The newest South Coast condominium development in Barbados is bringing major benefits to the island and stands as clear evidence of the type of housing solutions that could be made useful in a country that has limited land resources.
This was the assertion made by Prime Minister David Thompson, as he gave the feature address at the official opening ceremony of the Condominiums at Palm Beach, Christ Church
Prime Minister Thompson acknowledged that he has been carefully scrunitising developments like Palm Beach to prevent any disruption in the agreed and established equilibrium in the use of land in Barbados.
Speaking about some of the advantages that come with the Palm Beach Condos, he noted: “First of all it has a relatively small footprint…the 59 units occupy a mere 4 acres. In the past this same spot was occupied by 15 houses; I believe this multi-storey solution to the problem of space is one we should resort to more regularly in order to solve the general problem of housing in our country.”
The Prime Minister also explained that an upmarket community such as the Condominiums at Palm Beach represents a reminder of the many advantages of communal living, which Barbados seems to have lost in the last 15 years of development. He said, “It is certainly reducing the pressure of resources like water with shared amenities like swimming pools and other joint provisions like security are paying dividends.”
He also believes that the development is helping to diversify the tourism product on the South Coast. According to the Prime Minister, the development is bringing both higher standards of living and an enhanced quality of life to a greater number of people. Thompson stated: “At a time when there is increasing competition for the standard tourist in search of sun, sea and sand for a fortnight, Barbados has to target a different clientelle. The demands for upmarket tourism products like this (Condominiums at Palm Beach) are far less elastic than mass tourism.”
Another benefit which was outlined by the Prime Minister is that the development is consistent with the third physical development plan amended in 2003, which is in keeping with the redevelopment of the tourism industry by redevelopment and modernisation of older beach front property. Palm Beach is one such site.
According to the PM, the development also constitutes a significant stimulus package within the construction and real estate sectors. He explained: “It has brought in an initial investment of no less than a BDS $100 million and is likely to generate and circulate considerably more on the sale of units. It is interesting to note that there is almost an equal representation of Barbadian and CARICOM nationals, British and American friends of Barbados who have bought condominiums. Because Realtors Limited is a Barbadian company, government and the people of Barbados stand to benefit from the foreign exchange and transfer taxes. It is through projects like this that Barbados is benefiting from a significant injection of capital now, to help ride out the recession, as well as the constant flow of foreign exchange from the short term letting of these units. In addition, creating 30 permanent jobs and more when it becomes more operational, I therefore commend Realtors Limited and pledge support of the Government of Barbados for carefully planned projects like this to enable the sector to remain buoyant during these trying times.”
