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TCI Charts near $141 Million in Sales for 2022 Quarter One

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TCI Real Estate Continues to Soar Above The Clouds

 

#TurksandCaicos, May 12, 2022 – 2022 TURKS & CAICOS REAL ESTATE – 1st QUARTER YEAR-TO-DATE COMPARISON – Turks & Caicos Real Estate continues to soar as 2022 is shaping up to be another strong year with buyer demand remaining solid in a fast-paced market with a lot of moving targets.

Competition for desired properties is high with many listing agents managing multiple offers and off market properties selling without coming to market. Buyers know what they want, and sales agents are digging deep to find an appropriate investment or vacation home for their clients and customers. Construction throughout Providenciales, even without large scale vertical development, at this time, is at an all-time high with new homes coming out of the ground in all community areas and stretching to the out islands.

The biggest issue for builders and developers is trying to contain ever increasing construction costs hit hard by supply chain and inflationary issues.

In the forefront with new construction is the implementation of renewable energy which seems to be a top selling feature for new developments on island.  Notable developers are on board with Renu Energy TCI, a renewable energy company that has also experience tremendous growth over the past three years with the installation of solar panels, tesla power walls and electric vehicles and accessories. Fortis TCI has also been at work transforming the TCI energy landscape with the introduction of solar power programs to take advantage of this ample resource, C.O.R.E (Customer Owned Renewable Energy) and U.O.R.E. (Utility Owned Renewable Energy), with the latter program contracting several companies.

The EV and charging station pilot project which was introduced in 2018 has started to catch on with several electric cars in use throughout and charging stations popping up across the island.  Leading the way in energy efficiency and various forms of renewable energy in Turks & Caicos was Green Revolution which was established in 2011.

Since their formation the company has completed many projects both residential and commercial in scale, throughout the region. These projects are saving residents of the Caribbean hundreds of thousands of dollars each year. With sustainability on peoples’ minds and in the news, we are proud that our country has embraced the importance of these initiatives and developed a plan for our beautiful by nature islands.

The recent signing of the TCI Climate Change Charter which took place on Earth Day this past Friday, April 22nd during the 1st Annual Climate Change Summit entitled “Only One Earth – Invest In Our Planet”, the private and public sectors came together to take action with this roadmap as a guide to help protect and safeguard our environmental assets.

As for the 1stQ real estate market stats, while 2021 was led by Single Family home sales, this first quarter of 2022 was led by the sale of existing condominiums, where the sales volume increased by 61.53% with an average of only 162 days on market.

The Overall Market finished a shade up over last years’ Q1 with $140,909,800 in total sales.

Essentially “The Covid” sparked a run-on of single-family homes in 2021 followed by a run-on of condominiums this past quarter. Now though, with restricted existing inventory in both the condominium and single-family home segments, New Development inventory will come to the forefront.

This is illustrated by the whopping $307,642,451 in Pending (Under Contract) sales and another $262,442,750 in Conditional sales, which is largely driven by sales such as South Bank and Rock House, which is set to open May 1st.

Soon-to-launch projects include The Point at South Bank, an ultra–luxury 17-unit landmark building to tie a bow on the hugely popular Southbank by Windward Development which set a TCI sales record in 2021.

Point Grace by Grace Bay Resorts will also soon be launching its next phase between Point Grace and Le Vele.

Add these to the projected summer construction start of The Club Residences at Beach Enclave Long Bay, and other exciting pipeline projects in early design stages, and it paints a picture of TCI continuing as the forerunner in Caribbean for dynamic and diverse new real estate inventory – from luxury Grace Bay condominiums to luxury beach front buildings and residences. We will be in touch as these new projects come on stream. T

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Airports Authority aims for 24-hour airport and announces Scholarship programme

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Dana Malcolm 

Staff Writer

 

 

#TurksandCaicos, April 19, 2024 – In an attempt to move to 24-hour-a-day operations Turks and Caicos Islands Airports Authority (TCIAA) is steadily recruiting Air Traffic Controllers to work at the Providenciales/Howard Hamilton International Airport, according to Godfrey Smith, TCIAA CEO, reporting to the Appropriations Committee.

Speaking on April 8th Smith said a cabinet paper would be sent soon requesting six more Air Traffic Controllers to make round the clock operation at the Provo International possible and to open the airport in Grand Turk till 12 a.m.

Currently, 17 posts are filled and seven are vacant.

Smith was candid with his responses to recent industrial action from ATCs which led to resignations and firings.

“What we have to do is find systems to mitigate such actions and that has to start with filling these jobs, putting people in that want to work and doing right by people – and we always try to do right by our staff. Persons may not think that we are but we always do – we ain’t pick no fight,” he said in the meetings held at the NJS Francis building ahead of the National Budget Communication.

Smith indicated that recruitment was an issue across the board, ‘we need to find ways to recruit a little bit better’ he told the committee. Also in need of a push was capital spending or projects according to the CEO, who said the agency had ‘not been very good’ at meeting that mark but insisted they had recognized the issue and could do better.

A very important key performance indicator drawn up by the TCIAA is increasing passenger satisfaction at the Howard Hamilton International Airport. For the TCIAA part of this means a 30 percent increase in seating by Q2 of this year.

When queried on if they could even handle this increase the CEO said,

“The fact of the matter is we already have the capacity there. What we need is to make the service a bit better.”

Staff shortages have become such a frustrating issue that the TCIAA is instituting a scholarship program created by Authority Chairman, Selvyn Hawkins

“What the board wants to do is basically allocate $25,000 annually for a scholarship and they’ve approved it already.”

This process would cover tuition and all other costs for one student.

The student would return as a summer intern and other breaks to work at the TCIAA and upon graduation, assume a role at the company.

“We identify a particular skill we need, we go after it and we build capacity that is in a nutshell the nexus of the program,” Smith said.

The Turks and Caicos Islands Airports Authority (TCIAA) is allocated $49 million this financial year; over $20 million goes to salaries.

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Flow TCI offers Gigabyte Speeds to Customers

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Company delivers fastest speeds nationwide and boosts service reliability

 

PROVIDENCIALES, TURKS AND CAICOS, APRIL 19th, 2024 – More connections, faster speeds and greater support for customers. This is the promise from communications and entertainment provider, Flow TCI, as it embarks on an initiative to provide households with enhanced connections, greater overall reliability and now, for the first time, speeds up to one gigabit person second.

FLOW TCI Country Manager, Joanne Missick shared: “Our customers are at the heart of everything we do. We listen to our customers and want to exceed their demands, so we are focused on delivering unmatched value with customer centric products and services that are future proof. Flow subscribers on our Fibre Extreme package can now access up to one gigabyte speeds and subscribers on our Fibre Plus and Fibre Max package, as of April 1st, are also now benefitting from up to 5x more speeds.”

This is third speed boost for Flow customers in the last two years. This comes under the umbrella of the the Company’s recently launched “Working for You” campaign, where technicians are going into the neighborhoods across the island to conduct repairs, decommission copper cables, and increase the brand’s visibility in local communities.

“To date several neighborhoods have been served by technicians and the company will continue to go across the islands to ensure each neighborhood receives personal attention. We recognize that over the past few months some customers have experienced issues with the quality and delivery of our services. This is not what we stand for. Flow remains committed to providing technology and innovation that enables growth and positively impacts lives”, says, newly appointed Head of Technical Operations, Simeon Thomas.

Thomas adds, “We have been closely monitoring and reviewing every aspect of our network and there is room for improvement across each of the islands. Where we find shortcomings, we are taking concrete actions and assigning our technicians to rapidly make all necessary adjustments and improvements for our customers”.

Flow has made significant investments in expanding and modernizing its infrastructure and delivering a more robust and reliable network paving the way for the country’s digital transformation.

For more information on speed increases visit https://www2.discoverflow.co/turks-and-caicos/price-adjustment-speed-increase on our website.

Thank you for your usual assistance in sharing our stories.

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Harold Charles, Appointed Member to the HOA, goes out with a Bang 

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Dana Malcolm 

Staff Writer 

 

 

#TurksandCaicos, April 19, 2024 – In an explosive, self-proclaimed, final budget speech to the people of the Turks and Caicos, Harold Charles, Governors Appointed Member is expressing frustration that many Turks and Caicos Islanders are locked out of top jobs in the country and unable to build wealth.

”I’ve been in this country for 50 years and I’ve noticed all those big developments that come in— the majority of [managers]are foreign people. After 50 years, when are we going to have Belongers manage those businesses?” Charles asked.  “I’m upset, I’m frustrated [this is] their home.  They have nowhere else to go—- If we don’t empower our Turks and Caicos Islanders we will never get out of living paycheck to paycheck.”

Charles echoed what thousands of locals have been saying for years about the failure of successive governments to get the economic success in the country on a level that residents can participate in it.  The member maintained that not only were many locals working for scraps overseas and at home, but that it was the prerogative of the government to create avenues for them to move upward.

”I know the government’s heart is in the right place but somehow we’re not getting it together.  I’m talking (about) both PDM and PNPs. It must change.  There are many islanders overseas taking crummy jobs when all this opportunity is in the Turks and Caicos Islands.”

Calling on the government to enforce laws which allow islanders to get a foothold in lucrative industries, Charles maintained that TCIG could not let investors come and do as they liked.

”We have all these big companies making millions.  They brag about how much they’re making, yet how much do they contribute to the development of our people?”

Charles encouraged the government to mandate that locals were hired in the large developments, taking place across the country.

Capital projects and their execution was another issue that the member highlighted

”Over the past three years in office, we seem to be dragging our feet when it comes to the execution of projects,” he said, “the last budget reflected bitter-sweet sentiment.”

The government managed to spend $29 million of a $57 million capital project budget in 2023/24 financial year.

“Mr. Speaker prior, we promised the people infrastructural investment, improved roads, ease with doing business with TCIG, more scholarships, increased home care, a $900,000 special needs school.”

The Appointed member was also frustrated with the amount of money being allocated to crucial areas including the absence of allocations for a special needs school.

”We were promised that no Turks and Caicos Islander would be left behind while I appreciate the government’s commitment to ensuring this. I am concerned that the relatively low level of funding allocated to education and infrastructure may hinder the effectiveness of effort,” The member stressed.

Closing his speech, Charles maintained that it was “crucial that the sectors receive additional support in order to provide citizens with the necessary resources and opportunities for their development.“

Mr. Speaker it is imperative that we allocate our resources adequately and streamline processes to enhance the ease of doing business with the Turks and Caicos Government. We must priortise increasing service delivery capacity in critical departments such as the customer service department, the register of records, the department of motor vehicles and the list goes on,” express Charles.

Charles reminded that there is a growing demand on the services TCIG provides, especially as the country enjoys unprecedented, year on year, exponential economic growth.

Charles alongside Jameka Williams (Government Appointed Member) Willin Belliard (Governor’s Appointed Member number one) and Alvin Garland (Opposition Appointed Member) will very likely be the last set of appointed members in the House of Assembly of the Turks and Caicos as it transitions to a wholly elected parliament.

Harold Charles indicated it was unlikely he would join any leadership race describing the 2024-2025 Budget contribution as likely his final.

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