AFRICA

SAMANTHA BARTLETT

avvy South African investors have for several years been aware of the favourable investment climate of Mauritius , the country the World Bank ranks as the best in Africa in which to conduct business .

Says Diane Watkins , Executive Director of Barnes International Realty in Mauritius : “ Property purchases within designated Property Development Scheme ( PDS ) areas that are in excess of US $ 500 000 earn foreign investors permanent residence status , personal and corporate tax has been standardised at an investor-friendly rate of15 % and there is no capital gains tax .

“ There is also no need for property owners in this investment bracket to constantly renew their permanent residence documentation , because it is tied to their title deeds and is also transferrable as part of an estate .

“ Foreign investors looking at purchasing property in PDS ’ can start more conservatively , though , and still expect excellent medium-to long-term returns .”

Watkins observes that , in recent years , South Africans have become increasingly dominant in Mauritius property and their buying power is contributing to the construction and real estate sector having become the second largest GDP-generator , according to statistics from the country ’ s Board of Investment .

Unchartered territory

Most South Africans – whether holidaying on the island or reviewing investment opportunities – will be most familiar with the West and North coasts , although the East Coast also offers a smattering of upmarket resorts .

“ The South-East coast , however , is almost entirely unknown to the South African market and this despite the region being home to arguably the most beautiful lagoon in the world . It is with good reason , though , that the area has remained so pristine , charming and unspoilt ,” says Watkins .

“ Most of the land around the Blue Bay and Pointe d ’ Esny areas – the two villages that front the lagoon – has had a single owner for nigh on 300 years . That ownership was consolidated under the umbrella of the Compagnie de Beau Vallon Ltée some 97 years ago and remains intact to this day .

“ Compagnie de Beau Vallon Ltée has been a successful property developer for a dozen years now , as well as an island agricultural mainstay and a hospitality player , but its new proj- ect Pointe d ’ Esny Le Village is the first in the vicinity of the magnificent setting of the lagoon and as a PDS development it finally unlocks Mauritius ’ best kept secret to foreign investors .”

The details

Pointe d ’ Esny Le Village was launched on the international market last month . It is Mauritius ’ first integrated village project close to the ocean under the PDS and incorporates close to 500 residential units from apartments and penthouses to ultra-luxury villas , commercial space , retail areas and hospitality and educational components , as well as world-class leisure and sports amenities .

Watkins says apartments are available from around R5.4 million , Duplexes from R7.2m and Villas range between R15.14m and R28.75m . Cafés and restaurants overlook ponds and lakes and a convenient underpass links the village to the beach and lagoon , which is a protected area of astounding natural beauty .

Thierry Merven , Group Chief Executive Officer of Compagnie de Beau Vallon Ltée , explained at the recent project launch at the company ’ s Riche en Eau chateau , that the fusion of traditional and contemporary design and extensive use of natural materials would ensure synergy with the unspoilt surrounding landscape .

Merven said the decision to develop Pointe d ’ Esny Le Village had been taken after a long , considered process .

“ Any development in this region had to match our commitment to the preservation and conservation of the area ’ s heritage , whether architectural , landscape or cultural . Heritage and preservation are integral to our company ' s DNA , but the Pointe d ' Esny project also bears witness to the desire to reinvent oneself , to project oneself into the future .”

“ In this region we have many assets ; authenticity and a sense of community , unspoilt landscapes , the omnipresent water , the largest Mauritian city Mahébourg and the largest lagoon on the island , which is arguably the most beautiful in the world .

“ For the first time in many years foreign investors have the opportunity to invest in the beauty of an exceptional lifestyle in Mauritius rather than a built , commercialised environment . Nowhere but in the south-east of the island is this still possible ,” Merven concluded .

54 APRIL / MAY 2018 SA Real Estate Investor Magazine