The latest news on the proposed multi-million dollar Merricks Resort in St. Philip, is that it will not be a timeshare or property ownership development. It will be a resort.
This was the word from Dave Ames Chairman of Harlequin Hotels & Resorts at the public discussion meeting on Tuesday October 6, 2009, as the property development firm met with concerned residents and other stakeholders.
The resort sparked some controversy among local Merrick residents when it was first purchased by the UK-based developer in 2007. Several concerned Merricks residents voiced their skepticism about the Resort as its plans are now under review of the Town and Country Planning Office for approval to start construction on the massive 70 acre project. Ames ,who spoke at the discussion meeting reassured the residents, “It is not a timeshare,” he said. Residents explained that they had concerns regarding beach access and access to the coast which is now used by some residents for fishing activity. They queried if that type of activity would still be allowed and whether guests at the resort could look to disturb that activity.
But Ames whose company owns resorts in St. Lucia and St. Vincent reiterated that the resort will not have units for sale. Therefore the resort guests will not have rights like property owners. In fact, he highlighted this is what makes the resorts of Harlequin Hotels & Resorts unique. He explained that investors will have the opportunity to use a unit on the property for a month once a year, but otherwise they will be welcoming other guests.
“We do not sell a house, this is not Westmoreland or Sugar Hill where we are selling a house and they live in it, this is not timeshare. This is completely unique and different. As an investor , we give them security for their money. We actually invest the money, the reason why pension funds and investment banks are investing in what we do, is they understand our model, that they are investing in a resort. This is only one part of our business, we have Harelquin Property where we sell investment, Harlequin Resorts and Hotels which this is, we have HQ which books people in. So you have to understand the whole model of what we do. Be assured that our guests will not have rights as property owners, they lease the property back to the resort. We run the resort,” he stated.
The site for the luxury 5 star Merricks Beach Resort stands on a stunning cliff top position in the south east of Barbados on the ruggedly beautiful Atlantic coast. The resort is slated to feature a concierge service for guests to arrange various activities. There will also be the Harlequin Sports Academy offering expert cricket and tennis coaching, the Harlequin Fitness Centre, the Island Sanctuary Spa with indoor and outdoor treatment suites, meanwhile, there will be several bars and restaurants offering guests a choice of cuisine and ranging from fine dining to casual eating.
The 2009 tourism winter season is expected to spell good results for the Barbados real estate sector. The two sectors have always been inextricably linked and top real estate moguls are expressing optimism for the upcoming winter season which starts December 15 to April 1.
Local media made this report recently after interviews with real estate developers Nick Parravacino and Paul Altman. It is expected that the sector will have a positive winter this year and that is based on overall signs such as global economic improvements, stock market positive moves, and a general sense that the world environment is turning around. The two developers pointed to the two major markets of the UK and US explaining that both of these markets particularly the UK are showing signs of improvements. That in turn could mean good things for Barbados real estate from buyers in those markets who have wanted to buy property in Barbados.
The offshore market in the real estate sector of Barbados has long been a market that has brought good results.
Seasoned realtor and developer Parravacino told local media his belief that the winter season looks promising for the Barbados real estate sector. These positive projections come on the heels of what the developers have described as a slow summer period.
On the housing side of things it was highlighted that prices there had become more negotiable.
President of the Barbados Estate Agents and Valuers Association (BEAVA) George Ramsay echoed similar sentiments telling Bimre.com, “Our market is reacting to external economic pressure and property prices have obviously declined as a result.” But in response to the question of the existence of a buyers market Ramsay explained, “I would not at this time, however, want to suggest that we have a buyer’s market. I would agree that a buyer will find a market that is by far more sympathetic to negotiation. Traditionally, the Barbados market may become soft, but to date, it has not followed the international markets where prices have tumbled.”
Is the fate of the Barbados coastline being determined by the level of property development occurring on the island’s coastline?
It is true that Barbados can boast of millions of dollars being poured into real estate development of all kinds over the last ten years, with their being all types of accommodation available from luxury to cozy. Now investors and visitors can enjoy some of the best in amenities in some of the most amazing properties. However, the Barbados Coastal Zone Management Unit (CZMU), the government body with lead responsibility for ensuring the country’s coastline is secure, has been at the core of property development on the shoreline of Barbados maintaining certain rules and regulations are observed by property development firms.
But Barbadians have often complained that all the real estate development that exists with the many multi-storey condominium and townhouse structures are blocking out the windows to the sea from inland. Moreover, the development that has taken shape leaves ownership in the hands of few, most of whom are not Barbadians on the South and West coast.
But now, ecologists and other environmental specialists are sounding warnings about the impact that these sometimes massive structures could have on the island.
It has been explained by those parties that coastal development may not spell good results for the country down the road. Ecologists and coastal engineers are pointing to the fact that climate change has become a crucial issue for the island which has already vulnerable shores.
Local media reported Coastal Engineer Antonio Rowe from CZMU at a recent lecture, as he discussed the issue, noting that with each increase in the sea-level the area more inland was affected, especially crucial for the south coast, where the beaches are relatively flat. However, he noted that some of the recent incidents of extreme beach erosion and damage to properties had been caused by drastic fluctuations in sea-level rise, which had affected the island, mainly the west coast. Rowe stressed that the problem was significant because most of Barbados’ essential services, including government offices, health facilities, fire and police stations, and others, were located on the shoreline.
But the Town and Country Planning Office also plays a pivotal role in the whole issue. It is this government body that is responsible for giving building permission and setting the parameters under which builders construct these structures. One of the most imposing properties on the West Coast is The Sands, of which there is little knowledge, but many people on the local front have commented that the building appears to large for the land area it covers. The Town and Country Planning Office also monitors these structures as they are being built to ensure that they are keeping up the code and the regulations which were given with the building permission.
