St Lucia: €5mEven Paradise has tax breaks, Kate McMorrow discovers on a trip to the tiny island of St Lucia in the Caribbean
On an unspoiled Caribbean island where resorts are traditional, low-key and distinctly high-end, a new golf and spa project in St Lucia promises to be the region's most luxurious project to date.
And given Irish interest in luxury developments in nearby Barbados, it's likely to attract buyers from here .
Le Paradis is taking shape on 554 virgin acres at Praslin Bay, near the village of Dennery on St Lucia's eastern coast. Surrounded by protected rainforest, the lush site rises 186 metres (610 ft) to where the 19th hole of a Greg Norman-designed course will have spectacular ocean views.
A series of interlocking reefs protects the bay from Atlantic swells.
Praslin (pronounced 'Pralin') is about 25 minutes' from Hewanarra International Airport, an advantage over the island's main tourist spots on the west coast which are a one-and-a-half hour drive from the airport.
Customs clearance will be set up at Le Paradis and helicopter transfer between airport and resort will lessen travel time.
Owners will benefit from tax concessions as part of the government's tourism drive. The properties are exempt from stamp duty and there are waivers on an environment levy and property tax.
With the banana industry in crisis - export sales have dipped to one-fifth of the amount earned a decade ago because of altered trading arrangements with Europe - St Lucia is banking on a growing tourist market to boost the island's economy.
Le Paradis developer Kierron Dolby of DCG Properties has the backing of the government and local farmers in this ambitious project, which will provide an economic boost to the region.
Designed in traditional French Creole style with typical lace fretwork, wood shingles and gingerbread gilding, condominiums at Le Paradis will be set amidst tropical vegetation close to the water's edge.
Altogether, 232 condominiums are to be built in phase one of this development, and are due to be ready by March 2007.
Interior specification is top drawer, with custom-designed furniture and fittings (down to cutlery and towels) and spa-style bathrooms looking out to sea.
Walls on two sides will retract to completely open the interior to large terraces, creating an indoor/outdoor living theme.
Prices range from €657,000 to €721,120 for spacious two-bedroom condominiums of 153.5sq m (1,651sq ft) with 32.4sq m (349sq ft) terraces.
Villa-sized three-bedroom units of 214sq m (2,300sq ft) with 48.63sq m (523sq ft) terraces cost from €920,000 to €1.01 million.
The hotels will be operated by the Starward/Westin hotel brand.
Owners can expect a return of around five percent, based on renting for most of the season, with four weeks owner-use.
This is optional and many buyers will probably retain their apartment for personal use. Flexible layouts will allow owners to use one part of their holiday home while letting the second bedroom (which can be accessed separately) through the hotel management.
Designed by Greg Norman and managed by Troon Golf, the course will incorporate a par 3 hole at the 14th green.
The resort expects to be up and running by March 2007, when phase one will include a four-star hotel with beachside spa, infinity pool, golf course and around 100 ultra-smart furnished condominiums.
A five-star boutique hotel and marina with moorings and outdoor market is scheduled for phase two.
DCG has employed Dr Peter Ernest, an environmental scientist, to oversee the project from an ecological point of view. Ancient trees have been marked and the habitat, which is 70 per cent rainforest, will be preserved.
Rare whip-tailed lizards are domiciled on a nearby island and the Fregate Islands are nesting places for migratory birds of the same name.
Critical issues such as erosion and hurricane-proofing have been addressed says the developer, and special construction materials used to protect against the effects of the region's seasonal storms.
DCG Properties was formed by MD Kierron Dolby to develop Le Paradis. Dolby is also president of CHS Building Services, a long-established building and engineering company with a UK and international client base.
Agent: Erna Low, tel 0044 207 953 4067 Le Paradis, St Lucia, tel 001 758 452 3603
