Mauritius realty looks up: Le Meritt Elipsis sees spike in interest
Le Meritt Elipsis is the second project launched by Le Meritt Holdings, which is based in Trianon, after Le Genesis Meritt, a residential complex of 116 apartments in Sodnac. (Image: Company)
After a cooling off period, things seem to be heating up again for residential realty in Mauritius. For starters, there is increased interest from potential buyers for the acquisition of the 250 apartments on offer at Le Meritt Elipsis.
This spike in interest follows the recent signing of an agreement between Le Meritt Holdings Ltd and its contractor, Beijing Construction Engineering Group, to accelerate construction as well as expedite the necessary funding to complete the project.
Le Meritt Elipsis is the second project launched by Le Meritt Holdings, which is based in Trianon, after Le Genesis Meritt, a residential complex of 116 apartments in Sodnac. Le Genesis Meritt, which offers multiple facilities to its residents, has been completed and all units have been sold.
The five towers of Le Meritt Elipsis were built in two phases: 1A and 1B. Phase 1A of the project, which is still under construction, consists of three residential towers of 150 apartments. Phase 1B includes two residential towers of 100 apartments. The construction is well advanced for the first phase wall plastering, painting and external fixtures progressing steadily on the site.
In addition, a marketing campaign was put in place following the appointment of David Boyce as Chief Operating Officer (COO) to strengthen the management team of Le Meritt Holdings Ltd.
“Now we are targeting Mauritian foreign investors and eligible expatriates living in Mauritius. We have already noted a renewed interest from potential buyers and this is mainly due to steady progress on the site,” said David Boyce.
In the first quarter of 2014, Le Meritt Holdings Ltd achieved a turnover of Rs 137.68 million and profits of Rs 1.07 million while in the 9 month period ending March 31, turnover amounted to Rs 207.72 million and profits to Rs 5.26 million.
While this quarter’s turnover and profits represents a sharp drop from the corresponding quarter last year when revenue of Rs 145.34 million and profits of Rs 50.14 million were achieved, the company expects things to look up from the second quarter onwards, as apartments are increasingly sold off and revenues and profits are realized.
Further, Le Meritt Holdings is currently studying the possibility of offering asset management services to investors and buyers to provide reliable financial investment, ensuring not only a capital gain but also a steady stream of income on investment.
“These measures will not only reassure shareholders of the value-add of Le Meritt Holdings Ltd, but will also show the business world and potential buyers that everything is on track for Le Meritt Elipsis,” says the COO.
Le Meritt Holdings Ltd is an award winning property developer, listed on the Stock Exchange of Mauritius Limited since January 2013. It was founded and led by Henry Loo from Mauritius and Kenn Yeo from Singapore, both award winning architects in their own right.
It has embraced continuous innovation in the property development industry and introduced creative development concepts in Mauritius. The Group has acquired an impressive and diversified portfolio of business and residential projects in the most sought after addresses.