One of Barbados newest condominium developments has a major feat to celebrate, that is opening on budget.
Sapphire Beach Condominiums which opened on February 12, 2010 was constructed in 18 months and completed within budget. This was one of the key points made by principals of the development Philip Tempro and Bjorn Bjerkham at the opening ceremony of the luxury development.
With several project developments in the Caribbean either being subject to high cost overruns or major delays, the accomplishment is a big one for the South Coast property.
The 54 unit condo development was developed with a budget of $50 million and is projected to earn $85 million in foreign exchange for Barbados. Meanwhile taxes for the property are expected to stand at $1 million annually.
Moreover, both Tempro and Bjerkman highlighted that since practical completion there has been an increase in sales for the units at Sapphire Beach. In fact the new construct was described by Bjerkham as “a strong contender in the international market.”
The new property sits on 170 feet of beach front land and features two kidney-shaped swimming pools surrounded by attractive hardscape and external illumination.
These condos have two contemporary design styles and luxurious finishes. The units come with 2 bedrooms or 2 bedrooms and a study and direct beachfront views.
Of the 54 units, there are only 22 units left for sale, and Prime Minister David Thompson who officially opened the residences urged all those prospective buyers to get moving on the transaction process because they are not many left.
The financing for the $50 million project came from the local commercial bank which boasts of being the biggest lender in the market, Barbados National Bank (BNB). In fact BNB carried it’s commitment to the project even further with purchasing two of the units as well.
The project is a joint venture between the Barbados government which owns 49 per cent and the private sector which owns 51 percent. Another principal for the development is Consumers Guarantee Insurance (CGI).
