A once in a lifetime opportunity currently exists to purchase a residence in an unparalleled piece of paradise in the Caribbean which represents a 5 star site often searched for but rarely found.
Located on the dramatic coastline of Morne Rouge, and conveniently just 10 minutes away from both the capital St Georges’ and the Maurice Bishop International Airport, Laluna Estate is a very private and exclusive villa development nestled on 30 acres of prime waterfront land, designed by two acclaimed Italian architects to offer a warm and intimate atmosphere where you can enjoy the casual and unique Caribbean lifestyle.
Laluna resort opened ten years ago with 16 suites, an Italian restaurant, an Asian Spa and a beach front yoga pavilion, and immediately established itself as the premiere boutique resort on the island attracting jet set clientele from all over the world. (www.laluna.com)
In October 2012 the Sunday Times Travel Magazine included Laluna in the list of the 100 Best Hotels in the World .
The development consists of seven five bedroom villas, all uniquely designed, currently under construction and completion date of December 2014.
Also available on the Estate are one and two acre lots where landowners can be as involved with the building process as much as they like, employing their own architects or engaging our Estate Management team. Villa owners and Landowners have full access to La luna services and amenities.
The Estate has a Development Master Plan approved with a very attractive government incentive package.
What is special about this project is the unique opportunity to join an exclusive residence club with the resort services of Laluna. Actually, the headaches of second-home ownership are replaced with services and amenities only found in the world’s finest resorts, and the opportunity of an extra income. In fact villas’ owners will benefit of a management and a rental contract with La luna and maintain and rent their villas while not using it.
Island Overview
Enhanced and superbly complimented by the magic of the Laluna Estate is the unspoilt island of Grenada. A stand out island in the Caribbean, Grenada has a very distinct charm and beauty. From tropical mountain ranges to long sandy beaches, the topography is as extreme as it is beautiful.
Grenada is the crown of the Caribbean and Laluna is the jewel.
The Island of Grenada is located in the southern Caribbean. Grenada lies at 12 degrees north of the equator, which makes the island enjoyable all year round with an average temperature in the 80s. The entire island is 121 km of coastline, and is made up of white sandy beaches, lush tropical rain forests, and waterfalls.
Considered the ‘Spice Island’ due to spices that are produced there, tourism is the major income earner for the island. The local currency (Eastern Caribbean dollar) is linked to the US dollar. The population is just over 100,000, and English is the official language. St. George’s is the capital and the time difference on the island is five hours behind GMT, and one hour ahead of New York during standard time.
The Maurice Bishop International Airport (GND) is located on the southwestern tip of the island, and accommodates all long-haul jets, and well as commercial and private flights from around the world.
Laluna’s Partnership with Camper Nicholas International Marina
On February 8th, 2012 Laluna signed an agreement with Camper & Nicholson to include a 12 meter berth in the Port Louis International Marina with the price of the villas.
The Marina is located just 10 minutes away from Laluna, or 5 minutes by boat.
LA LUNA ESTATE PRICE LIST
|
Lot |
Sqft |
Villa |
Layout |
|
|
Interior |
Exterior covered |
Pool & Deck |
Total |
Cost USD |
|
1 |
30,762 |
1 |
5 Bedroom |
|
Sold |
3,545 |
1,368 |
1,200 |
6,113 |
3,600,000 |
|
2 |
28,000 |
2 |
5 bedroom |
|
|
3,150 |
1,435 |
1,417 |
6,002 |
3,750,000 |
|
3 |
20,000 |
3 |
5 bedroom |
|
|
2,945 |
1,285 |
1,110 |
5,340 |
3,950,000 |
|
4 |
26,434 |
4 |
5 bedroom |
|
Sold |
3,080 |
1,815 |
1,245 |
6,140 |
3,650,000 |
|
5 |
23,062 |
5 |
5 bedroom |
|
Sold |
3,230 |
1,463 |
1,308 |
6,001 |
3,950,000 |
|
6 |
22,000 |
6 |
5 bedroom |
|
Reserved |
2,865 |
1,368 |
1,200 |
5,433 |
4,450,000 |
|
7 |
22,000 |
7 |
6 bedroom |
|
|
3,530 |
1,263 |
1,108 |
5,901 |
3,950,000 |
Villas’ owners are acquiring the full freehold ownership of the land.
Payment: 40% on contract execution; 40% six months later; 20% at closing. Financing available through the developer at 5.9% interest rate for 10 years. Down payment 40% of the final price.
Laluna Estate has partnered with Camper Nicholson that manage Port Louis International Marina in St. George’s (only 10 minutes away from Laluna) to include a 12 meter berth, with an option to upgrade to a bigger berth, in the price of each villa.
Common area: General Expenses for common areas are estimated in usd.1,200 per month per each villa owner and they include: gardening, security, maintenance, (example: common water tank, security booth, water sports and jetty, roads, lights, garbage disposal,)
Property Tax for each villa is estimated at usd.1,500 per year.
Insurance for each villa is estimated at usd.14,000 per year (usd.2 million value covered).
Villa’s Owners sign a rental agreement with Laluna resort and the rental fee split by the owner (70%) and Laluna (30%) after expenses and commission are paid to tour op/travel agent/brokers , etc.
Villa’s Owners sign a management agreement with laluna to maintain the villas at a standard. Including paying bills (water, electricity, telephone/internet, cable, gas) ,maintenance, cleaning , etc. Measurements are approx. Prices are in USD and subject to change without notice. Mamiblu Inc. exclusive developer of Laluna Estate
Buying one of the Residences in Laluna Estate
Buying real estate on the island of Grenada is a fairly straight forward process. Grenada’s real estate laws are designed to encourage foreign investment and to protect the investment, in real estate, after the purchase or investment is made.
At Laluna Estate we enjoy some special incentives to promote tourism on the island. In fact, the buyer of one of our villas will be able to take advantage of tax exemptions and concessions granted to Laluna Estate by the Government that makes the investment in one of our residences even more attractive.
Anyone buying a property in Grenada would normally pay Stamp Duty of 1 to 1.5% to complete the purchase. Also as a non Grenadian purchasing real estate on the island you will need to apply for a non-citizens license. After the Aliens Land Holding License is granted you would have normally had to pay 10% of the purchase price, which is a Property Transfer Tax.
However, below is a table of Grenada taxes and fees related to the purchase of real estate which show the comparison with Laluna Estate exemptions highlighting the savings of buying one of our villas.
Grenada Laluna Estate
Stamp Duty 1.5% zero
Property Transfer Tax 10% zero
Total Fees 11.5% zero
*these percentages refer to the purchase price
An Alien Holding license can take up to six months to be granted depending on your legal representation and the speed of the application process.
Laluna Estate has an agreement with the Government where the Buyer of its residences will have the license approved in one month if all documents in the application are correctly presented.
Even more the developer has negotiated with the Grenada Government on behalf of their buyers a further exemption since they will have to pay only 2.5% Property Transfer Tax should they choose to sell their villas, instead of the 15% Property Transfer Tax that a non citizen seller pays when sell his property.
4 Bedroom Villa 5 Bedroom Villa
|
Revenue |
Weekly rates |
16 weeks |
Revenue |
Weekly rates |
16 weeks |
|
High Season |
12,000 |
96,000 |
High Season |
14,000 |
112,000 |
|
Low Season |
8,000 |
64,000 |
Low Season |
10,000 |
80,000 |
|
Total Net revenue |
|
160,000 |
Total Net revenue |
|
192,000 |
|
Less 30% rental fee (1) |
|
48,000 |
Less 30% rental fee (1) |
|
57,600 |
|
Less general expenses (1) |
|
52,500 |
Less general expenses (1) |
|
52,500 |
|
Total expenses |
|
100,500 |
Total expenses |
|
110,100 |
Total Income 59,500 Total 81,900
ASSUMPTIONS
We assume conservatively that out of 52 Weeks in a year we will rent the villa only for16 weeks. Occupancy rate of 29%.
We also assume, to be conservative, a low rate for the weekly rent of the villa
1) Laluna Rental Fee 30% of the net revenue after deducting commission for tour op/travel ag/ broker and occupancy fee. The villa will be rented by Laluna and will benefit from all of the marketing exposure of our resort, including all expenses related to advertising, marketing, website, booking communication, check in, check out, payments. The Villa Owner will get 70%
2) General Expenses: for the entire year including expenses for common area , laluna management and other fee for the villa, property tax insurance, etc
CONSIDERATIONS
The owner has 36 weeks a year to use the villa (family vacation, public relation) at no cost plus a probable income at the end of the year.
The villa owner will have access to all the services and amenities offered at laluna resort including water-sport, tennis, gym, spa, yoga, restaurant, sunset-bar & beach lounge with pool
Laluna has the right of first refusal in case the owner wants to re-sell the villa . All the clauses of the management contract with
Laluna will be in effect with the new owner. Mamiblu inc. is the exclusive developer of Laluna Estate. The above figures are projections and not guarantee income.
All rates are in USD.