One of the leading realtors and property developers in Barbados has made some major predictions to a number of the multi-million dollar projects in the island for 2010. Andrew Mallalieu – Managing Director, Terra Caribbean in a self-penned article entitled The Property Market in Barbados, has predicted that property development on certain projects will see some fluctuations.
With the largest property development in the island as the Four Seasons now delayed for more than three months, Mallalieu says in his article, “The Cinnamon 88 project at Paradise Beach will get back on track but the road will be very bumpy. I think that there are still more issues to be resolved that have not yet been aired. Ultimately it is a great project for Barbados and we all have a vested interest in its outcome.”
Meanwhile with respect to Beachlands another major project slated for Barbados exclusive west coast, the long-time property developer explains, “Beachlands is scheduled to commence building construction in Easter 2010. The work that has been completed on the beach preservation and enhancement has paid significant dividends and that strip of beach is certainly amongst the best on the island. This project has already attracted some of the wealthiest of Barbados’ international clients. When you know Barbados, Beachlands will likely be at the top of your list of places to call home.”
Looking at another project set for the “Platinum Coast St. Peters Bay, Mallalieu highlights that it has been scheduled for completion early in 2010. This premier marina facility, feature 57 private beachfront residences nestled on 4 acres of the island’s platinum west coast. Conveniently positioned between the shopping, entertainment and service centres of Holetown and Speightstown, this piece of tropical paradise offers all the key elements that make up the classic Caribbean Dream location – peaceful surroundings, swaying coconut palms, a sweeping panoramic view of the ocean, a beautiful white sand beach and crystal clear water. The Terra boss predicts, that the 2009 winter will have sales starting in earnest. He notes that this project represents the majority of new product that is available on the West Coast. Additionally he explains that all of the apartments will not sell in the first season but certainly industry experts will be watching the progress closely to see how the “sell at completion” model works out for the developer.
Port Ferdinand which is set to satisfy the need for more berths on the West Coast, Mallalieu notes that it has just about broken ground and is one of the most exciting projects to be embarked upon in Barbados. The driving force behind the development, the Bjerkhamn Group, is a homegrown developer who has achieved a reputation on the world stage. Adding another 96 villas with attached marina berths to the island can only compliment Port St Charles and take our marina product to the next level. He argues Watch this project closely as there will be great opportunities for discerning investors.
Referring to an adage that interrupts to be being caught off guard, the experienced realtor notes, When the wind blows strong you see who is wearing knickers.” As some Caribbean are not faring as well as Barbados in property development. He indicates that Barbados is faring a great deal better than our neighbours in St. Lucia, Grenada and Antigua. It is in these markets that the best-applied cliché is: “When the tide comes in all ships float”. These markets were punching above their weight when there was an abundance of money following a limited number of opportunities. The market is now about fundamentals and the tide has gone out, so it is only markets where the core demand is sustainable that the projects are not sinking – to keep with the metaphor so to speak. It is not that Grenada, St. Lucia and Antigua do not have beautiful beaches or tropical landscape but rather it is a matter of the established markets being able to sustain themselves in a poor environment while secondary or tertiary markets simply cannot.
In conclusion he admits that while the wind was blowing hard he is pleased to say that Barbados was wearing knickers.
