I don’t buy that at all.That’s the opinion of real estate magnate Paul Altman as he responded to a position put forward by a local hotelier about coastal condominium development in Barbados not necessarily bringing major returns for the island.
While admitting that everyone has to push their own boat in the direction that suits them. Altman acknowledged that some of realtors have had to weigh out the two sides and come up with a conclusion that is more balanced.
He asserted, “I can tell you that if not for the condominium development in Barbados, many of the areas that have now created employment would not be there.”
But he also admitted, “I do not believe that all development is good development or necessary development. So I do not defend everything that takes place on this island. Mainly because I do not sign off on the authority to build and create some of these projects.”
Altman argued that while he maybe selling projects that he may not have been involved in the development or even been in a position or willing to give permission to, he is selling them nonetheless, and they have been given permission. He expressed his delight to sell such properties because he did not want to see them go sour.
He told Bimre.com, “So there is a need to have a balanced support, so I would defend condominiums as well as hotels. The thing about hotels which he didn’t say is that if they are not owner operated have have to have a certain room number in order to make them viable. There are economies of scale and he didn’t say that.”
He noted that projects such as Ocean Two that is acondo-hotels would provide that balance that the sector is looking for.
