One of the most sought after areas in Barbados real estate is to be featured highly in the much awaited Red Book 2010. The ever popular beachfront of Barbados is one of the most important issues to be discussed in the annual publication which is a creation of TerraCaribbean.
According to one of the featured real estate executives who writes in the publication, “Our beachfront plays a major role in our tourism sector and our foreign real estate market. Given our commitment to these service industries, construction will continue to play a significant part in the development of our island’s economy.”
This is an interesting observation with major properties being opened or still undergoing development that sit on the islands’ prime beachfront land. These include; Sapphire Beach, Condominiums at Palm Beach and Somerley, while those still undergoing development include St. Peter’s Bay on the west coast and Ocean Two on the South Coast. Additionally other multi-million dollar projects slated to get underway in 2010 such as Four Seasons and Beachlands will bring an added boost to an already well developing area.
Meanwhile according to Terra News, other major analysts, realtors and executives in the industry have acknowledged a turn of confidence to the beachfront market while cautioning that a turn to a“normalised rate of absorption” is still some ways away.
However others in the sector have pointed to the reducing the risk in construction, this is even more so for beachfront.
Terra News points out from one of its writers risk management is becoming more important in the industry especially in the unique Caribbean market. While it is not proposed that securing the right procurement will eliminate risk, it is advised that it will go along way to reducing the exposure of all stakeholders. Reduced exposure to risk is undoubtedly of concern to investors.
A Grenadian luxury resort is now the latest Caribbean luxury property to be recognised and awarded by the popular International Property Awards, the property industry most prestigious award programme .
In the Americas Property Awards category Prickly Bay Waterside garnered top spots for Best Development and Best Architecture at the 2009 Americas Property Awards, presented in association with The New York Times and KOHLER. The development has been described as one of Grenada’s newest ultra-luxury, water’s edge residential developments.
The development was inspired by the island’s active yachting atmosphere and lifestyle. Prickly Bay’s uniqueness comes with the architectural design modelled around nautical cues.
Commentators in the industry have described the new design concept as one major step in redefining the residential market in Grenada and has brought a new contemporary building outlook to the Caribbean.
Having already won four awards in the Americas category in 2006, the 2009 recognition comes at a pivotal time in luxury Caribbean property development.
According to Prickly Bay Waterside Sales and Operations Manager Harrison Milborne, “We are thrilled to receive these very prestigious awards, and are very proud of our accomplishments in both development and architecture. ”
Additionally the property executive also explained, “Savvy prospective buyers will recognize the Americas Property Awards’ symbol of excellence and appreciate its significance. We are confident that our achievement will bring Grenada into the spotlight for the international property market and serve as positive reinforcement for the destination’s growth.”
Located on the fashionable Lance-aux-Epines peninsula of Grenada, Prickly Bay Waterside has already inaugurated the first 18 residential units of phase one of the development, which will eventually encompass a total of 78 water’s edge residential units of up to 6,179 sq. feet in size. An Olympic-length swimming pool suffused with ten thousand fibre optic points of light and a beachside boardwalk are already being enjoyed by residents, as is a restaurant/pizzeria and Tiki bar. The master plan eventually calls for a luxury boutique hotel to be built on the premises, where residents and their guests will be able to indulge in a state-of-the-art spa, swimming pool and variety of boutiques.
An outstanding example of fresh, exciting architectural design, Prickly Bay Waterside is also one of the first developments in the world to feature ultra-modern materials and technologies usually employed by automotive and aeronautical industries. These include carbon fibre and other composites that adjust well to the salty environments and atmospheric conditions of the Caribbean
Contractors, construction firms, property developers and home owners should be aware that the time for mandatory compliance with Barbados building code is drawing near.
This has come with news from The Ministry of Transport and Works, in a press release on January 22nd 2010. According to the Ministry’s release, that department is actively pursuing the legal and administrative structure for the mandatory implementation of the Building Code.
At a time when there is the popular belief that there is little or very late action from Government when there is public concern expressed about any issue, the Ministry announced that the news was in response to public concerns about the status of proposals to give legal effect to the code, which has been in existence since 1992. Even though the government Department has not given a specific time-line for the code to become mandatory, the news certainly seems timely, given the devastation with the massive Haiti earthquake that caused numerous buildings to crumble in the absence of mandatory building codes in that country.
Moreover, the announcement is an interesting development for Barbados’ real estate sector, which is tipped to see a very active year for 2010. The mandatory compliance provision comes against the background of a growing number of contractors, the possibility of homes not being able to withstand powerful earthquakes and hurricanes and the industry being turned into a billion dollar sector over the last two decades.
The lead government body that will be responsible for the pending legal provision will be the Building Standards Authority. The charge for the Building code will encompass establishing technical standards for buildings to ensure the health, safety and welfare of persons in and around buildings, ensuring the registration of building practitioners, granting building permits and completion certificates, issuing notices and orders and facilitating an appeals process.
According to the press release, The Authority will also promote the construction of buildings with adequate provisions for persons with disabilities, assist in the cost effective construction of buildings and assist in the achievement of a cost effective building industry.
Over the last six years, the Authority, which has a skeletal staff of 11 persons, and has inter alia, been working assiduously towards the preparation of a Building Bill. The Authority has also been working in collaboration with the Barbados National Standards Institution (BNSI) towards the preparation of a revised Barbados National Building Code; working towards the development of a manual for the construction of houses and small buildings; and practicing on drawings of existing and proposed buildings to check their compliance in accordance with the provisions of the Barbados National Building Code.
