Due to the current economic environment and the decline of the British Pound, pre-sales of unfinished developments in Barbados have slowed down. Consumers are scrutinizing their purchases and some are opting to buy a completed product.
Ocean Two has evidenced this first hand.
While our stream of inquiries has surpassed our expectations so far this year, the ratio of those inquiries that are converting into potential purchasers has been small.
This in turn effected our pre-sales financing requirement and called for a restructuring of Ocean Two’s financing. During this time, construction was stopped for two weeks so that we could could guarantee to the main contractor, and all of the other professionals on the job, that we would have no future financial hurdles.
Construction has recently restarted and will soon return to full steam. Ironically, we saw three new clients come to the table during this time.
As evidenced in sales at Ocean One, we intend to see stronger demand once Ocean Two has been completed.
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It is known by everyone that economic condition is not great in current time. Now people are not much interested in 1st buying a place and then build a home on it, they now prefer to get the final product straight away.