LAUNCHED in March this year, the prime located Mauritian development, Le Parc de Mont Choisy, ideally positioned in Grand Baie in the sought after north of the island, has met with considerable enthusiasm from the South African market.
Already Pam Golding Properties have sold close to 45 units at a total value of over $50-million (R500-million).
In addition, a further 16 units have been reserved. Only six villas and 14 apartments remain available for purchase in the first phase.
“Le Parc de Mont Choisy offers a broad range of apartments and villas well priced from $600000 [R6-million], which is very competitive for an IRS [Integrated Resort Scheme] with a top quality golf course of international standard, country club, spa, restaurant and other attractions.
“Buyers also qualify to apply for Mauritian residency,” says Jonathan Tagg, director of Pam Golding Properties Mauritius.
“The contemporary architecture of Stefan Antoni of SAOTA – Stefan Antoni Olmesdahl Truen Architects is a major draw-card, together with the fact that world-renowned South African designer, Peter Matkovich, designed the 18-hole golf course, providing both local and international appeal.
“The opportunity to earn off-shore revenue through rental pools is also an attraction and the location and offering of the development creates the potential for the strongest possible revenue stream of any development in Mauritius.
“The entry level and first phase apartment units have been designed to create a number of resort type facilities like spa, gym, pools, sun decks and loungers, which are included to create resort type ambience and appeal to facilitate short term rental revenue.”
He says while some 60% of the buyers in this new development are French and European, 25% are South African while the remaining 15% includes Swiss, German and other countries as well as local Mauritian purchasers. Buyers represent a mix of those seeking relocation, a home for retirement either now or in the future, and investment buyers seeking offshore exposure as a rand hedge with income revenue and some personal leisure usage.
“There are an increasing number of buyers looking at the tax haven status of Mauritius, planning to move their tax domicile here and manage all their investments and funds through a tax friendly environment.
“Those focused on investment as a key factor intend to utilise their units for holidays and possibly future retirement, or their key aim is to acquire Mauritian residency with the investment aspect an additional benefit.
“Interestingly, the bulk of these purchasers are cash buyers with others seeking only 30-40% bonds.
“However, they represent a cross-section of income brackets as many buyers wanting to acquire property in Mauritius are looking at the entry level requirement of $500000 (R5-million) for residency, so some are looking at smaller apartments with lower costs.
“While a portion of buyers are those with families, most of the purchasers at Le Parc de Mont Choisy are in their 50s and 60s.
“Residential property in Mauritius is increasingly popular not only because of its idyllic climate, easy access for South Africans and its stable economy, but because of the opportunity to acquire residency.
“South African buyers tend to look at the areas of Grand Baie and Tamarin because of the infrastructure and ex-pat communities that live in the area, while international buyers are also drawn to this location due to its good infrastructure and because the weather is better all year round,” adds Tagg.
Including the golf course Le Parc de Mont Choisy comprises over 1200 acres with lush landscaping focused mainly on the use of natural grasses and indigenous plants to minimise water usage. Construction will commence before the end of this year, with the first phase of units expected to be completed at the end of next year.
Villas are sold on a freehold basis and apartments as sectional title units.
Buyers in the first phase automatically gain complimentary membership of the golf club. The gym and wellness spa will be for the exclusive use of residents and guests.