St.Philip continues to attract appeal for Property Development

Barbados most easterly parish is continuing to attract major investment appeal, as the plans of a major investment firm that already has big investments there, will soon be ready to be put into motion.

Word of the latest plans from Millennium Investments Limited, the company behind the Crane Resort and Residences, has come from the local media. According to press reports the investment firm led by long-standing Canadian investor Paul Doyle, is borrowing $40 million from World Bank affiliate the International Finance Corporation (IFC) as part of funding for a three-part venture that includes the construction of 50 apartments and development of a back beach area at the existing resort, building of a new residential venture at Whitehaven near popular areas like Culpepper and Skeete’s Bay in St. Philip, and is also looking for new “opportunities” elsewhere in the country.

The group is also planning to complete a major new sewerage treatment system in 2011 and has developed a 622,000 gallon capacity water storage system to collect rain water for use in the existing resort’s laundry. Local press reports also indicate that the new development at Whitehaven will be low density and low rise, with single story residential units, and is planned on what is currently animal grazing land that was acquired on a willing buyer/willing seller basis from the previous owner and which will impose only readily mitigable environmental impacts. It said these impacts would be “reviewed by environmental and social impact assessment at an appropriate stage of the project development cycle, and management plans developed accordingly.

Before the project starts an Environmental and Social Impact Assessment has to be completed examining the development’s compliance with local planning requirements and its own performance standards. Also necessary is a management plan enabling compliance with these requirements. As reported the financial institution said it had already held meetings with Doyle and his team, including project planning and construction staff, engineering, human resources and security staff and the general manager of The Crane.

Its officials have also visited Barbados and inspected the existing Crane site while also journeying to the proposed project site at Whitehaven. But even before they get to the new project, MIL’s principal’s are moving ahead with the plans to expand The Crane further. “Development of the coconut grove area behind Crane Beach will be in consultation with all relevant local planning authorities and stakeholders, including the Coastal Zone Management Unit and Barbados Sea Turtle Project,” officials noted in the proposal.

The Crane offers timeshare investment opportunities. There is either outright or interval ownership of luxurious one-, two- or three-bedroom residences in its Private Residence development. There are one, two and three-bedroom residence units, bringing total rooms to 202 currently with new rooms being added to the product as the property is still being developed. Prices for whole ownership at the exquisite residences range from US $425,000 for the deluxe studio to US $1,781,000 for the 2 Bedroom, 3 bath, with 28′ Pool. Meanwhile quarter share ownership ranges from US $179,159 for a one bedroom rooftop deck pool with a Gazebo and the two bedroom with similar amenities starts at US $220,266.

Outright ownership provides the opportunity for owners to have flexible usage of their own luxurious oceanfront residence and a unique rental programme to ensure a significant return on investment, if desired.
In 2009, Doyle indicated that the Crane was performing well despite a global economic crisis. At that time he lauded the support of Barbadians in coming to the hotel with the Staycation programme which has resulted in 700 room nights from the local market. He explained that Barbadians are taking full advantage of the programme and spending weekends at the St. Philip resort.