One of Barbados’ leading hotel companies, the Elegant Hotels Group will be upgrading its 5 properties to the tune of $20 million dollar in 2010.
Howard Friedman, chief executive officer (CEO) of Elegant Hotels Group, Barbados, explained that the project includes new programmes and property renovations across all five of the Group’s hotels Tamarind Cove, Colony Club, The House, Turtle Beach and Crystal Cove.
“The first and major renovations will start at Tamarind Cove on July 1 and will run for four months during which the property will be closed. The November 1 re-opening will see fully renovated and modernized guestrooms, the addition of an intimate spa and relaxation space and two completely redesigned and re-imagined restaurants, including beachfront deck dining.
“When combined with the adjacent Zagat-rated Daphne’s Restaurant and the stylish boutique hotel – The House, Tamarind Cove will be nothing less than the birth of a new Barbados destination, which is sure to be a welcome jolt of energy and style for this stretch of Barbados’ platinum West Coast,” Freidman explained.
He noted that guests booked at Tamarind Cove during the renovation period will be accommodated at the Group’s other properties: “Work at these properties will be done without any disruption to guests and will include updates to all rooms and selected public areas at our two popular all inclusive resorts, Crystal Cove and Turtle Beach, which are scheduled to be largely completed by Christmas 2010.
“Changes will include a complete upgrade to contemporary and stylish new furniture and soft goods, installation of additional flat screen LCD televisions, IPod and MP3 stations, laptop compatible safes and other improvements.”
One of the largest property developments set for Barbados west coast, will be starting construction in Spring 2010 and interest for the development has been high.
This is the word from the sales office of the highly anticipated Beachlands development on the exclusive west coast of Barbados.
Construction of the four and a half acre property is scheduled to be completed in 2013 and it will bring a mixture of colonial architecture and ultra- modern finishes and amenities.
The units of this exciting project have been described as some of the largest in terms of floor space on west coast. Meanwhile prices for the units range from US $2 million to US $10 million with 2 and 5 bedrooms on offer.
Every unit will have the benefit of direct oceanfront views and the luxury of private spa pools. One of the most unique features of the exciting property which is expected to set it apart from other luxury properties on the west coast, is that the property will come with hotel services available for guests and owners.
According to the sales office major interest has been generating particularly over the 2009-2010 winter season. In fact it was explained that most of Beachlands clients have been from the UK and other European markets, who know and love Barbados.
It was added, that they also have clients from the Caribbean region and even some local clients who are very interested in purchasing with Beachlands. Canada has also been a major market for the west coast property.
The expectation for Barbados local real estate market for 2010 is that it will remain flat, while existing supply meets demand.
This is the conclusion of Andrew Mallalieu, Managing Director of Terra Caribbean as he gave his projections for the two real estate markets in Barbados for 2010.
In the annual market publication called Red Book 2010, Mallalieu explains, “Price growth will be more influenced by affordability constraints than it has been in the past. Beyond that period we anticipate a low growth economy with land supply and finance constraints leading to a situation of slow but steady growth.”
According to Terra, on the resale side for completed homes it is likely that exposure periods will lengthen and prices will be flat during the year. Furthermore the real estate boss adds that they expect that by the last quarter of 2010, the market will gain strength and will likely end at or slightly above, the starting point for the year.
In making these projections Mallalieu also gives a description of the climate that was dominant over the last year, he says, “Market confidence has been eroded while the fundamentals of supply and demand have remained steady. Some buyers may have delayed purchase decisions awaiting a renewed personal and market confidence – a phenomenon that was experienced around the world.”
Looking at the local market through a 2010 lens, the real estate expert notes that the trend is still continuing. He argues, “Today we see a continued slowing in demand in the local market. Serviced lots in Barbadian neighborhoods have seen modest price reductions of say 5 to 10 per cent and if not that, certainly no price growth in the past 12 months.
But on closer analysis Mallalieu contends that an opposing force has been influencing the supply side of the equation. According to him that opposing force is Government policy, with the change of use of land from agriculture to residential.
The Terra boss points out that the current government is looking at such applications in a different light when compared to past government administrations. He argues that the current government gives the impression that less land has become available or will become available for residential subdivision. He adds, “While such a shift has not completely made up for the fall in demand it has dampened the effect of such.”
One of Barbados’ leading hotel companies, the Elegant Hotels Group will be upgrading its 5 properties to the tune of $20 million dollar in 2010.
