Royal Park’s Real Estate project to cost Rs 10 billion
The first phase includes residential products and the two components of the global project are: the Resort Concept and the Real Estate. (Image: Royal Park Mauritius)
Mauritius’ luxury resort, Royal Park at Balaclava, announced that its global project that comprises two components, a Resort Concept and Real Estate, should cost Rs 10 billion and will be in three phases.
Sydney Bathfield, Chairman at Royal Park, made this announcement during a media tour held last Friday, August 29, 2014, on the site.
The first phase includes residential products, of which Mascarene, Sandpiper and Savanah form part. The residential part of the Royal Park aims at targeting both the Real Estate Scheme (RES) and locals at the same time, as this cohabitation is becoming more and more common on the real estate market in Mauritius.
“Mascarene is a place of residence arranged in five aligned units, assuring complete intimacy and each including four to six apartments,” said Mervyn Ramsamy, Chief Operating Officer (COO) at Royal Park.
The clubhouse will be equipped with a reception area, concierge services, a fitness gym and sports infrastructures including tennis courts and a swimming pool.
The expected period for the completion of the construction site is between 12 to 15 months and the constructions of both Mascarene and the clubhouse will start before the end of the year.
The residential project Savanah consists of 19 luxury villas.
The three residential projects will be in a range of Rs 13.5 million or more. So far, 30% of these 77 RES residences have been sold.
The promoters will soon market 20 duplexes with a view of the Moka range and on the park. These properties, targeting local buyers, will occupy a surface of 230 m2.
“They start at Rs 13.5 million. Our prices are about 20 % more competitive than products of the same standard currently on the market, which gives the buyer an optimal yield on his investment, associated with an increase in value of the long-term good,” Sydney Bathfield mentioned.
He added that the marketing will start at the end of September and will be made on brochure.
The beginning of Royal Park’s success was marked by the Pamplemousses project, which was aimed at a local clientele and consisted of some 240 plots of land, with a surface area ranging from 600 to 2,000 m2.
“Our first resident is already settled in and the second residence is under construction,” Mervyn Ramsamy said.
He added that investments involved at this stage, including road infrastructure, have already reached Rs 1 billion.
Royal Park teamed with partners for the marketing and commercialisation of its products.
“We recruited a sales team of about ten staffs under Arthur Simes’ leadership, who has a good working knowledge of real estate market conditions in Mauritius. We also ensured to have a great presence in European, Asian and South African international real estate shows,” Sydney Bathfield said.
He highlighted that Europe, Asia and South Africa remained Mauritius’ growth markets and the Middle East is not excluded from it.