New Mauritius seafront development property
Category News
Following recent changes in the Mauritian government's property investment legislation to provide more opportunities for foreigners to invest in real estate, Seeff has launched an exclusive new seafront development, Ocadia. It is located in Balaclava, on the north-west coast, close to the popular tourist village of Grand Baie and also the capital, Port Louis.
Theo Pietersen from Seeff Mauritius says that the development is named after the turtle endemic to the Indian Ocean and also as it is situated in the Turtle Bay Sanctuary. This fabulous seafront development offers 16 apartments and four penthouses on Le Goulet beach, all with panoramic sea views and direct beach access.
Architectural features include organic and mineral materials such as wood, glass and stone that enhance the natural light and a sense of indoor-outdoor fluidity, a signature of island living.
The penthouses have an interior surface of 260sqm and a 240sqm wrap-around terrace with a private pool, open-plan living areas, three bedroom suites and a laundry. The apartments are 240sqm in extent, also with open-plan living and three bedroom suites. All units feature air-conditioning.
Shared facilities include a fitness centre and gym, spa, hammam, sauna, changing rooms, landscaped grounds and an infinity pool overlooking the ocean. There is access control and 24-hour manned security for complete exclusivity and privacy.
The services of an interior designer is also available to assist with sourcing bespoke furniture, accent lights and art pieces, accessory furnishings and special fittings, home textiles, electrical appliances and more to enable buyers to turn their units into a dream island home.
The apartments are priced from R16m (USD 1 223 000) and the penthouses are R27.5m (USD2 097 000) each.
Pietersen says that Mauritius is an attractive island, ideal for holiday homes, but also offer the opportunity to secure a residency and to set up a business. It has become one of the most attractive African investment destinations and is ranked by the World Bank as the easiest in Africa to do business and the most competitive economy in sub-Saharan Africa.
The island is on an aggressive growth drive and the Mauritian government expects foreign direct investment (FDI) to increase by over 40% and it aims for it to become a high-income country with a GDP per capita above USD 12,735 by 2025. Infrastructure upgrades include a public transport system and airport upgrades to manage the growing air traffic volumes.
Real estate is an attractive proposition for South Africans who are keen to reroute their business to the island, he says. Business incentives include a fixed tax rate of 15%, tax-free dividends and no capital gains tax. There is also full repatriation of profits.
Construction and real estate is the second fastest growing sector, contributing 10.4% to the GDP, just 1.6% behind the leading financial services sector.
The Grand Baie area ranks as the most exclusive tourist spot on the island and offers excellent facilities and amenities including the largest mall in the north, Grand Baie La Croisette, where you can find everything from retail brands such as Woollies to cinemas. For everything else, there is nearby Port Louis.
Mauritius is one of the most sought-after Indian Ocean tourist islands. It is just a four to six hour flight from Johannesburg or Cape Town and has become a popular second home for wealthy South Africans with many retiring to the island, says Pietersen. It is also very popular with UK and European holiday makers and investors.
He further highlights that property on the island is regarded as an excellent investment and if you invest early, you can general benefit from excellent capital growth. Bear in mind, he adds, there is limited opportunities to invest, especially in such a prime seafront development. There are also opportunities to earn rental income during the times that your property is not in use. The island is a year-round holiday destination.
Contact Seeff Mauritius by email at mauritius@seeff.com, or visit www.seeff.mu.
Author: Seeff
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