detached house
Marigot Bay is the inspired setting for Discovery, an apartment hotel and marina development on the beautiful Caribbean island of St. Lucia. Located on the sheltered western side of the island, the bay is one of St. Lucias most photographed sites and has been featured in many films by directors anxious to capture the epitome of a tropical paradise. Cutting gently into a hillside, rich with lush vegetation and tropical blossoms, Discovery is surrounded by gardens cultured with the aim of enhancing, rather than replacing the existing flora. This has resulted in a typically St. Lucian habitat punctuated with mango, almond, citrus and magnificent palm trees. Discovery comprises just 57 luxury properties overlooking the bay, each fully fitted and furnished to an exacting specification. Clad in natural materials and constructed in an architectural style sympathetic to the surrounding environment, there is a distinct accent on outdoor living at Discovery, with every opportunity to embrace the Caribbean lifestyle. Each and every year, you are entitled to six or seven weeks stay absolutely free at your Discovery retreat, whilst for the remainder of the year your property will be incorporated into the hotel rental programme. All the apartments have air-conditioned bedrooms, fully equipped kitchens and lock off areas where owners can store personal belongings in between visits. Mangrove 1A Three bed apartment at garden level at the front, with plunge pool at US$610,000. Mangrove 2B Three bed apartment at garden level at the front, with plunge pool at US$675,000. Mangrove 4C Three bed apartment on the first and second floors with views over the gardens, into the bay at US$660,000. History 7C - RESERVED Two bed penthouse apartment with bay views at US$600,000. History 8A Two bed apartment at garden level, with plunge pool at US$550,000. History 10B Two bed apartment with garden views and a restricted bay view at US$495,000. Cash Back The existing owners will give an income guarantee of 5% per annum for two years by way of an immediate cash back off the prices quoted above. As a result the net prices are: Mangrove 1A US$549,000 Mangrove 2B US$607,500 Mangrove 4C US$594,000 History 7C US$540,000 RESERVED History 8A US$495,000 History 10C US$445,500 Rental Income From 1st January 2009 new owners will share in the Rooms Division profit on a 50:50 basis with the Developers. It is unlikely that there will be any dividend in the first year and that is why the existing owners are giving the cash back offer outlined above. Benefits to owners: Discounts available to Apartment Owners: 50% discount on our Full American Breakfast Buffet 25% discount on any treatment and products at the Lapli Spa 10% discount on any other food and beverage charges 50% discount on Cranchi motor cruiser sea tours No Ongoing Charges With Discovery Hotel attending to all management and maintenance costs, you have the reassurance of knowing your property is secure and being looked after, free of any ongoing costs. There are no annual charges to pay. Leasehold The properties are sold on a lease which expires on 30th June 2105. However, every 25 years an application will be made to Government to renew the lease back up to 99 years. Company Purchase All the apartments are currently owned by St Lucian companies and the purchase will be by way of purchasing the shares of the company owning the apartment. Purchasing Costs Because the properties will be purchased by a share transfer, Stamp Duty of 2% is not applicable and instead there will be a Share Transfer Tax of 0.5%, saving the purchaser 1.5%. With the exception of History Apartment 8A, all the companies already hold Aliens Licences and a new Licence is not required, saving approximately US$1,800 and allowing the purchase to complete in a timely fashion. Lawyers fee are likely to be in the order of US$12,500 to US$15,000. Terms of Purchase To reserve an apartment there is non-refundable deposit of US$5,000 payable on Visa or MasterCard. 30 days after reservation payment of 50% of the purchase price, less the reservation fee. Balance on completion, within 60 days of signing the reservation agreement. The purchase of History Apartment 8A, if purchased by a non St.Lucian national, will be subject to receipt of an Aliens Licence.