $20000 - $30000

Residential Rentals by Price Range

Figure 1

$30000 - $40000 Over $40000

70% 60% 50% 40% 30% 20% 10%

0

2014

2015

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2016

2017

2018

A P A R T M E N T S

For example, a unit which may have rented for USD$3,000 in 2013 to 2014 could be rented for TTD$10,000 today, resulting in a reduction of approximately 50% in just 5 years.

Additionally, where prices for middle to upper-end rentals were once quoted in US dollars, the shortage of foreign exchange in our economy has precipitated a shift where rental properties listed on the market today are predominantly in TT dollars.

Concurrently, rentals over TTD$10,000 have decreased year on year over the period 2014 to 2018, with more extreme decreases where the price bracket is greater. Rentals of this

T O W N H O U S E S

standard are still available but the demand has dwindled considerably. Rentals over TTD$30,000 and TTD$40,000 combined amounted for almost 19% of market transactions in 2014 and reduced to less than 2% by 2018.

Moreover, our analysis illustrates an overall increase in popularity in rentals of apartments and townhouses over houses. The decline of house rentals occurred around the same time of the decrease in rental prices below TTD$10,000.

Therefore, we can conclude that in this price bracket, apartments and townhouses are more readily available than houses. This directly correlates to the upsurge in demand for rentals below TTD$10,000.

Apartments

Residential Rentals by Property Type

Figure 2

&

Townhouses Houses

70% 60% 50% 40% 30% 20% 10%

0

2014

2015

2016

2017

2018

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GRAND VIEW VILLAS Carenage

From its location on the hillside in aptly named, Aquaview Terrace, the Grand View has stunning views of the Gulf of Paria. With only 15 units in this new gated compound, it is quiet, serene and safe.

features: Airy tri-level townhouse with helpers’ quarters, living and dining rooms open out onto a wraparound verandah with a plunge pool, sky deck is on the uppermost level, furnished and equipped 4 bed | 4.5 bath floor area: 2,700 sq. ft. price: Available on request

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WOODLANDS ROAD Valsayn North

Ideally located in North Valsayn with easy access to the highways and main roads, these townhouses were designed to ensure tenant privacy.

features: Units are spacious with capacious bedrooms, bathrooms and ample storage, granite kitchen countertops and stainless steel appliances, fully air-conditioned

3 bed | 2.5 bath floor area: 2,800 sq. ft. price: TTD $12,000 per month

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BREEZY HILL APARTMENTS Cascade

Located within minutes of the capital, these new, spacious units are close to all amenities and are outfitted for the professional on the go.

features: Fully furnished, roomy kitchen with granite countertops and stainless steel appliances, each unit has its own water tank and pump, covered parking available

2 bed | 2 bath floor area: 1,350 sq. ft. price: TTD $10,000 per month

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COBLENTZ VILLAS Cascade

features: Private gated community with just 10 units, minutes from the Savannah, fully furnished, and community pool

3 bed | 2.5 bath floor area: 1,600 sq. ft. price: TTD $12,240 per month

BRENTWOOD COURT Chaguanas

features: End unit in this new townhouse development, master en-suite with walk-in closet, semi-furnished and great access to the highway

3 bed | 2.5 bath floor area: 1,457 sq. ft. price: TTD $11,000 per month

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THIRD AVENUE Cascade

features: Well-appointed and spacious first floor apartment, this furnished unit has a balcony with mountain views, close to the Queen’s Park Savannah

3 bed | 2.5 bath floor area: 2,000 sq. ft. price: TTD $11,000 per month

HELM DRIVE Westmoorings

features: Tastefully furnished end unit in gated compound, this unit is available furnished and equipped with a fully upgraded kitchen

3 bed | 2.5 bath floor area: 1,400 sq. ft. price: Available on request

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THE POINT Chaguanas

features: Townhouse in the established neighbourhood of Lange Park, community offers 24 hour security and recreation area with pool, landscaped gardens and fountains

3 bed | 2.5 bath floor area: 1,800 sq. ft. price: TTD $10,000 per month

IRISH CREST Glencoe

features: Fully furnished open plan townhouse with sea views from each floor, rooftop terrace equipped with Jacuzzi, secure and in a great location

3 bed | 2.5 bath floor area: 2,400 sq. ft. price: TTD $10,000 per month

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Buying and Selling Property in T&T

To navigate the intricacies of transacting in this market, our experienced team utilizes in-depth market knowledge to advise you from start to finish of every engagement. Therefore, we have compiled a comprehensive guide to buying and selling property in Trinidad and Tobago.

Buying Property

Selling Property

Standard Purchase Procedures

Standard Selling Procedures

• Written offer and acceptance is needed to start the purchase

• Registered Real Estate Broker is selected • Written offer and acceptance are necessary to start the

process. In some cases, consideration is exchanged as an act of good faith • Sale Agreement is signed by both parties stipulating terms of the sale, either prepared by the chosen attorney or registered real estate professional • Your deposit, which is usually 10%, goes into escrow at the time of signing Sale Agreement • Proof of clear title of the property is obtained, conveyance/ assignment documents and payment of remaining funds are disbursed from your mortgage house to the Vendor, within a 3 to 6 month period (or as stipulated in the Sale Agreement)

Mortgage / Finance

• Financing for up to 80 - 90% of purchase price or valuation

price of the property (whichever is less) can be borrowed, and in some cases 100% financing may be available • Interest rates: Some banks’ mortgage rates are aligned to the MMRR (Mortgage Market Reference Rate) but rates change due to competition on the market. Most banks also have fixed interest rates as well as variable rates based on the mortgage arrangement • Pre-approved Mortgage Certificate: document which states the amount that you can borrow (the principal sum) based on criteria such as income, age, level of debt and interest rate available • Amortization term: Amortized monthly payments of principal and interest can be granted for up to 30 years (maximum term and age of client not to exceed government age of retirement).

We advise that you ask your bank if there are penalties for early or lump sum repayments

Transaction Costs

• Stamp Duty:

Residential Property (with House)

Up to $850,000 $850,001 - $1.25m $1.25m - $1.75m Over $1.75m

0% 3% 5% 7.5%

Residential Land Up to $450,000 $450,001 - $650,000 $650,001 - $850,000 Over $850,000

0% 2% 5% 7%

First time homeowners are exempt from Stamp Duty for properties under $1.5m. Properties sold in a company’s name are exempt from the schedule above but are subject to a share transfer fee of approx. 0.05% of the value of the shares/ value of the property.

• Attorney fees: approx. 1% - 2.5% plus VAT • Valuation fees: 0.25% of the determined value of the property plus VAT • Bank negotiation fees: approx. 1% of the mortgage amount

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process

• Sale Agreement is signed by both parties stipulating

terms of the sale, either prepared by the chosen attorney or registered real estate professional • Provision of copies of prior deeds and site plans • All ancillary bills must be paid and clearance given Conveyance documents are prepared • Final closing is usually within a 3 to 6 month period (or as stipulated in the Sale Agreement)

Transaction Costs

• Brokerage fees: 3%-5% of sale price • All utilities to be paid up to date

These Bills must be paid and up to date and documents signed Documents that must be submitted before change of ownership: • WASA Clearance • Land & Building Tax Receipts • Home Owner’s Association consent to assign • Home Owners’ Associations fees (where applicable) • Regional certificates, Certificates of Completion or Consent of Lessor where the property resides on leasehold land

Developments

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D E V E L O P M E N T S

ENCLAVE St. Augustine

New and modern, Enclave is a private apartment complex within close proximity to St. Augustine.

Enjoy community amenities at an affordable price.

features: Fully air-conditioned units and reserved parking, amenities include a pool, clubhouse and 24 hr. security

2 bed | 2 bath floor area: 874 sq. ft. price: TTD $1,590,000 3 bed | 2 bath floor area: 1,080 sq. ft. price: TTD $1,795,000

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D E V E L O P M E N T S

WELCOME ESTATES Cunupia

New technology of steel-framed stand-alone homes in Cunupia boasting attractive designs and spacious interiors. First phase of this development is complete and other phases to be developed.

features: Each unit is fully fenced with an electronic gate, airconditioned bedrooms, walk-in closets, also includes a tank-less heater, pump and tank for extra water storage Samaan: 3 bed | 2 bath floor area: 1,170 sq. ft. land area: 5,000 sq. ft. price: TTD $1,390,000

kiskadee: 3 bed | 2.5 bath floor area: 1,800 sq. ft. land area: 7,500 sq. ft. price: TTD $1,980,000

Hummingbird: 3 bed | 2.5 bath floor area: 1,640 sq. ft. land area: 5,000 sq. ft. price: TTD $1,590,000

hibiscus: 3 bed | 2.5 bath floor area: 2,200 sq. ft. land area: 7,500 sq. ft. price: TTD $1,980,000

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D E V E L O P M E N T S

BRENDAN’S PLACE Maraval

Brand new six storey development with a total of 40 units. The geometric lines of this building add to the modern, clean allure of Brendan’s place. The design details continue to the pool and an immaculately landscaped recreational area.

features: Each unit includes two parking spots, 24 hour on site security, spacious lobby area, units available for rent and sale

price: Available on request

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B A R B A D O S

Terra Caribbean is proud to be the exclusive representative of The Estates at St. George.

Elegant Condominiums Clubhouse Formal Dining, Pub & Bistro Fitness Center Wellness Spa Convenience Store & Pharmacy 19 Pastoral Acres Overlooking the St. George Valley

The first community of its kind in the Caribbean, The Estates at St. George offers a unique opportunity to live an independent and active lifestyle knowing

Proudly presented by

you are supported by a full continuum of world-class supportive services.

Renderings are for representational purposes.

Final services and amenities subject to change.

D E V E L O P M E N T S

ONE WOODBROOK PLACE Woodbrook

Enjoy the comfort and convenience of One Woodbrook Place. Includes 24/7 security and onsite access to banking, shopping, restaurants and entertainment within the complex.

features: Close proximity to the Savannah, within easy reach of the city centre and environs, privacy in a prime location, units available for rent and sale

price: Available on request

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D E V E L O P M E N T S

THE RESIDENCES AT SOUTH PARK San Fernando

features: Contemporary living in South Trinidad, The Residences includes two 9 storey buildings, designed with modern finishes, features full climate control in each room, secure compound and within easy access to highway and amenities

3 bed | 2.5 bath floor area: 1,503 sq. ft. price ranges from: TTD $2,600,000 to TTD $3,000,000

DARWILL GARDENS Arima

features: New gated residential development which forms part of an established neighbourhood, all utilities are already in place, within close proximity to amenities and transportation routes

3 bed | 2 bath floor area ranges from: 1,560 sq. ft. to 1,760 sq. ft. land area ranges from: 5,100 sq. ft. to 7,700 sq. ft. price ranges from: TTD $1,800,000 to TTD $2,100,000

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Thinking Outside of The West... Residential Areas on the Rise Let’s face it - West Trinidad is congested!

From Bayshore to Chaguaramas, West Hills to Westmoorings, Moka to St. James, the West has become increasingly popular due to its proximity to Port of Spain and the corresponding conveniences and amenities.

However, in the game of demand and supply, prices of most homes in the West have increased by up to 25% over the last 10 years. While some do not mind paying a premium for the convenient location of that piece of land or property North-West of the lighthouse, others are moving to alternative developing areas. Below we highlight some of the up-and-coming areas that converge around other city centres, which have grown rapidly in the last 5 to 10 years. This is not to say they were uninhabited areas before; but we are noticing an increase in population, absorption rate, housing developments and price per square foot in these zones.

Arima The oldest borough in Trinidad, Arima is a mix of residential, retail and on the outskirts, warehouse and manufacturing facilities. It is widely known for the racing track and the old Santa Rosa housing development, but this mature municipality was planned and developed before Trinidad’s extensive commercial activity commenced. Consequently, Arima has suffered from inadequate internal road networks and poor town planning, leading to limited commercial development.

However, the periphery of Arima provides large expanses of land that have led to planned residential communities and shopping plazas in recent years. In order to address the

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D’ABADIE / PIARCO

ARIMA

CUNUPIA CHAGUANAS

growing commercial demand, the town centre of Arima is now transitioning from converted residential properties to planned retail and office centres. Consequently, Arima has become the city centre and catchment area for residents of Sangre Grande, Valencia and beyond. With gated developments like The Crossings, Mandalay Gardens and Windsor Heights, Arima has also grown into a choice district to live.

D’Abadie/Piarco Just past brimming Trincity and before growing Arima, D’Abadie and Piarco lie on either side of the ChurchillRoosevelt Highway. This area benefits from surrounding amenities cropping up along the highway in Mausica, the retail hub of Trincity and ample road networks connecting residents to all necessities without ever having to head West. In addition to beautiful, well-appointed neighbourhoods

D E V E L O P M E N T S

like Signature Park, Darwill Gardens, The Foothills and Bregon Park, there are many other small townhouse developments in serene pockets of this area.

has become the premiere district to open a head office or flagship retail store, thus catapulting Chaguanas into the central hub of Central Trinidad.

Chaguanas

Cunupia

The largest and fastest growing borough of Trinidad, Chaguanas has expanded even more in the last 10 years.

Traditionally known for bargain shopping and seasonal cultural sites, Chaguanas is truly centre on the map of Trinidad. The nucleus of Chaguanas is known as a mix of retail and lower to middle income residential areas, save for neighbourhoods like Lange Park and Orchard Gardens which are historically upper-middle income areas. This borough offers open, untouched expanses of land, right off the highway that can be developed into sub-regions.

One example of this is Brentwood, a mix of retail and middle income housing. Affordable housing in Chaguanas has driven some of the population to this central location.

Additionally, as businesses, banks and conglomerates with wide footprints expand throughout the country, Chaguanas

Although part of the borough of Chaguanas, Cunupia is an area onto itself and has seen development in recent times due to its proximity to the hub of Chaguanas. However it is not as commercialized, and offers quieter large available land space, perfect for bourgeoning residential neighbourhoods. Developments like Welcome Estates, Highbury Park, Riverdale Gardens, St. Anthony’s Park and Aberdeen Park are all alternatives for persons looking for well-priced homes that are accessible from two directions; the Uriah Butler Highway and through bordering St. Helena and Caroni.

Denise Trigg, MBA Knowledge Officer

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D E V E L O P M E N T S

WEST HILLS Petit Valley

features: Middle income gated condominium development with community pool, tennis court, gym and eateries all within a prime location, units available for rent and sale

price: Available on request

ASHLEY VILLAS Piarco

features: Small gated townhouse development, close proximity to the airport and the highway, open plan kitchen, living and dining area, high end finishes such as granite countertops, custom teak cabinets in the kitchen and porcelain tiles throughout, ideal home for young couples or a small family

3 bed | 2.5 bath floor area: 1,400 sq. ft. price: TTD $1,600,000

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D E V E L O P M E N T S

MANDALAY GARDENS Arima

features: Securely tucked away on 55 acres of developed land in the Buena Vista Estate is the gated Mandalay Gardens community, includes a nature trail and a jogging track

price: TTD $135 per sq. ft.

THE CROSSINGS Arima

features: Open plan single storey and two storey homes, bedrooms are air-conditioned, imported kitchens with 5 year warranty, granite countertops, each unit also includes a water tank and pump

3 bed | 2.5 bath floor area ranges from: 1,560 sq. ft. to 1,760 sq. ft. land area ranges from: 5,000 sq. ft. to 7,700 sq. ft. price: Available on request

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INSIGHTS

Property Tax: The Facts The Synopsis

Property Tax is NOT:

Formerly known as the Land & Building Tax Act, it was surrendered in 2010 after much lobbying and political pressure, resulting in a tax concession up until today. Now renamed “The Property Tax Act”, the current government administration has proposed amendments to the original tax legislation, a new fee schedule, and updated assessment methods. However, plans to reinstate this levy have been halted along the way due to hasty implementation of logistics, court injunctions and public pressure. While we await the proposed Property Tax, here’s what you should know:

• Stamp Duty, a tax that you must pay when carrying out certain transactions that require legal documents.

• A change in ownership to the person paying the tax, “The liability to tax of the owner of any chattel fixed or affixed to land does not create a legal entitlement to the land upon which the chattel is located where the owner of the chattel is not the legal owner of the land.” 2 • A tax for ancillary structures e.g. fowl coops, kennels or stables

What is Property Tax? Property Tax is a proposed mandatory levy on land payable by the owner.

Who is the owner?

“The owner or occupier of any land, and the receiver, attorney, agent, manager, guardian or committee of any such owner or occupier and any other person in charge or having the control or possession of any land in the right of the owner, or having the possession in his or her own right or as guardian of any person of any such land.” 1

The Annual Taxable Value is 90% of the Annual Rental Value of the property.

10% is subtracted from the Annual Rental Value as deductions and allowances in respect of voids (periods when the property may not be rented) and loss of rent (where the landlord is unable to collect the rent).

The Annual Rental Value is determined by the Board of Inland Revenue and is the annual rent which particular land is likely to attract having regard to the purpose for which the land is actually used, occupied or tenanted, or where it is not actually used, occupied or tenanted, having regard to the purpose for which it is reasonably suitable.

What is the Proposed Calculations?

TYPE OF PROPERTY

% TAXABLE VALUE

Residential

3% of the Annual Taxable Value

Vacant residential land Commercial Vacant commercial land Industrial with buildings Industrial without buildings Agricultural

3.5% of Capital Value less 10%

5% of the Annual Taxable Value 5% of Capital Value less 10%

6% of the Annual Taxable Value 3% of the Annual Taxable Value 1% of the Annual Taxable Value

SOURCES: 1. PROPERTY TAX ACT CHAPTER 76:04, Act 18 of 2009 Amended by 2 of 2015, pg 7 2. AN ACT to amend the Property Tax Act, Chap. 76:04 [Assented to 8th June, 2018], pg 397

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Land

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L A N D

Land Doh Spoil!

In Trinidad and Tobago, we have a saying “land doh spoil” simply meaning that land, even untouched and undeveloped, over time does not deteriorate. It is therefore considered a valuable asset and a source of wealth. Traditionally, land owners in Trinidad and Tobago would hold onto their land, known as “family land”, strictly to pass down from generation to generation to perpetuate and amass wealth, or to use as equity for other purposes. The tide has changed and nowadays, with expanding residential and commercial pockets across the country, this is no longer the case.

Property Trend Land development started more than 30 years ago when developers envisaged that property development could be a profitable form of investment. As such, over time the trend of land use in some parts of the country has shifted to meet the demands of a developing nation and a growing population.

Since then to now, construction of commercial, residential and industrial buildings have been continuous, even in slower periods.

Not to go too far back, over a 10 year period, land sales indicate an increase of 80% - 100% in some well-established sections of the island as well as within gated developments such as, but not limited to Santa Cruz, Champ Fleurs, Trincity, D’Abadie, Sangre Grande, Charlieville, Chaguanas, Freeport, Cunupia, Gasparillo, Palmiste, and Aripero.

The Land Movement We have observed a general increase, with reductions in some areas, but nevertheless, an overall increase in the price of residential land nationwide over time. Move-in ready homes are increasingly expensive and for single families in the lower middle and middle income strata, well-priced residential parcels of land are more affordable and are therefore in high demand.

However, even though we are in a buyers’ market, property prices have been on the high side for the past few years. In the current market, the realized land prices are reflective of market values as land sellers are willing to negotiate downwards to achieve a sale, closer to what buyers are offering. Buyers are willing to invest in undeveloped land as they can achieve a healthy profit by maximizing the best use of the land. For instance, astute developers have seen the demand for single T: +1 (868) 628-2391 | E: infott@terracaribbean.com | terracaribbean.com

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family dwellings. Therefore, they acquire land in all corners of the country, with the intention of sub-dividing into land parcels with all amenities included (waterlines, electricity and proper road infrastructure) to sell to the captive market of lower middle income families at reasonable prices which still offer a good profit margin. Developers also build move-in ready homes for middle income families, or apartment buildings to dispose of in the open market.

Change of Use On the topic of maximizing the best use of a given parcel of land, landowners typically apply for “change of use” of the land to Town and Country Planning Authority, the governing body that advises and plans zones of land for designated areas throughout the country. Once they obtain the requisite approvals, usually for development of said land, they are able to attract higher prices from buyers.

As the country continues to develop in remote areas, the demand for different types of real estate outside of the populated areas has grown. These include commercial buildings supplying office and retail type accommodation, business parks providing warehousing and storage and the most common, residential developments.

For instance, Aranguez is a prime example where change of use has been exceedingly prevalent. Traditionally agricultural land, the centralized location of Aranguez offers large expanses of untouched, level land supported by ample road networks, perfect for commercial use. In the last 10 to 15 years, the outskirts of Aranguez has morphed into a commercial zone through the change of use approved

by Town and Country Planning. And that’s just one area.

The potential scenarios for change of use depend on the location, size, infrastructure and the trend of development in neighbouring properties.

As such, in general, it is relatively safe to assume that over time, even when there are fluctuations in prices over the years, the price of land appreciates overall. Land is fixed in supply and is also designated for specific uses, in any given location, in that regard, it is expected that as the supply of land decreases, the price will appreciate over time.

Ria Ramos, M.Sc., MRICS, ISTT Valuer

L A N D

STEPHENS ROAD Toco

features: Undulating, freehold land with spectacular views, ocean and main road frontage, natural water courses leading to the ocean

land area: 8.74 Acres price: Available on request

SOLOMON HOCHOY HIGHWAY Freeport

features: Prime parcel of freehold commercial land with highway frontage, easily accessible from both the North and South bound lanes of the highway

land area: 3.2 Acres price: TTD $8,900,000

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L A N D

ST. JOSEPH PARK

St. Joseph Village, San Fernando

features: Freehold parcel of land located in a gated community, easy access to the roadways and all amenities

land area: 5,894 sq. ft. price: Available on request

MILLENIUM LAKES Trincity

features: Flat parcel of land located in the gated community of Millennium Lakes, surrounded by the pristine Millennium Golf Course, easy access to all amenities

land area: 16,688 sq. ft. price: Available on request

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L A N D

BEAUMONT RIDGE Maraval

features: Freehold land in one of the more prestigious residential neighbourhoods in Maraval, spectacular city and ocean views, easy access to Port of Spain

land area: 34,502 sq. ft. price: TTD $3,000,000

DANIEL DRIVE Champs Fleurs

features: Gently sloping freehold land, available with approved plans for a 3,800 square foot home and professional topographical survey, grand breathtaking views of the Central Plains

land area: 6,102 sq. ft. price: TTD $1,280,000

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L A N D

STIRLING GARDENS Chaguanas

features: New, gated development with 24 hour security, ideal for single-family dwelling, close to the highway and all amenities

land area: 6,656 sq. ft. price: TTD $1,200,000

LIAM DRIVE

Maracas Gardens, St. Joseph

features: Terraced land with breathtaking views of Maracas Valley, situated at the end of a cul-de-sac, in a gated community

land area: 13,906 sq. ft. price: TTD $1,350,000

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L A N D

HILLCREST AVENUE Petit Valley

features: Gently sloping, freehold land, in an upscale neighbourhood and minutes away from all amenities, mountain views

land area: 11,178 sq. ft. price: TTD $2,200,000

LAKEVIEW VILLAS Trincity

features: Flat land situated in a prestigious, gated development, overlooks Millennium Lakes Golf Course, close to the airport and amenities

land area: 7,245 sq. ft. price: Available on request

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L A N D

MARACAS GARDENS St. Joseph

features: Corner lot of sloping land surrounded by lush vegetation, in a good residential neighbourhood with mountain views

land area: 12,094 sq. ft. price: TTD $907,050

CHURCH STREET La Romaine

features: Flat, freehold land with Town & Country Approvals for 6 unit multi-family dwelling, in close proximity to schools, highways and other amenities

land area: 21,780 sq. ft. price: TTD $2,100,000

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L A N D

FAIRWAY AVENUE Trincity

features: Flat, corner lot of land, within the gated development of Millennium Lakes

land area: 6,275 sq. ft. price: TTD $1,900,000

ENDEAVOUR ROAD Chaguanas

features: Flat, freehold parcel of land, ready to build, all approvals ready, within close proximity to amenities

land area: 5,376 sq. ft. price: TTD $806,400

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L A N D

THE ORCHARD Moka, Maraval

features: Sloping parcel of land, in a quiet, gated development, views of the golf course

land area: 17,698 sq. ft. price: TTD $1,800,000

ST. ANTHONY’S PARK Cunupia

features: Large corner lot of level freehold land, situated in the gated community, road access on two sides

land area: 8,550 sq. ft. price: Available on request

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Tobago

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T O B A G O

FRENCH FORT Calder Hall, Tobago

Fabulous, turnkey residence featuring spacious living and dining rooms, kitchen with a pantry, family room and wet bar. All seven en-suite bedrooms lead onto a verandah which either overlooks the pool area or the garden.

features: Breathtaking views, luxury outdoor living space, large infinity swimming pool, available with furnishings

7 bed | 7.5 bath floor area: 6,000 sq. ft. land area: 1.97 Acres price: Available on request

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T O B A G O

RICHVIEW VILLA Lowlands, Tobago

Two storey 4 bedroom 4 bathroom villa located in the quiet and peaceful development of Tobago Plantations. Property offers sea views and a lovely pool deck which is great for entertaining.

features: Secure gated development, close proximity to all amenities airport and popular beaches, private back patio with pool and beautiful sea views

4 bed | 4 bath floor area: 4,000 sq. ft. price: TTD $6,950,000

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T O B A G O

TOBAGO PLANTATIONS Lowlands, Tobago

Nestled in the serene and safe eco-friendly Tobago Plantations Development, this fully air-conditioned stand-alone unit has its own private plunge pool and stunning views of the Golf Course and ocean.

features: Private plunge pool with open-air hardwood pool deck, located in prestigious and gated resort development with an 18-hole championship golf course, available furnished

3 bed | 3 bath floor area: 2,600 sq. ft. price: Available on request

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T O B A G O

PETIT CAREME VILLA Mt. Irvine, Tobago

Built with tropical living in mind this property features ceiling fans throughout and an open plan living area. The large verandah is a great spot to unwind with the private plunge pool a few steps away.

features: Gated compound, private plunge pool and compound pool, includes self-contained 1 bedroom apartment, available with appliances and furnishings, fully air-conditioned

4 bed | 4 bath floor area: 4,600 sq. ft. land area: 6,863 sq. ft. price: TTD $3,500,000

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T O B A G O

Tobago Love Tobago Love - Local idiom: relationship between two persons who fight constantly but secretly long for each other and continue to return to each other.

And so has been the relationship between the twin isles of Trinidad and Tobago for many years. What one lacks, the other holds but the rivalry and symbiosis remain. Where Trinidad is known for its oil, hustle and bustle and business tourism, breathtaking Tobago is the unspoiled gem, relaxed, tranquil and known for its biodiversity and eco-tourism.

However, Tobago’s tourism industry, though a large portion of the island’s economy, has historically struggled in the international arena and thus has been dependent on seasonal domestic tourism from Trinidadian nationals.

Furthermore, the licence to acquire land in Tobago, enforced through The Foreign Investment (Tobago Land Acquisition) Order, 2007 has stymied foreign investment into the island over the last decade.

well as the supply of basic goods and services to Tobago also deteriorated. Additionally, the proposed Sandals Resort project in Tobago faced public, political and environmental pressure and was ultimately disbanded. Simultaneously, the real estate market in Tobago, which is usually a mix of Tobagonian buyers, some Trinidadian developers, and few international investors, is met with more challenges as customer confidence dwindled.

Thus, the aftermath of the inter-island transportation woes and the economy has left Tobago crippled and talks of diversification away from tourism may be a reality, hopefully in the near future.

Together, we continue to forge ahead as one twin island republic to aspire and achieve the goals set out for both Trinidad and Tobago to succeed.

Denise Trigg, MBA Knowledge Officer

With the slump in the local economy over 2015 to 2016 and challenges with the sea bridge in 2018, domestic travel as

Main Ridge Forest Reserve

Argyle Falls

Plymouth

Buccoo Reef

Scarborough

Pigeon Point

Crown Point International Airport

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Little Tobago

T O B A G O

AMBASSADOR COURT Lowlands, Tobago

features: Spacious townhouse located in a private gated compound, swimming pool, dusk to dawn security lights, being sold furnished

3 bed | 2.5 bath floor area: 3,000 sq. ft. price: TTD $1,950,000

BYNOE AVENUE Lowlands

features: Well-appointed, two storey apartment building, two en-suite master bedrooms, kitchen, open plan living and dining area and porch on each floor, close to all amenities

4 bed | 4 bath floor area: 2,388 sq. ft. land area: 10,418 sq. ft. price: Price on request

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T O B A G O

SAMAAN GROVE Canaan, Tobago

features: Beautifully finished, move-in ready home, large entertainment area with outdoor cooking facilities and a pool

3 bed | 3 bath floor area: 1,620 sq. ft. floor area: 6,184 sq. ft. price: TTD $3,900,000

SIGNAL HILL TOWNHOUSES Signal Hill, Tobago

features: Centrally located near Scarborough, modern, fully air-conditioned unit with loft, oak cupboards and granite countertops in the kitchen, available furnished

2 bed | 2.5 bath floor area: 1,500 sq. ft. price: TTD $1,550,000

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T O B A G O

PARK VIEW TERRACE Crown Point, Tobago

features: Furnished townhouse with a small loft in a gated compound, air-conditioning throughout, stainless steel appliances, modern fixtures and fittings and back patio

2 bed | 1.5 bath floor area: 1,800 sq. ft. price: TTD $2,000,000

THE INEZ

Bacolet, Tobago

features: New Development consisting of prime land which borders Claude Noel Highway, Minister Bay & Bacelot, geared to be an eco-residential/commercial development with single family homes, hotel, and medical facility land area: 5,024 sq. ft. price: TTD $376,844

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T O B A G O

FRENCH FORT Calder Hall, Tobago

features: Gently sloping parcel of land with spectacular sea and coastline views, just 10 minutes’ drive from popular beaches and Scarborough

land area: 43,561 sq. ft. price: Available on request

INEZ GATE

Lowlands, Tobago

features: Well-designed townhouse unit, perfect for homeowners who want a tranquil living experience, with all the amenities of an urban space, easy access to all amenities

3 bed | 2.5 bath floor area: 1,570 sq. ft. price: TTD $1,800,000

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Terra Caribbean Trinidad 5/7 Sweet Briar Road, Port of Spain, Trinidad Tel: (868) 628-2391

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