banyan tree COrnICHe bay GeneraL InFOrMatIOn - Pam Golding ...
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anyan <strong>tree</strong> <strong>COrnICHe</strong> <strong>bay</strong><br />
<strong>GeneraL</strong> <strong>InFOrMatIOn</strong>
COntentS<br />
1. THE INTEGRATED RESORT SCHEME - 3<br />
2. ESTATE OVERVIEW - GENERAL - 4<br />
3. LIVING AT CORNICHE BAY - 9<br />
4. GOLF - 11<br />
5. THE VILLAS: DESIGN - 13<br />
6. FINANCIAL INFORMATION - 17<br />
7. PAYMENT SCHEDULE AND GUARANTEES - 19<br />
8. LEGAL AND RESALES - 20<br />
9. TAXATION - 22<br />
10. LEVIES & FEES - 24<br />
11. MANAGED VILLA RENTAL POOL - 26<br />
12. THE DEVELOPMENT TEAM - 28<br />
13. TOURIST AND GENERAL INFORMATION ON MAURITIUS - 31<br />
14. CONTACT INFORMATION - 35<br />
2
PLEASE EXPLAIN THE INTEGRATED<br />
RESORT SCHEME (IRS)<br />
1.tHe InteGrateD reSOrt SCHeMe<br />
Villas sold under the new IRS must form part of an approved development of<br />
villas, built to international standards, with world-class amenities and facilities.<br />
The acquisition of a villa for residential purposes by a foreigner under the IRS<br />
will allow the foreigner and his/her dependant family to reside in Mauritius for as<br />
long as he or she retains ownership. The minimum selling price of a villa is set at<br />
US$500,000 and the maximum extent of the land is limited to 0.5276 hectares.<br />
A villa can be acquired off-plan or during the construction phase. Corniche<br />
Bay will incorporate an ownership company (Home Owners Association) to<br />
manage security, maintenance and the estate.<br />
Under the IRS regulations, a minimum of US$500,000 investment is required<br />
for the acquisition of freehold immovable property, inclusive of land. Any of the<br />
following will qualify to acquire property under the IRS regulations:<br />
• A non-citizen of Mauritius (including his or her spouse and dependants)<br />
• A citizen of Mauritius<br />
• A foreign company registered under the Companies Act of 2001<br />
• A Trust<br />
A person who intends to acquire a property under the Scheme for residency,<br />
and who is a non-citizen, must make an application for the status of resident in<br />
accordance with the Immigration Regulations 1973, in respect of himself/herself,<br />
his/her spouse and dependants. When such an application is approved, a residency<br />
permit will be granted. There are two straightforward applications that<br />
buyers will need to complete:<br />
• Authorisation to purchase (after signing the CRP and depositing 5%<br />
which is held in escrow)<br />
• Residency and Occupation permit (after signing the Deed of Sale and<br />
paying US$70,000 which, for the first phase, is included in the gross<br />
sales value indicated on the price.<br />
3
WHAT IS CORNICHE BAY?<br />
WHERE IS CORNICHE BAY?<br />
WHAT SERvICES WILL BE AvAILABLE?<br />
2. eState OvervIew <strong>GeneraL</strong><br />
Corniche Bay is a new luxury 190 Ha (470.3 hectare) low density scheme<br />
comprising<br />
• 201 detached hillside villas with individual swimming pools<br />
• 9 hole golf course designed by Player Design<br />
• Golf clubhouse/academy<br />
• 62 bed Banyan Tree Spa and Hotel<br />
• Beach club<br />
• Required utilities and amenities<br />
• Access roads with 24 hour manned security access point<br />
• Footpaths and pedestrian bridges with 1 pedestrian/golf cart tunnel<br />
passing under road to lagoon frontage<br />
The masterplanners, Foster and Partners, have framed the development using<br />
the natural topography of the land which rises gently from the lagoon over 1km<br />
up to a steep mountain slope. The villas are set within the hillside by using the<br />
contours of the land and vegetation so that a discreet, high quality and environmentally<br />
sensitive background is created.<br />
Owing to the topography of the terrain, four villa designs have been created to<br />
best suit the ground conditions and landscape. All have dramatic views over the<br />
golf course, Le Morne Brabant mountain and the Indian Ocean.<br />
Corniche Bay is located in the Black River District, on the South West Coast of<br />
Mauritius, approximately 1 mile south of La Gaulette village and 1.5 miles north<br />
of Le Morne Brabant. It is approximately one hour from the Sir Seewoosagur<br />
Ramgoolam International Airport and one hour from the bustling capital of<br />
Port Louis.<br />
The site is notable for its spectacular coral reef and dramatic backdrop of Le Morne<br />
Brabant Mountain, designated as a UNESCO World Heritage Site in June 2008.<br />
Services of the kind usually offered in world-class resorts shall be available to<br />
occupants of villas, as follows (these are a preliminary list of services and may<br />
be subject to change).<br />
4
WHAT SERvICES WILL BE AvAILABLE?<br />
(continued)<br />
General Services included within the Home Owners Association/Estate charges:<br />
• General administration of the Corniche Bay Estate<br />
• Common area landscaping and maintenance<br />
• Common area pest control<br />
• Refuse collection<br />
• 24 hour perimeter and access security<br />
• Insurance of common areas and administration buildings<br />
• Fibre-optic backbone and infrastructure to allow internet access, cable<br />
Tv and life and fire safety systems on a user-pays basis<br />
• All common areas and grounds<br />
• Full membership of the Player Design golf course, subject to membership<br />
charges<br />
Optional Services with Additional Charges:<br />
• Maintenance of exterior of villas, including exterior painting, roofs,<br />
windows, patios and pools<br />
• villa garden maintenance<br />
• Fitness centre, including tennis<br />
• Spa treatments<br />
• Restaurant dining<br />
• Housekeeping services<br />
• In-residence dining<br />
• Personal grocery stocking<br />
• Laundry and dry-cleaning<br />
• Babysitting services<br />
• Motorised water sports<br />
• Quad biking<br />
• Kid’s Club<br />
• The Beach Club<br />
• Non-motorised beach water sports at the Beach Club<br />
Please note that not all services will be available prior to the opening<br />
of the Banyan Tree Hotel and Spa Resort - expected July 2011. Please see<br />
construction programme for further details.<br />
5
HOW DID CORNICHE BAY GET<br />
ITS NAME?<br />
WHAT IS THE TOTAL SIzE OF THE<br />
DEvELOPMENT?<br />
WHAT WILL THE HOME OWNERS<br />
ASSOCIATION MANAGE?<br />
WHO IS THE LOCAL AUTHORITY?<br />
WHY WAS THE SITE CHOSEN?<br />
The word “corniche” comes from the French route “à corniche” or “road on a<br />
ledge”. It typically refers to a road on the side of a cliff or mountain, with the<br />
ground rising on one side of the road and falling away on the other.<br />
The development is approximately 190.35 hectares in total (470 acres),<br />
including the golf course and is made up as follows:<br />
Component<br />
Golf Course<br />
Villas and Landscaping<br />
Hotel and Spa<br />
Beach area<br />
Total<br />
The HOA will be formed as soon as the first home is complete and will come<br />
into effect during the first quarter of 2011. The HOA will contract its own<br />
management team that will be responsible for the general well-being of the<br />
estate related to common areas and infrastructure.<br />
The Black River District Council.<br />
Area (Ha)<br />
31.82<br />
119.63<br />
25.43<br />
13.47<br />
190.35<br />
Acres<br />
78.63<br />
295.55<br />
62.84<br />
33.28<br />
470.30<br />
The site is in an idyllic setting in the shadows of Le Morne Peninsula, set on a<br />
west facing hillside forming a natural amphitheatre to view spectacular views<br />
and sunsets over the Indian Ocean.<br />
The estate borders (and breaches) the Le Morne environmental buffer zone,<br />
ensuring enhanced tranquillity and peace for residents. The site is also in close<br />
proximity to the international airport (60 minutes), Black River (20 minutes)<br />
and the Capital City of Port Louis (60 minutes), with easy access to worldrenowned<br />
beaches and water-sport activities.<br />
6
WHAT IS THE HISTORY OF THE AREA? The site itself was largely a sugar cane plantation until 1993 when it was<br />
converted into grazing land for use as deer ranching and hunting. As part of the<br />
development, the opportunity is being taken to ensure that indigenous vegetation<br />
is retained and re-introduced.<br />
WHAT DEvELOPMENT IS PLANNED FOR<br />
PROPERTIES IMMEDIATELY ADjOINING<br />
THE CORNICHE BAY PROPERTY?<br />
Le Morne Brabant is the peninsula at the extreme south-western tip of Mauritius.<br />
It is highlighted by an eponymous single standing basaltic rock with a summit of<br />
556 metres above sea level which is one of the most imposing sights on Mauritius.<br />
The summit covers an area of more than 12 hectares and there are many<br />
overhangs and caves in the steep slopes. It is surrounded by a lagoon and is a<br />
famous tourist attraction which was designated UNESCO World Heritage Site<br />
Status in June 2008.<br />
The hill became well-known in the 19th century when fleeing slaves used Le<br />
Morne Brabant as a shelter. After the abolishment of slavery on Mauritius a<br />
police expedition travelled to the rock to tell the slaves that they were free, and<br />
it is said that the slaves misunderstood the expedition and jumped from the<br />
mountain to their deaths.<br />
Le Morne is one of the last three refuges of one of the rarest plants in the<br />
world, the Mandrinette. Another rare plant which grows only on the sides of<br />
the mountain is Trochetia Boutoniana.<br />
The peninsula of Le Morne benefits from a micro-climate and is one of the<br />
driest parts of the island.<br />
Within Tatorio Holdings’ land ownership, no further development is planned.<br />
For conservation purposes the landscape around Le Morne is designated<br />
into “core” and “buffer” development zones in which development is strictly<br />
controlled by The Le Morne Heritage Trust Fund Act of 2004 and the National<br />
Heritage Act of 2003. Any future development within these areas will therefore<br />
be strictly regulated. The southern portion of Corniche Bay encroaches into the<br />
buffer zone, and any future development to the south will be strictly controlled,<br />
ensuring enhanced tranquillity and peace for residents. To the north and east of<br />
the site, ground conditions and topography (in addition to the aforementioned<br />
legislation) mean development will be extremely limited.<br />
7
HAvE THE REQUIRED PLANNING<br />
PROPOSALS BEEN APPROvED BY THE<br />
NECESSARY PARTIES?<br />
WILL INDIGENOUS PLANTS BE USED IN<br />
THE ESTATE’S LANDSCAPING?<br />
WHO WILL MANAGE THE ESTATE?<br />
Yes – the required IRS Certificate was obtained in December 2007. The scheme<br />
has subsequently been changed to the current proposals and the promoter<br />
intends to submit an application in February 2009 to vary the original consents.<br />
The landscaping and control of the environmental aspect of the site is very<br />
important and the developers have put aside a substantial landscaping budget<br />
to plant indigenous <strong>tree</strong>s and to landscape the common areas between the<br />
plots with local shrubs and grasses. The landscaping has been designed and the<br />
implementation supervised by Graham Young, a landscape architect operating<br />
out of South Africa.<br />
All the larger indigenous <strong>tree</strong>s and shrubs along the river gorges and water<br />
courses will be retained and where very dense, will be thinned out and replanted<br />
elsewhere on the development. In the open spaces, <strong>tree</strong>s, shrubs and grasses<br />
will be planted to recreate the tropical feel.<br />
Each villa will have an automatic irrigation system to facilitate ease of maintenance<br />
and stimulate new growth in each of the gardens and in the common areas.<br />
Please refer to the Home Owners Association Management Structure.<br />
8
WILL THERE BE ANY RETAIL SHOPPING<br />
FACILITIES WITHIN THE BOUNDARIES<br />
OF THE ESTATE?<br />
WILL MOTORISED RECREATIONAL<br />
ACTIvITIES BE ALLOWED?<br />
WHAT WILL BE THE BENEFITS<br />
OF LIvING AT CORNICHE BAY?<br />
3. LIvInG at <strong>COrnICHe</strong> <strong>bay</strong><br />
No, however, it is planned to include a delicatessen and general store as part of<br />
the golf clubhouse facility which will be a short walk or golf cart ride from the<br />
villas. For more substantial provisions, the village of La Gaulette is only a mile<br />
away where a commercial centre is available.<br />
Yes. Each villa will have a car port and space for parking further vehicles. However,<br />
as part of the estates sustainable approach, the developer is encouraging travel<br />
within the estate via golf carts. This will include the construction of additional<br />
pathways and a tunnel under the main road connecting the villas to the hotel/<br />
beach facilities. Golf carts are not included in the price of the villa, but can be<br />
purchased from the promoter at cost.<br />
The benefits will include:<br />
• As Corniche Bay is a Mauritian approved Integrated Resort Scheme (IRS),<br />
the buyer of a villa is entitled to Mauritian Permanent Residency for them<br />
and their immediate dependants.<br />
• Within a short golf cart ride away residents will have full access to the<br />
hotel facilities, golf club house with a fully equipped gym, a swimming pool,<br />
tennis courts and Beach Club with children’s playground and water sports<br />
activities including water skiing, sailing, snorkelling, diving, fishing, kite and<br />
wind surfing.<br />
• The hotel will include a fine cuisine restaurant and bar, or for a more<br />
informal meal the golf clubhouse will have a bistro/sports bar.<br />
• A luxurious ‘signature’ Spa, which will be located within the Banyan Tree<br />
Hotel.<br />
• Within a 10 minute drive, access to the 1,000 Ha valriche Nature Reserve<br />
can be obtained which can be explored on horseback, by quad and<br />
mountain bikes or on foot.<br />
• Owners may become members of the Corniche Bay golf club, a nine hole<br />
facility designed by the Player Design group. This will include different tee<br />
locations for those seeking a greater challenge or full 18 hole round.<br />
9
WHAT WILL BE THE BENEFITS<br />
OF LIvING AT CORNICHE BAY?<br />
(continued)<br />
WILL ALL ESTATE RESIDENTS BE ABLE<br />
TO USE THE LOCAL HOTEL FACILITIES?<br />
IS THERE A HELIPAD AvAILABLE?<br />
AS A HOME OWNER WILL I BE<br />
RESPONSIBLE FOR THE UPKEEP AND<br />
MAINTENANCE OF THE HELIPAD?<br />
• A rental pool will be operated by Banyan Tree, allowing villa owners the<br />
opportunity to generate a return on their investment.<br />
Yes, and this will be encouraged. Some facilities will however be subject to<br />
additional charges, although it is hoped discounts will apply to residents.<br />
There is one helipad located near the clubhouse – this is an authorised helipad<br />
which is open to a variety of operators. There will be little if no disruption to<br />
the home owners as it is situated away from residential areas.<br />
No, the helipad will be maintianed by Banyan Tree who will operate both the<br />
hotel and golf club facilities.<br />
10
WILL CORNICHE BAY RESIDENTS<br />
HAvE ACCESS TO THE GOLF<br />
COURSE AS MEMBERS?<br />
WHAT UNIQUE OFFERINGS WILL BE<br />
AvAILABLE TO GOLFING ENTHUSIASTS?<br />
WHY IS IT A 9 HOLE COURSE?<br />
IS THERE A CLUB HOUSE?<br />
4. GOLF<br />
Yes, all villa owners qualify to become members of the Corniche Bay Golf Club,<br />
which allows them to play the 9 hole golf course designed by the Gary Player Design<br />
group. This will include different tee locations for those seeking a greater<br />
challenge or full 18 hole round.<br />
Golf enthusiasts are offered the following:<br />
• A driving range<br />
• 9 hole course, with alternating tee’s for those wishing to play a full 18 holes<br />
• A putting green<br />
• A Pro shop<br />
• Equipment rental<br />
• Locker rooms<br />
• Snooker facilities<br />
• Tuition from a PGA golf professional<br />
• A bar and restaurant<br />
• Cinema<br />
• Conference facilities<br />
The southern portion of Corniche Bay encroaches into a buffer zone, created<br />
under Mauritian Law to protect the landscape around Le Morne Brabant<br />
(a UNESCO World Heritage Site) from over development. The development<br />
restrictions have prevented the developer from being in a position to create<br />
a full 18 hole championship facility. However, by securing World renowned<br />
course designers Gary Player Design under the leadership of Gary Player, who<br />
have been involved in over 250 acclaimed designs worldwide, we can assure golf<br />
enthusiasts that the course will be of championship pedigree. In addition,<br />
different tee’s will be created on each hole to present players with a variety of<br />
challenges should they wish to play a full 18 holes.<br />
Yes there is a club house, designed by Foster & Partners. It is intended that<br />
the club house will incorporate the Banyan Tree Hotel’s gym and other leisure<br />
functions to ensure this becomes a centre for social gathering and informal dining.<br />
11
IS THERE A CLUB<br />
MEMBERSHIP jOINING FEE?<br />
IS USE OF THE GOLF COURSE<br />
EXCLUSIvE TO HOME OWNERS?<br />
WHO IS RESPONSIBLE FOR THE COST<br />
OF OPERATING AND MAINTAINING THE<br />
GOLF COURSE AND CLUB HOUSE?<br />
WILL ALL PROPERTY OWNERS HAvE<br />
TO BECOME MEMBERS OF THE GOLF<br />
CLUB EvEN IF THEY DON’T PLAY GOLF?<br />
IF I RENT OUT MY vILLA, WILL GUESTS<br />
GET THE BENEFIT OF THE MEMBERSHIP?<br />
IS THE MEMBERSHIP FEE REFUNDABLE<br />
IF I SELL MY PROPERTY?<br />
No – Owners automatically qualify to become members of the Corniche Bay<br />
Golf Club when they purchase their villa, which allows them to play the golf<br />
course. For frequent players, there will be a number of membership categories<br />
(single, family) which provide the option of paying annual subscription fees in<br />
return for lower green fees. Owners that do not opt for the subscription fee<br />
are allowed to use the golf course at the same green fee rates as those charged<br />
to the public. The subscription fees, green fees and general rules and regulations<br />
are set by the Corniche Bay Golf Club and amended from time-to-time.<br />
The golf course will be operated by Banyan Tree Spa and Hotel, so it is open to<br />
players from the hotel as well as paying members of the public.<br />
The golf course and all associated facilities will be managed and financed by the<br />
developer and in due course, Banyan Tree as part of the hotel.<br />
It is entirely your choice whether to pay the annual subscription fee to secure<br />
preferential green fees and booking privileges. This may be relevant if you plan<br />
to rent out your villa.<br />
All rentals are handled through the managed rental pool and guests occupying<br />
your villa will be entitled to book and play golf during their stay. Golf membership<br />
will be fully transferable, therefore if you are a member of the golf club, your<br />
guests will benefit from the reduced green fees that apply.<br />
If you are not part of the rental pool, but allow friends and family to use your<br />
villa, they will also be entitled to benefit from reduced green fees.<br />
No, the membership rights are transferred to the new home owner that<br />
purchases that villa.<br />
12
WHAT ARCHITECTURAL STYLE HAS<br />
BEEN CHOSEN FOR CORNICHE BAY?<br />
WHAT IS THE SIzE OF THE<br />
ACCOMMODATION?<br />
5. vILLa DeSIGn<br />
The masterplan is for a discreet and environmentally intelligent architecture that<br />
blends harmoniously with the lush and extensive landscape. Green fingers of<br />
lush vegetation extend down towards the sea, with a series of contemporary<br />
buildings inserted amid tropical plantings to create an architecture that at once<br />
responds to the contours of the landscape and recedes into the green totality.<br />
Forming a sculptural family, dramatic undulating timber-shingle roofs unify the<br />
built elements and reinvent island architecture. Combined, these elements<br />
provide an idyllic haven in a luxuriant tropical garden, a pervading sense of<br />
tranquillity and luxurious relaxation.<br />
Sustainable design principles are at the heart of the architectural approach,<br />
ensuring that the masterplan is not only energy efficient, but also helps regenerate<br />
the landscape. Built from natural, sustainable materials, the rich organic palette<br />
creates a seamless relationship between the buildings and the landscape.<br />
Volcanic rock collected from the very site will be used, anchoring the resort to<br />
its surroundings, and other natural materials such as timber shingles, vegetation<br />
and water are dominant features in the masterplan. The striking wave-like, curving<br />
roofs are designed for optimum natural ventilation and to collect rainwater for<br />
treatment and reuse. Solar power will be harnessed and electric vehicles will<br />
be available for transport around the site. Offering privacy and exclusivity, the<br />
scheme creates a new model of luxury resort living.<br />
There are four different villa types that a buyer can choose from, all of which are<br />
freehold detached and standing on plots which vary between 1500-4000m² in<br />
size. The main types are:<br />
villa<br />
Type<br />
I-2<br />
I-3<br />
1-4<br />
T<br />
Gross Internal<br />
Area (m²)<br />
155.2<br />
201.2<br />
320.00<br />
488.60<br />
*(GIA + Decking and Leisure)<br />
Covered External<br />
Area (m²)<br />
125.90<br />
162.10<br />
163.40<br />
310.56<br />
Total Covered<br />
Area (m²)<br />
281.10<br />
363.30<br />
483.40<br />
799.16<br />
Total Living<br />
Space (m²) *<br />
230.90<br />
312.30<br />
465.61<br />
834.73<br />
13
WHAT IS THE SIzE OF THE<br />
ACCOMMODATION? (continued)<br />
CAN I SELECT THE DESIGN<br />
AND SIzE I WOULD LIKE?<br />
ARE CERTAIN SITES ALLOCATED FOR<br />
A SPECIFIC HOUSE SIzE AND DESIGN?<br />
CAN I SELECT MY OWN CHOICE OF<br />
ARCHITECT, BUILDER AND LANDSCAPER<br />
AND GARDEN SERvICE CONTRACTOR?<br />
HOW LONG WILL IT TAKE<br />
TO BUILD MY HOME?<br />
DO ALL UNITS HAvE TO HAvE A<br />
SWIMMING POOL OR IS THIS OPTIONAL?<br />
Gross Internal Area (GIA) is the area within the building, measured to the inside<br />
face of the external walls and including the area of internal walls and inboard<br />
structure. Total living space is the Gross Internal Area, plus decking and leisure<br />
area, but excludes the pools, Jacuzzi and water pool.<br />
Possibly. Owing to the topography of the terrain, villa designs have been created<br />
to best suit the ground conditions and landscape. All have dramatic views over the<br />
golf course and Indian Ocean. However, some plots are more flexible than others,<br />
so if you have a strong preference for a particular plot and villa type, please speak<br />
with your local sales agent.<br />
Yes – in order to optimize the views and privacy of villas, all plots have been<br />
allocated a specific villa type designed to suit that particular location. However,<br />
as indicated above some plots are more flexible than others, so if you have a<br />
strong preference for a particular plot and villa type, please speak with your local<br />
sales agent.<br />
An owner cannot replace their villa or make changes to the architectural and<br />
landscaping guidelines, which will form part of the constitution of the home<br />
owners association. All construction within the estate (including by the developer)<br />
must conform to these guidelines in order to maintain the character and value<br />
of the estate. Should an owner wish to alter the design or layout of their villa,<br />
special arrangements can be made with the developer, which would involve the<br />
developer’s architect approving the owner’s plans and the developer’s contractor<br />
undertaking the works at an agreed price. These rules also apply to the installation<br />
of additional structures within the property (eg. sheds/garages) in order to<br />
preserve to character and value of the estate.<br />
It will take approximately 18 months to complete a villa.<br />
Yes, all villas have a swimming pool They are lined with black polished volcanic<br />
rock infinity edges which collect into troughs of rubble rock collected directly<br />
14
DO ALL UNITS HAvE TO HAvE A<br />
SWIMMING POOL OR IS THIS OPTIONAL?<br />
(continued)<br />
WHAT FIXTURES, FITTINGS AND<br />
FURNISHINGS ARE INCLUDED IN<br />
THE PURCHASE PRICE?<br />
WHAT COMMUNICATION TECHNOLOGY<br />
WILL BE INSTALLED ON THE PROPERTY?<br />
WHAT SECURITY PROTECTION<br />
WILL BE INSTALLED?<br />
from the site. Jacuzzi’s sit surrounded by shallow water ponds and consist of<br />
lounge and bench seating formed in black concrete and incorporating gentle air<br />
bubbles and massage jets.<br />
The pools within the I - 4 type villas are constructed slightly below the villa itself<br />
due to the steepness of the terrain, and are approached via steps in the decking.<br />
The pool within the T type villas are partly constructed within the villa itself as<br />
it is not possible to construct an external pool on the steeper upper slopes on<br />
which these villa types are built.<br />
It varies according to the type of villa that is purchased. In general, all villas will<br />
have the following:<br />
- The internal accommodation is all air conditioned. All bedrooms have en suite<br />
bathrooms, which are fitted with high quality sanitaryware and large format<br />
reconstituted limestone tiled floors, specified by Foster + Partners.<br />
- Modern kitchens with solid surface (Corian or similar) worktops, including a<br />
built-in hob, oven and extractor hood, specified by Foster + Partners.<br />
- The living areas will have tongue and groove hardwood timber floorboards,<br />
with the main living space being open plan with glazed sliding doors integrated<br />
into full height curtain wall glazing with high quality stainless steel ironmongery.<br />
These will open onto a large open jointed hardwood timber deck that will allow<br />
for easy indoor/outdoor living. Entrance pathways will be created from large<br />
format volcanic rock slabs.<br />
Centralised satellite and free-to-air television distribution. Fibre-to-the-premises<br />
(FTTP) optic network connected to each villa for high-speed multimedia services.<br />
A range of digital and communications services are available.<br />
Crime is not a problem in Mauritius, although to ensure residents security and<br />
privacy, access to the estate will be controlled through entrance barriers which<br />
will be staffed on a 24 hour basis. The estate will also be patrolled and each villa<br />
15
WHAT SECURITY PROTECTION<br />
WILL BE INSTALLED? (continued)<br />
WHAT INTERIOR FURNISHING OPTIONS<br />
ARE OFFERED AS ADD-ON PACKAGES?<br />
ARE THERE FACILITIES TO<br />
MOOR BOATS?<br />
WHAT ABOUT PETS AND HOW<br />
ARE THEY TO BE CONTAINED<br />
WITHIN MY PROPERTY?<br />
will have an entry-phone system will also allow residents to visually verify the<br />
visitor’s identity from within their own villas. There is also an optional Intruder<br />
Alarm and Fire Detection System.<br />
Foster + Partners will be designing a bespoke furniture package which will be<br />
customised for each villa, and will complement the Corniche Bay development<br />
concept.<br />
This service will be very comprehensive allowing the home owner to move into<br />
a fully furnished home, from plates in the cupboards to linen on the beds. This<br />
package will be compulsory for those owners who wish to join the Banyan Tree<br />
Rental Pool.<br />
A docking facility is proposed as part of the Hotel and Spa development, which<br />
will include the creation of a deep water channel. Moorings are currently available<br />
in Port Louis, Black River. Smaller boats can also be kept at an owner’s villa.<br />
Pets are subject to a 3 month quarantine period in Mauritius if they are brought<br />
across from another country. Should you wish to permanently reside in the villa,<br />
then yes, the estate rules allow for you to keep a pet, provided that the estate<br />
rules relating to the control of pets are respected and fencing is constructed in<br />
accordance with the architectural and landscaping guidelines.<br />
16
WHY SHOULD I INvEST IN MAURITIUS?<br />
6. FInanCIaL <strong>InFOrMatIOn</strong><br />
There is a strong drive from government to attract foreign investment into<br />
Mauritius – in this regard there are a number of attractions including:<br />
• The benefits of a very low rate of corporate and personal income tax (15%<br />
in both cases), the absence of inheritance and capital gains taxes, as well as<br />
the existence of a number of double taxation agreements.<br />
• No exchange controls or restrictions on the flow of funds in and out of<br />
the country.<br />
• In Mauritius, an individual may opt for either a ‘country’ based tax where<br />
all assets are subject to income tax in Mauritius, or for the ‘international’ tax<br />
position where only money brought into Mauritius is taxable in Mauritius.<br />
The provisions of the relevant double taxation treaties which Mauritius<br />
holds with your country of origin would need to be reviewed and you are<br />
advised to consult your own tax specialist regarding your individual status,<br />
relating to either any taxation or exchange control issues in your country<br />
of citizenship or residency.<br />
• Mauritius has a strong offshore banking and financial sector, with over 400<br />
financial institutions operating from the island.<br />
• A successful developing country with an advanced IT and telecommunications<br />
infrastructure.<br />
• The possibility of using Mauritius as a gateway to India, Africa, Asia and the<br />
Middle East.<br />
• Close business and cultural links with Europe.<br />
• A peaceful and stable democracy that is more than 40 years old.<br />
• Regular flights to all major international destinations.<br />
• A first-world standard of health and education facilities.<br />
• Permanent Residence, Work Permit and other advantages linked to a certain<br />
17
WHY SHOULD I INvEST IN MAURITIUS?<br />
(continued)<br />
WHICH FINANCIAL INSTITUTIONS HAvE<br />
AGREED TO PROvIDE MORTGAGES FOR<br />
THE CORNICHE BAY PROPERTIES<br />
I WOULD LIKE TO CHOOSE A<br />
FINANCIAL INSTITUTION THAT IS<br />
NOT CURRENTLY ACCREDITED FOR<br />
CORNICHE BAY, IS THIS POSSIBLE?<br />
category of IRS scheme: There are no restrictions preventing foreigners<br />
from buying and owning real estate in Mauritius under the IRS scheme, save<br />
for processes and approvals that non-citizens must follow and obtain before<br />
registration of ownership. Buyers from certain countries may be required<br />
to obtain the approval of the appropriate authorities in their countries of<br />
residence before being able to purchase a villa at Corniche Bay or to be able<br />
to expatriate funds for such purposes.<br />
• Doing Business 2009 released by the World Bank and International Finance<br />
Corporation (IFC), ranked Mauritius 24th (2008- 27th) out of 178 economies<br />
in terms of the ease of doing business and 1st in Africa, displacing South<br />
Africa who rank 35th, falling 6 places from last year. Mauritius has set itself<br />
a target of reaching the top ten worldwide.<br />
• The Mo Ibrahim Foundation report, a Free Market Foundation Survey on<br />
African country governance, ranked Mauritius as No.1 in Africa. The Seychelles<br />
was 2nd with South Africa 5th.<br />
Most of the major banks represented in Mauritius (including Standard Bank,<br />
Barclays, MCB and Investec Bank) offer to finance or guarantee up to 70% of the<br />
villa purchase price without recourse to collateral other than the underlying villas<br />
being purchased at Corniche Bay – these banks also have specialised IRS teams<br />
for assistance in matters such as these.<br />
Yes, as long as that bank can provide a guarantee of payment acceptable to the<br />
developer.<br />
18
WHAT GUARANTEES ARE IN PLACE<br />
AND WHAT CONFIDENCE CAN I HAvE<br />
IN THE DEvELOPMENT?<br />
7. PayMent SCHeDuLe & GuaranteeS<br />
The developer is required by law to furnish a bank completion guarantee to<br />
assure the buyer that the construction of the villa will be fully completed. From<br />
the acceptance by the buyer of the villa, the developer is liable for 10 years for<br />
latent defects to which architects, contractors and other person linked to the<br />
developer by a contract for work, are themselves bound pursuant to Articles<br />
1792 and 2281 of the Mauritius Civil Code.<br />
Confidence in the development and in the contracts awarded has also resulted<br />
in the formal agreement of our bankers to provide completion guarantees to<br />
villa buyers – this is most significant in that:<br />
• Such guarantees provide all buyers at Corniche Bay with the confidence<br />
that all aspects of the development have been independently scrutinized<br />
and found to be worthy of underwriting. This is particularly significant in<br />
the current global economic environment where the sub-prime melt-down<br />
has made financial institutions wary of certain types of property developments<br />
– especially those offering exotic financing packages with buy- or lease-back<br />
options and payment moratoriums. Financial institutions have taken comfort<br />
in the sound fundamentals upon which our development and rental pool<br />
are based and have confidence in the buyer screening approach adopted as<br />
part of our sales and buyer finance application processes. As a result, most<br />
of the major banks represented in Mauritius (including Standard Bank,<br />
Barclays, MCB and Investec Bank) and offer to finance or guarantee up to<br />
70% of the villa purchase price without recourse to collateral other than<br />
the underlying villas being purchased at Corniche Bay.<br />
• Standard Bank also guarantees that, in the event that the developer and/or<br />
the contractor fail/s to perform, the required funding will be provided to<br />
complete not only the buyers’ villas, but also the infrastructure required for<br />
all of the villas in Phase 1 of the development (representing an underwriting<br />
commitment of more than USD $20 million).<br />
19
ARE THERE ANY CHARGES APPLICABLE<br />
IF THE BUILD TAKES LONGER ?<br />
I‘vE SIGNED MY RESERvATION CONTRACT<br />
AND DEPOSITED MY RESERvATION FUNDS<br />
IN AN ESCROW ACCOUNT. WHEN WILL I<br />
BE ABLE TO vISIT THE SITE TO CHOOSE THE<br />
LOCATION AND TYPE OF DESIGN?<br />
WHAT IS THE AGREEMENT OF SALE,<br />
PAYMENT SCHEDULE AND LEGAL ISSUES<br />
I NEED TO BE AWARE OF?<br />
8. LeGaL & reSaLeS<br />
No, not for the home owner.<br />
When a home owner signs the Reservation Contract, they will have already<br />
agreed with the developer the plot and the villa they require, as well as the plans<br />
for that villa. The deposit is not refundable unless the home owner’s application<br />
to purchase property in Mauritius is not granted by the Board of Investment.<br />
Under Mauritian law, the buyer is well-protected to ensure that they are<br />
guaranteed full delivery of the villa they have contracted to purchase. Before<br />
the signing of the Deed of Sale (DOS) between the seller, Tatorio Holdings<br />
(Mauritius) Ltd and the potential buyer, a Preliminary Reservation Contract (PRC)<br />
is entered into by both parties. The potential buyer lodges a deposit with an<br />
independent escrow agent (in this case Standard Bank), equivalent to 5% of the<br />
purchase price on the DOS. This secures and reserves the selected villa until<br />
such time that a certificate is issued to the buyer by Mauritian authorities.<br />
In the unlikely event that the approval to purchase a villa is declined by the<br />
Mauritian government, the 5% escrow deposit will be returned to the buyer.<br />
Upon approval by the Mauritian authorities for the buyer to purchase a villa,<br />
the CRP is replaced by a DOS, whereby the buyer provides an acceptable bank<br />
guarantee for the full purchase price. The developer then issues the buyer with<br />
a bank completion guarantee and the freehold title to the land is registered by<br />
the notary in the name of the buyer.<br />
In accordance with the provisions of Article 1601-30 of the Mauritius Civil Code,<br />
the price on the DOS is payable as certain events happen and as the work<br />
progresses, namely:<br />
• 30% on signature of the deed of sale (includes release of the 5% escrow<br />
deposit) and the US$70,000 registration duty (for the first phase, the<br />
developer is meeting the cost of Duty)<br />
• 5% on completion of the villa foundations<br />
• 35% when the roof is completed and the villa is closed in<br />
20
WHAT IS THE AGREEMENT OF SALE,<br />
PAYMENT SCHEDULE AND LEGAL ISSUES<br />
I NEED TO BE AWARE OF? (continued)<br />
IS OCCUPATION AvAILABLE PRIOR TO<br />
THE REGISTRATION OF TRANSFER?<br />
RESIDENCY AND OCCUPATION PERMIT<br />
ARE THERE ANY OUTSTANDING TENANTS<br />
OR ANCESTRAL LAND CLAIMS WITHIN THE<br />
AREA OF THE PROPERTY TO BE DEvELOPED?<br />
WHEN CAN I RE-SELL MY PROPERTY?<br />
CAN I USE THE SERvICES OF AN ESTATE<br />
AGENCY / BROKER OF MY CHOICE AND<br />
DO I HAvE TO PAY ANY FEE TO THE<br />
HOME OWNERS ASSOCIATION?<br />
• 25% on completion of the villa in terms of the DOS<br />
• 5% when the villa is made available to the buyer (all construction related<br />
payments certified by independent professionals prior to payment)<br />
No. Title to the land is transferred into the name of the buyer with the payment<br />
of the first 30% of the purchase price (plus taxes). At this point, an application<br />
for residence and occupation permits is made and construction on the villa begins.<br />
The acquisition of a villa under the IRS shall grant resident status to the investor,<br />
his/her spouse and dependents under 18 years of age. A residency permit granted<br />
under the IRS shall remain valid until such time as the non-citizen (overseas<br />
buyer) ceases to own a property in Mauritius. The residency permit does not<br />
allow citizenship and whilst it gives an owner the right to only live in Mauritius<br />
whilst they own property within an approved IRS, it does not give the buyer the<br />
right to work in Mauritius, nor to own non-IRS property. An Occupation Permit<br />
gives a buyer the right to work in Mauritius.<br />
The land has been cleared according to the environmental impact assessment<br />
and associated development approval rights granted, including a subdivision<br />
development permit and a building and land usage permit.<br />
A home owner is able to sell his property on transfer; however the seller will<br />
need to pay registration (IRS) tax of 10% on property valued at over 1.25m<br />
Euros (or $50,000 if under).<br />
Yes, you may use any agent of your choice who may charge for their services.<br />
It is not proposed that the HOA will charge any fees for their services.<br />
21
PLEASE EXPLAIN HOW<br />
TAXATION APPLIES TO<br />
CORNICHE BAY PROPERTIES?<br />
WHY IS CORNICHE BAY SUCH<br />
A GOOD INvESTMENT?<br />
9. taxatIOn<br />
Transfer Tax equivalent to 5% of the purchase price on the DOS is payable by<br />
the seller. Registration duty of USD $70,000 is payable by the buyer on the<br />
purchase of an IRS villa, but will be met by the developer for the first phase.<br />
There is no inheritance tax and capital gains tax in Mauritius, but we recommend<br />
that all buyers should seek professional tax planning advice relevant to their own<br />
respective tax domicile, prior to purchasing property in Mauritius, in order to<br />
minimise liabilities to taxes and duties.<br />
In Mauritius, an individual may opt for either a ‘country’ based tax where all assets<br />
are subject to income tax in Mauritius, or for the ‘international’ tax position where<br />
only money brought into Mauritius is taxable in Mauritius. The provisions of the<br />
relevant double taxation treaties which Mauritius holds with your country of<br />
origin would need to be reviewed and you are advised to consult your own<br />
tax specialist regarding your individual status, relating to either any taxation or<br />
exchange control issues in your country of citizenship or residency.<br />
The fiscal benefits, such as the low tax rates, absence of inheritance and capital<br />
gains taxes, numerous double taxation agreements and a strong financial and<br />
off-shore sector, are helping to ensure that Mauritius is fast becoming a major<br />
financial trade destination of choice. The other key ‘risk / investment’ related<br />
benefits of Corniche Bay specifically are:<br />
• The golf course has already been designed by Player Design and will be<br />
operational by around july 2011<br />
• Corniche Bay is supported by a number of leading international financial<br />
institutions operating in Mauritius<br />
• The completion guarantees are issued by Standard Bank to the client and<br />
not to the developer<br />
• The south western region of Mauritius is a fast growing tourist destination<br />
which will impact positively on the returns of hospitality investments<br />
(through the rental pool)<br />
22
WHY IS CORNICHE BAY SUCH A<br />
GOOD INvESTMENT? (continued)<br />
• Corniche Bay is an exclusive development of only 201 villas designed<br />
by World renowned architect Foster & Partners. The plot and villa size<br />
are far more generous than any other development in Mauritius, and<br />
the views and seclusion are unique.<br />
23
HOW WILL THE ASSOCIATION SYNDICALE<br />
SERvICE CHARGE BE CALCULATED,<br />
WHAT WILL IT COvER, HOW WILL IT BE<br />
APPORTIONED BETWEEN THE DIFFERENT<br />
TYPES OF OWNERSHIP INCLUDING THE<br />
COMMERCIAL PROPERTIES, AND HOW<br />
WILL THE FUND WILL BE MANAGED?<br />
WHAT IS THE SINKING FUND<br />
CONTRIBUTION, HOW MUCH WILL IT<br />
COST, IS IT REFUNDABLE IF I SELL MY<br />
PROPERTY AND WHO WILL MANAGE IT?<br />
HOW LONG WILL THE DEvELOPER TOP UP ANY<br />
SHORTFALL IN THE HOME OWNERS ASSOCIATION<br />
BUDGET AT THE FINANCIAL YEAR ENDING?<br />
WHAT OTHER ONGOING PAYMENTS CAN<br />
I EXPECT TO PAY WHICH ARE NOT<br />
COvERED BY THE SERvICE CHARGE?<br />
WHAT ARE THE HOA ESTATE CHARGES?<br />
10. LevIeS & FeeS<br />
Each villa owner will be a member of the Association Syndicale which will<br />
administer and manage the common areas and infrastructure of the estate<br />
on behalf of the owners. Costs of the Association Syndicale are split equally<br />
between all plots on the estate.<br />
Interior cleaning and other domestic facilities will be available upon request as an<br />
added value amenity and will be charged to the home owner separately.<br />
Non-refundable charges will be determined based upon a budget developed for<br />
the common areas and infrastructure, and will be managed by the home owners<br />
association. The developer will not have access to the funds.<br />
For the initial phase, the developer will meet any shortfall in the Home Owners<br />
Association budget. For subsequent years shortfalls or surpluses will be carried<br />
forward to the following year, when charges will be adjusted accordingly.<br />
The home owners service charge covers the costs of maintaining common areas<br />
and infrastructure and allows a sinking fund for the periodical replacement of<br />
major plant. There should be no other major items of expenditure.<br />
The monthly levy and access fee charge is estimated initially to be approximately<br />
€300-400 per month for the I-2 and I-3 villas, rising to €550-900 per month for<br />
the I - 4 and T-type villas. Residents have no obligation to pay any costs towards<br />
the golf course. The service charges are used to fulfil a number of functions on<br />
the Estate, which include:<br />
• General administration of common areas<br />
• Common area landscaping and maintenance<br />
• Common area pest control<br />
• Refuse collection<br />
• 24 hour perimeter and access security<br />
• Insurance of common areas, administration buildings and sporting facilities<br />
24
WHAT ARE THE ESTATE CHARGES?<br />
(continued)<br />
• Fibre-optic backbone and infrastructure to allow Internet access, cable<br />
Tv and life and fire safety systems on a user-pays basis<br />
• All common areas and grounds<br />
Optional services with additional charges include:<br />
• Spa treatments<br />
• Motorised water sports<br />
• Quad biking<br />
• Kid’s Club<br />
• Restaurant dining<br />
• Housekeeping services<br />
• In-residence dining<br />
• Personal grocery stocking<br />
• Laundry and dry-cleaning<br />
• Babysitting services<br />
• villa maintenance – cleaning, decorating etc.<br />
The Promoter will guarantee that the HOA charges will not exceed the budget<br />
for the first 12 months of operation.<br />
25
PLEASE DETAIL THE BROAD PRINCIPLES<br />
OF OPERATION OF THE RENTAL POOL<br />
11. ManaGeD vILLa rentaL POOL<br />
The tourism industry in Mauritius is well established. Villa rental in Mauritius is<br />
a relatively new industry and units of offer range from individual “bungalows” to<br />
exclusive villas attached and operated by 5-star hotels. The more exclusive the<br />
tourism offering, the better the revenue generation potential becomes for the<br />
promoters and for the country, which will in turn result in an increase in volume<br />
and quality of employment generation. It is therefore imperative that Mauritius<br />
maintains and grows its 5-Star plus exclusive tourism offering, and this can only<br />
happen through professional management and effective regulation of the industry.<br />
This includes regulation to ensure the orderly marketing and management of<br />
villa rentals.<br />
The Mauritian legal framework strictly regulates IRS developers – regulations<br />
include the attachment of stringent conditions to EIA licenses, minimum pricing<br />
of villas and apartments and numerous restrictions on building characteristics.<br />
The legal framework also obliges IRS companies to take responsibility for the<br />
orderly setting up and management of rental pools and obliges any rental of villas<br />
in an IRS scheme to be undertaken through the IRS Company.<br />
The rental pool for Corniche Bay will be operated by Banyan Tree Hotels, and<br />
control of the operation of the rental pool will be passed to them. The manager’s<br />
remuneration will be linked to the revenue and profitability of the rental pool<br />
– a formula that has proved to be highly successful for the hotel industry in<br />
Mauritius.<br />
Principles central to any rental pool are:<br />
• The equitable sharing of revenue and cost based on periodic evaluations<br />
preformed by an independent entity<br />
• The independent management of the revenue and cost pools by a<br />
commercial operator<br />
• The location of the villa in the development and the views enjoyed from<br />
the villa<br />
• The size of the villa and plot<br />
26
PLEASE DETAIL THE BROAD PRINCIPLES<br />
OF OPERATION OF THE RENTAL POOL<br />
(continued)<br />
• The quality of the finish and décor of the villa<br />
• The season<br />
The owner is not obliged to make his/her villa available, but the villa may not<br />
be occupied for the purposes of rental during the periods when the owner<br />
has declared it unavailable, and regulations will be put in place to monitor and<br />
control access to villas in order to administer these regulations.<br />
All rental revenue will attract tax at the prevailing rate of 15%.<br />
27
WHO ARE THE DEvELOPERS FOR<br />
CORNICHE BAY AND WHAT OTHER<br />
DEvELOPMENTS HAvE THEY BEEN<br />
INvOLvED WITH?<br />
WHO IS THE MANAGEMENT TEAM<br />
FOR THE CORNICHE BAY ESTATE?<br />
WHAT COMPANIES ARE INvOLvED<br />
WITH THE DEvELOPMENT?<br />
12. tHe DeveLOPMent teaM<br />
Corniche Bay is an exclusive residential property development in Mauritius<br />
proposed by the Tatorio Holdings (Mauritius) Ltd. This is a special purpose<br />
company which has been incorporated to implement this development, which<br />
is itself a wholly owned subsidiary of Greenoak Holdings Limited. Greenoak<br />
Holdings is part of the Greenoak Group, an international investment company.<br />
The Group activities include oil transportation, shipping and a number of<br />
industrial investments. The Group activities include significant investments in<br />
Georgia and the Caucasian Region.<br />
Management of the Corniche Bay development will be undertaken through<br />
the development company whilst construction is taking place. Thereafter,<br />
once the management systems are in place, full control will be transferred to<br />
the Association Syndicale to either run in-house, or to outsource to another<br />
management company as agreed by the residents. The golf course and hotel<br />
will continue to be run by Banyan Tree, although there will be an obligation to<br />
contribute towards the cost of running shared plant.<br />
A full team of independent professionals (all members of international<br />
associations of their respective professions) has been appointed to provide<br />
the following design, specification and construction supervision services:<br />
Developer:<br />
Greenoak Holdings Ltd.<br />
www.greenoakholdings.com<br />
Promoter:<br />
Tatorio Holdings (Mauritius) Ltd.<br />
www.corniche<strong>bay</strong>.com<br />
Development Manager:<br />
Manly Developments<br />
www.manlygroup.com<br />
Architectural Services:<br />
- Foster and Partners (London)<br />
www.fosterandpartners.com<br />
28
WHAT COMPANIES ARE INvOLvED WITH<br />
THE DEvELOPMENT? (continued)<br />
WHAT ARE THE DEvELOPMENT STAGES<br />
PLANNED FOR CORNICHE BAY?<br />
- Jean-Michel D’Unienville (Mauritius)<br />
Golf Course Designers:<br />
Gary Player Design Group<br />
www.garyplayer.com<br />
Landscape Architectural Services:<br />
Graham Young (South Africa)<br />
www.newla.co.za<br />
Construction Management Services:<br />
MACE (London)<br />
www.macegroup.com<br />
Quantity Surveying Services:<br />
Gleeds Hoolooman (Mauritius)<br />
www.gleeds.com<br />
Civil and Structural Engineering Services:<br />
Arup (London) and Arup Sigma (Mauritius)<br />
Water (potable, irrigation, waste, ponds) Engineering Services:<br />
ArupSIGMA (Mauritius)<br />
www.arup.com<br />
Mechanical and Electrical Engineering Services:<br />
PHA Services (Mauritius)<br />
The first phase of the development is likely to be awarded to Rehm Grinaker, a<br />
Mauritian construction company, who have completed the bush clearance and<br />
groundwork to enable construction to start.<br />
Phase 1 infrastructure works will be undertaken as part of phase 1, with the<br />
construction of roads, trenches, cables, piping, water, sewage, electricity, communications<br />
and other services will be put in place. This part will be completed<br />
during the course of 2009 such that the contractor and villa owners will be able<br />
29
WHAT ARE THE DEvELOPMENT STAGES<br />
PLANNED FOR CORNICHE BAY?<br />
(continued)<br />
WHO ARE THE OTHER KEY PARTIES<br />
INvOLvED AT CORNICHE BAY?<br />
to use the infrastructure, but with final landscaping and a second layer of tar on<br />
the roads remaining to be completed as the second part. This split in infrastructure<br />
works is done in order to avoid damage to the landscaping during villa construction,<br />
and to ensure a smooth road finish when the contractor eventually leaves site.<br />
The second “touching up” part of the infrastructure will be completed during the<br />
second half of 2010, after the completion of construction.<br />
Construction of the first group of 25 villas is scheduled to start in July 2009, and it<br />
is anticipated that these will be completed over a period of 18 months.<br />
<strong>Pam</strong> <strong>Golding</strong> and Aylesford International have been appointed as sole marketing<br />
agents.<br />
Founded in 1976, The <strong>Pam</strong> <strong>Golding</strong> International Property Group is South Africa’s<br />
largest independent residential and commercial property company. Named after<br />
its founder and Chairman <strong>Pam</strong> <strong>Golding</strong>, the Group now employs over 3000<br />
people nationally and internationally (UK, France, Holland, Germany, Mauritius,<br />
Namibia, Zimbabwe, Botswana, Swaziland, Zambia) and operates in both the<br />
residential and commercial sectors, including game farms, wine farms, holiday<br />
rentals, long-term rentals, vacant land, hotels, golf estates, residential developments,<br />
auctions and offshore property investments. S ales for the year ending February<br />
2008 totaled R21 billion, translating into a national market share of approximately<br />
10 - 15%. This leadership position is even more dominant in the more elite<br />
residential property sector<br />
Aylesford International has been in the business of selling homes for 40<br />
years and operates in a discrete and professional fashion. They have a team<br />
of negotiators based in London who sell, let and value properties all over the<br />
world. The Marbella office covers the southern Spain region, the Villefranchesur-Mer<br />
office looks after southern France, and an individually selected group<br />
of consultants work in specific markets to ensure the best possible service and<br />
local knowledge.<br />
30
TELL ME MORE ABOUT<br />
MAURITIUS IN GENERAL<br />
13. tOurISt & <strong>GeneraL</strong> <strong>InFOrMatIOn</strong><br />
Mauritius is a small island situated in the Indian Ocean. The island is connected<br />
via direct flights to almost every capital city. The population is around 1.2 million<br />
people, all of whom come from different cultural and ethnic backgrounds. This<br />
wonderful mix of cultures means that the people of Mauritius are open, friendly<br />
and service-orientated.<br />
Summer ranges from November to April and Winter is from May to October.<br />
The tourism sector is the fastest growing sector in the island with an annual<br />
growth rate of around 10% per annum. Current arrivals are in the order of<br />
700,000 tourists per year and the government has initiated major enabling measures<br />
(airport expansion, liberalisation of air routes, etc.) with the objective to increase<br />
this figure to 2 million arrivals per annum over the next decade. The four main<br />
pillars of the Mauritian economy are textiles, sugar, tourism and services sectors.<br />
Sugar exports have been the main source of foreign exchange for a long time<br />
before the importance thereof diminished with the diversification of the economy.<br />
The increasing development of the business and financial sectors along with the<br />
use of the marine resources means that these are now the main engines of<br />
growth on the island.<br />
The island was discovered by the Arabs, who called it the Dinarobin. Many<br />
years thereafter, the Portuguese arrived and named it “The Isle of the Swan”,<br />
perhaps because of the Dodo bird. Then it was taken over by the Dutch who<br />
called it Mauritius after one of their royal members. They were the first to attempt<br />
to colonise the island. The French then arrived in 1715 and called the island<br />
“Ilse de France”. They started trading and cultivating sugar cane maximising the<br />
slave trade. A century later, Mauritius regained its Dutch name when the English<br />
took over and the island remained a British colony until its independence in 1968.<br />
Mauritius is now a well respected republic and well acclaimed democracy, with<br />
seats on various international organisations.<br />
The island is volcanic although the main crater, the Trou aux Cerfs is now as<br />
extinct as the Dodo, which was unique to the island. The adventurous will discover<br />
many rivers and streams as well as lakes, waterfalls and mountains very typical of<br />
a volcanic island. Many types of activities can be organised to make the most of<br />
these beautiful areas.<br />
31
TELL ME SPECIFIC INFORMATION<br />
ABOUT MAURITIUS<br />
Geography<br />
Mauritius is located approximately 2,000 kilometres to the south eastern coast<br />
of Africa and lies east of Madagascar on 20°5, 57.5E. The country covers an area<br />
of 186 km² with 330 kilometres of coastline. Mauritius is 45 km in width and 65<br />
km in length.<br />
Government<br />
Mauritius is a democratic state based on the Westminster model and enjoys<br />
political stability.<br />
visas<br />
Visitors from most countries do not require a visa. To enter one needs a valid<br />
passport and a return ticket. If in doubt contact any Mauritian Embassy. Upon<br />
arrival all visitors are requested to state where they will be staying.<br />
Customs<br />
Passengers over 18 years of age may import the following duty-free items: 250<br />
grams of tobacco (including cigars and cigarettes), 1 litre of spirits, 2 litres of wine,<br />
ale or beer, one quarter litre of Eau de Toilette and perfume not exceeding 100 ml.<br />
A plant import permit must be obtained from the Ministry of Agriculture, prior<br />
to the introduction of plants and plant material including cuttings, flowers, bulbs,<br />
fresh fruits, vegetables and seeds. It is prohibited to introduce sugarcane and<br />
parts thereof, soil micro-organisms and invertebrate animals.<br />
All imported animals including animal products need an import permit from<br />
the Ministry of Agriculture and a health certificate from the country of origin.<br />
Drug trafficking is illegal and carries very heavy penalties. Firearms and ammunition<br />
need import permits and must be declared on arrival.<br />
Health<br />
No vaccinations are required. However a yellow fever vaccination certificate is<br />
required for travellers over 1 year of age who arrive from areas where yellow<br />
fever cases are reported.<br />
History<br />
Of volcanic origin and generally sheltered by barriers of coral reefs forming<br />
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TELL ME SPECIFIC INFORMATION<br />
ABOUT MAURITIUS (continued)<br />
natural, safe, crystal clear lagoons, Mauritius has long been a dream destination.<br />
Known to the Arabs as early as the 10th century, but officially discovered in 1505<br />
by the Portuguese navigator Pedro Mascarenhas, the island was occupied successively<br />
by the Dutch (1598-1712) and the French (1715-1810), and was ceded to<br />
Great Britain in 1814 through the Treaty of Paris. On 12 March 1968, Mauritius<br />
became Independent. Republic Day was proclaimed on 12 March 1992.<br />
Language<br />
Most people in Mauritius are bilingual and are equally fluent in English and French.<br />
Creole and French are the main languages in the everyday environment and<br />
several oriental languages are also spoken.<br />
Medical Services<br />
Free public medical facilities are widely available. Private clinics provide medical<br />
services for a fee.<br />
Banking Hours<br />
Monday to Thursday: 9.15am - 3.15pm,<br />
Friday: 9.15am - 3.30pm.<br />
Saturday: 9.15am -11.15am (some banks only).<br />
Banks are also open to coincide with the arrival and departure of international<br />
flights at the airport.<br />
Credit Cards<br />
Normally accepted by banks and most hotels, restaurants and tourist shops.<br />
Culture<br />
Mauritius is a blend of diverse cultures and religions. The population consists of<br />
Hindus, Creole, Chinese, Muslims and Europeans.<br />
Climate<br />
The local climate is tropical, modified by southeast trade winds; there is a warm,<br />
dry winter from May to November and a hot, wet, and humid summer from<br />
November to May. The temperature on the coastal areas varies between 22°C in<br />
winter and 34°C in summer. The sea temperature varies between 22°C and 27°C.<br />
In the central part of the island, the maximum daytime temperature varies from<br />
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TELL ME SPECIFIC INFORMATION<br />
ABOUT MAURITIUS (continued)<br />
about 19°C in August to about 26°C in February. The western and northern<br />
regions are warmer and relatively drier than the East and the South.<br />
TEMPERATURE (CELSIUS) / RAINFALL (MM)<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
JAN FEB<br />
RAINFALL<br />
MAR APR MAY JUN JUL AUG SEP OCT NOV DEC<br />
AVERAGE DAILY TEMPERATURE (MAX)<br />
AVERAGE DAILY TEMPERATURE (MIN)<br />
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february 2008<br />
PROMOTER:<br />
DEvELOPER:<br />
SALES AGENTS:<br />
14. COntaCt <strong>InFOrMatIOn</strong><br />
Tatorio Holdings Ltd (Le Morne)<br />
Arch. Makariou III,<br />
284 Fortuna Court Block B<br />
2nd Floor P.C. 3105<br />
Limassol, Cyprus<br />
Tatorio Holdings (Mauritius) Limited<br />
DG 35, Block D<br />
Ruisseau Creole<br />
La Mivoie<br />
Black River<br />
Mauritius - <strong>Pam</strong> <strong>Golding</strong> Properties<br />
Marie-Josee Llewellyn<br />
M: +230 257 8006<br />
O: +230 483 6999<br />
E: mjllewellyn@pamgolding.mu<br />
Guillaume Merle<br />
M: +230 422 7500<br />
E: gmerle@pamgolding.mu<br />
South Africa - <strong>Pam</strong> <strong>Golding</strong> Properties<br />
Fabrice Orengo de Lamazière<br />
T: +27 (0)21 7622617<br />
E: corniche<strong>bay</strong>@pamgolding.co.za<br />
France - C.T.I.<br />
Stéphane Touron<br />
T: +33 (0)1 42 93 98 00<br />
E: C.T.IMMO@wanadoo.fr<br />
United Kingdom - Aylesford International<br />
Harry Langton<br />
T: +44 (0)207 349 5100<br />
E: corniche<strong>bay</strong>@aylesford.com<br />
35