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‘Incredible Environment’ for Real Estate continues for Turks and Caicos

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Garfield Ekon

Staff Writer

 

 

#TurksandCaicos, April 18, 2024 – Tourism and real estate sales continue to boom in the Turks and Caicos Island (TCI), over other Caribbean territories, with sales numbers and pre-construction sales numbers reflecting an incredible environment.

There are hosts of opportunities for new development offerings, some currently under construction and some that are about to announce their plans. A number of the larger parcels of beachfront land in Providenciales will be reshaped into high-end, branded hotels, and residences to keep pace with the seemingly endless demand for investment and vacation properties.

In a report by the Turks & Caicos Sotheby’s International Realty, it states that “our superb tourism offerings continue to attract A-listers from around the globe as seen throughout the social media channels as well as buyers looking for a place to call home amongst the abundant turquoise blue ocean views throughout, the temperate climate, and tranquil laid-back Caribbean atmosphere,” the report said.

It added that the first quarter of this year witnessed another major groundbreaking celebration in Providenciales, by the same developers of The Ritz-Carlton Residences with The St Regis on Grace Bay, as well as the formal public sales launch by Grace Bay Resorts with The Point.

The two new luxury developments have already recorded over 70% (St Regis Tower I of three towers) and 65% (The Point) units sold/reserved. The Loren on Turtle Cove, which broke ground in June 2023, is showing a unit sales production of 52%, and Andaz Turks & Caicos after officially breaking ground last year, is reporting unit sales production at 65%. ARC at South Bank is 50% sold with construction to start in May of this year.

“This new condominium inventory is satiating the overdue demand with buyers who are willing to wait for up to three years for the completion of the resort properties. We are also gaining momentum on some of the boutique new developments, such as Villas at Blue Mountain, with multiple pre-sales which will soon start construction, and The Summit at Blue Mountain, which has strong momentum and is well under construction,” the report further added.

While the pre-construction sales in the Condominium Sector are high and not officially recorded within our TCREA MLS statistics, in this 1st Quarter, the re-sale condominium sales volume was $18M, 25%-65% lower in comparison to the past three years with the average price remaining high at $1.1M which resulted in a $/SF of $1,100 at the luxury end (+$1.5M).

Caribbean News

PM INVITES INDIAN INVESTORS TO EXPLORE OPPORTUNITIES IN JAMAICA

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KINGSTON, October 8 (JIS): Prime Minister, Dr. the Most Hon. Andrew Holness, has invited Indian investors to explore business opportunities in Jamaica.

He cited prospects for innovative business investment in tourism, infrastructure development, renewable energy, animation, medical tourism and health.

He noted that, with the island’s extensive harbour and port systems, “We are the gateway for Indian innovation in the Americas.  I think the time is right for a trade and business delegation from India to visit Jamaica. I mentioned this to Prime Minister [Shri Narendra] Modi and he welcomed the possibilities of such a trade delegation.”

The Prime Minister was addressing a dinner reception on Tuesday (October 1), during his working visit to India.

He said that his trip is intended to herald a new era of Jamaica-India friendship and partnership.

Dr. Holness said that Jamaica is looking forward to working with the Confederation of India Industry (CII) to explore areas of cooperation.

Of special interest, he noted, is working with Indian companies on joint research projects and technology transfer “to enhance Jamaica’s research and development landscape, particularly in the areas of biotechnology, as well as products and drug development, using Jamaica’s natural resources”.

“We also want to welcome Indian companies providing software development and maintenance, cybersecurity, back-office, finance and accounting services,” he added.

Based in New Delhi, CII is a non-governmental trade association and advocacy group that represents the interests of Indian businesses in various sectors, chiefly engineeringmanufacturing, consulting, and services.

The organisation works to create and sustain an environment conducive to the development of India.

 

CONTACT: SIMONE HYLTON

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Caribbean News

OLD HARBOUR HIGH SCHOOL RECEIVES BUS FROM JAPAN

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KINGSTON, October 8 (JIS): Some students at Old Harbour High School in St. Catherine, now have reliable transport after the institution received a 29-seater bus, donated by the Japanese Government.

The vehicle, valued at more than $11 million, will cater mostly to students who travel long distances, filling a gap for safe, reliable, and efficient transportation.

It will also be used to transport students on field trips, sporting events and other activities.

Speaking at the handover of the bus at the school on October 4, Minister of Education and Youth, Hon. Fayval Williams, lauded the Government of Japan for providing the funds through the Grant Assistance for Grassroots Human Security project (GGP), to purchase the bus.

Mrs. Williams said that special thanks must be given to the people of the donor country as “we continue to deepen the partnership with Japan”,  adding that the GGP project “has played a vital role in the development of our schools”.

Meanwhile, Ambassador of Japan to Jamaica, His Excellency Yasuhiro Atsumi said his country “stands together with Jamaica to strengthen the education system, so that all students can pursue their education and lifelong skills training opportunities”.

For her part, Custos of St. Catherine, Hon. Icylin M. Golding, who is also Chairman of the school, told her audience that the bus will enable the students to reach school much easier, and to “participate in more sporting events”.

Principal of the institution, Lynton Weir, said the students will reach school and return to their homes on time, with the acquisition of the bus.

He added that this will also result in reduced cost for parents who used to pay the public transport operators.

For Executive Director of the National Education Trust (NET), Latoya Harris Ghartey, getting the Japanese to fund the acquisition of the vehicle shows the strength of partnerships.

“It also stands as a testament to the deep-rooted commitment we have in providing our children with the tools they need to excel,” she said.

Student at the school, Ashanti Jones, said the “life-changing donation and invaluable gift will aid in students not missing classes due to unreliable transportation”.

Another student, Dormel Hamilton, said the students will have a safe and reliable vehicle in which to travel to school, and appealed to motorists to take care on the roads.

 

CONTACT: GARFIELD L. ANGUS

RELEASE: JIS

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Caribbean News

Sanovnik Destang Elected New President of the Caribbean Hotel and Tourism Association (CHTA)

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Bay Gardens Resorts Executive Director to Lead Organization for Next Two Years

 

Sanovnik Destang, a respected hotelier from St. Lucia and Executive Director of Bay Gardens Resorts, has been elected as the new President of the Caribbean Hotel and Tourism Association (CHTA). His appointment was confirmed at CHTA’s Annual General Meeting (AGM) last week, succeeding outgoing President Nicola Madden-Greig. Destang will serve a two-year term, leading alongside a newly elected slate of executive officers.

Destang brings extensive leadership and hospitality experience to his new role, having served as a key figure in the growth of Bay Gardens Resorts in St. Lucia. His commitment to CHTA began in 2012, and he is ready to lead the organization into a new chapter, focusing on people and technology as well as creating stronger linkages with other sectors of the Caribbean economy.

Destang expressed gratitude to his predecessors and emphasized the importance of collaborative leadership: “Thank you all once again for putting your faith in me and my generation. Being CHTA’s first president born in the 1980s, I fully understand the responsibility ahead of me. I’m ready to lead, but, more importantly, I’m ready to serve. My focus areas will be people, technology and linkages to other sectors of our economies and communities. This strengthened advocacy is aimed at attracting more members to our association, bolstering ourcollective voice and impact.”

Reflecting on her tenure, Madden-Greig highlighted CHTA’s achievements during a challenging period. She praised the resilience of the Caribbean region as it emerged as the fastest-recovering tourism market in the world post-COVID-19. Under her leadership, CHTA along with regional and international stakeholders helped implement and promote recovery measures and initiatives, including Caribbean entry portals and the Caribbean Public Health Agency’s (CARPHA) Healthier Safer Tourism program.

“The past three years, taking over at the height of the COVID-19 pandemic, were both challenging and very rewarding,” said Madden-Greig. “Nothing has given me more joy than having headed the hard-working team that led the Caribbean to be the fastest recovering region in the world, coming out of a once-in-a-century pandemic,” she added.

The newly elected CHTA Officers will work closely with Destang over the next two years, along with CHTA Regional VPs, Committee Chairs, and other Executive Committee Members, who will be announced shortly.

The officers include:

  • 1st Vice President: Karen Whitt, The Hartling Group, Turks & Caicos
  • 2nd Vice President: Craig Marshall, Blue Diamond Resorts, Antigua & Barbuda
  • 3rd Vice President: Clifton Reader, Palace Resorts, Jamaica
  • 4th Vice President: Kendra Hopkin Stewart, Blue Horizons Garden Resort, Grenada
  • 5th Vice President: Bill Clegg, BW Hotels, At-Large
  • Treasurer: Jim Hepple, Tourism Analytics, Aruba

CHTA, as the voice of Caribbean hospitality and tourism, will build on the strong foundation laid by Madden-Greig. Destang’s leadership will advance growth through innovation, people-centered initiatives, and stronger linkages with key sectors, keeping the Caribbean at the forefront of global tourism.

Supported by a team of regional leaders, Destang will drive new initiatives that propel the industry and CHTA members to greater heights.

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