Dana Malcolm
Staff Writer
#TurksandCaicos, May 9, 2024 – With over 50 percent of rooms sold, the Arc Providenciales has officially been greenlit for construction.
The Arc is part of the South Bank development set on the south coast of Providenciales which in total has already sold $ 250,000,000 worth of real estate.
The project offers four different neighborhoods, complete with a private lagoon and man-made islands, which are all selling fast, The Arc, Ocean Estates, which are nearly sold out all clocking between $4 and $14 million in sales, Boat Houses with 34 out of 38 sold and Lagoon Villas which start at $2 million up.
Described as the heart of the South Bank project, The Arc, named after the gently curving design of the building, will be the Turks and Caicos’ most iconic property according to developers.
In a May 2 webinar attended by Magnetic Media, developers revealed that the building will sport a 150-foot-long pool alongside a man-made beach protected by a concrete sea wall but still connected to the open ocean.
The beach is due for completion by November with groundbreaking for the Arc set for the second quarter of this year. The Arc, like many newer TCI properties, will be part residential, part hotel. It’s the last property in the development and the feather in the cap of developer Ingo Reckhon.
Included in the sky villas, which are the most exclusive of the rooms on the Arc, will be indoor-outdoor kitchens, hot tubs, pools, outside gardens, boat slips, and the Turks and Caicos’ first-ever boat concierge service.
It is to be managed by Grace Bay Resorts.
“Both of us are Turks and Caicos companies operating here for over 30 years. We both believe in our people and we hire local employees,” said a representative from Grace Bay Resorts during the meeting. In attendance were dozens of homeowners who have bought into the TCI dream ’live South Bank.’
New construction is a major contributor to stamp duties in the Turks and Caicos and enriches the real estate market in which resale properties are few and far between. The government expects that it will collect over US$50 million in stamp duty taxes from land sale transactions in the 2024/25 financial year.