Real Estate News - Cluster of villas in Mauritius suits well-heeled

A NEW resort scheme in Mauritius is being marketed to high net worth individuals from continental Europe, UK, Middle East and SA. Villas Telfair, the integrated resort scheme, is being marketed by Seeff OTB Marketing.

MD Ian Slot says that the targeted countries and regions are the traditional source of tourism for the island nation.

Foreigners cannot own property in Mauritius, except in integrated resort developments, which have been introduced in the country by the government to target high net worth foreigners in the leisure market.

In these schemes, foreigners are allowed full title ownership and also obtain permanent residence in Mauritius.

“If they (foreign owners in the schemes) spend more than six months in Mauritius, they get Mauritius tax status, which is a 15% flat rate tax and no estate duties,” says Slot.

This latest resort is being developed by the Mauritius-based Food & Allied Group, one of the top 10 companies on the island.

The group has a hotel chain called Indigo Hotels.

The group owns a number of hotels in Mauritius, including the five-star hotel Le Telfair Golf and Spa resort, located in the Bel Ombre region of the island.

The Villas Telfair resort is an extension of the established Le Telfair development.

The developers intend to build 20 villas at Villas Telfair and they will sell 16 of them. The prices of the villas range from € 2,75m to € 4m for the three beachfront villas.

Slot says development of the villas will start at the beginning of next year.

“It will be a short building period,” he says.

This is because the hotel, spa and golf estate already exist and also because the hotel resort does not want an “extended building period”.

“We will have occupation within 18 months,” says Slot.

A private property management service will also be established to manage the villas when the owners are not occupying them.

Owners have the option of having the villas let out to earn an income when they are not in occupation.

The owners of units at Villas Telfair will have access to all the Telfair Golf and Spa Resort’s amenities, including the Six Senses Spa.

Article from: www.businessday.co.za