Property demand boosts phase two of Mauritius development
DURBAN – St Antoine Private Residence, situated near Grand Baie in Mauritius, has officially announced the release of Phase 2.
This comes after the sell-out success of the first phase of St Antoine Private Residence and the recent commencement of construction.
“This is a significant moment for the St Antoine Private Residence team. Initially, this development was configured around the demands of the South African market; many of whom are looking to invest their money offshore and are very familiar with the lifestyle and investment benefits associated with Mauritius. As a result, St Antoine Private Residence launched Phase 1 in South Africa, prior to the international market, providing a significant catalyst to the sales overall,” says Norbert Koenig, Director of Red4 and co-developer of St Antoine Private Residence.
He continues, “In only 16-months we have achieved a sell-out success for Phase 1, and construction of the development has officially started. There is no doubt that we can attribute its success to understanding the target market, its prime location, direct ocean access, unsurpassed lifestyles and its unique offering as a product”.
Featuring 100 luxury apartments and penthouses, St Antoine Private Residence features 2 and 3-bedroom apartments and exquisite 3 and 4-bedroom penthouses. Situated north of Mauritius, only 10-minutes from Grand Baie, St Antoine Private Residence boasts unsurpassed sea views, direct ocean access, resort-style facilities, and the significant benefits that come with investing in Mauritius.
Global investment in real estate reached a record high of $1.62-trillion (R21.3-trillion) in 2017. St Antoine Private Residence, much like other offshore properties, has attracted foreign investment as a result of its numerous benefits including permanent residency, no capital gains tax or inheritance tax, a minimum of 15 percent income and corporation tax, as well as low mortgage rates, tax-free dividends and no exchange control. This is in addition to the exceptional lifestyle that can be experienced by investors, and the potential to generate a rental yield.
“With construction full steam ahead, we are eagerly anticipating completion to take place by August 2020. As it stands, our construction team have been working hard to ensure we stay on track,” says Koenig.
Having started merely two months ago, Phase 1 construction is currently well underway and focusing on 7 blocks initially. Across the board you can see the building come out of the ground, and the pouring of concrete for the foundations has commenced.
Mauritius has been recently reported as the fastest growing wealth market in Africa and already holds a total wealth of $43 billion. Over 240 South African millionaires have moved to Mauritius since 2007.
Mauritius not only has the goal of growing economically year-on-year, it’s also to become Africa’s luxury destination further luring investment into the continent. St Antoine Private Residence is certainly an investment opportunity and your chance to make Mauritius your home.
"As we go ahead with the launch of Phase 2 of St Antoine Private Residence, we know that Mauritius property market continues to lure South African investors. Along with the resounding sales success of Phase 1, we anticipate that this next milestone will achieve equally great results," concluded Koenig.
BUSINESS REPORT ONLINE