With sales of R500m already concluded in Mont Choisy La Réserve — the third phase of Mauritius’s sought-after estate, Mont Choisy Golf & Beach Estate — construction is about to start in June 2021. Services are to be installed in preparation for the new phase of upmarket residential units, says Richard Haller, director of Pam Golding Properties Mauritius.
“Sales have been steady over the past 18 months, even with the borders closed as the location is well known and the estate offers an exceptional lifestyle and competitive pricing for the offering and position of the estate.
“All three spectacularly designed penthouses, with views over Grand Baie and the ocean, were snapped up for €1.9m (about R32m) by European buyers, while 18 of the 27 apartments and four of the seven Fairway Villas have sold. The remaining units are well priced at €430,000 for two-bedroom apartments, three-bedroom apartments from €643,000 and villas ranging in price from €1.1m to €2.8m. In addition, 11 Sanctuary Villas, also within Mont Choisy La Réserve, will be launching in the next month, selling from €1.1m.
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“Phase 3 will include the addition of basement parking, storerooms and golf buggy parking – with the estate becoming buggy-friendly. Construction of La Réserve is expected to take about 20 months.”
Within Mont Choisy Golf & Beach Estate, situated on the popular northern coast of the island in a prime location protected from the elements, South Africans comprise about 30% of buyers, about 50% French and 20% from elsewhere in the world. There is also a large contingent of South Africans living on the estate.
Says Haller: “We’re seeing repeat buyers, with a client who purchased in phase 1 now a penthouse owner in Mont Choisy La Réserve, and other clients who bought smaller units in phase 1 as an investment now permanently settled on the estate and looking to upgrade to larger units in La Réserve.
“The rental programme, which is managed as a joint venture between Pam Golding Properties Mauritius and Monty Choisy Development Company, has proven popular among investors. Pre-Covid there was a shortage of rental stock and we expect this trend to continue when travel resumes. Rental returns can range from 3.5% to 6%, depending on the type of unit and the type of rental programme. For potential buyers wanting to visit Mauritius, the borders are closed until 67% of the population has been vaccinated, which is expected in August.
“Safe and with a host of recreational activities, this is a family-friendly environment but also appealing for people to retire to. Situated within Mont Choisy Smart City (known as Mont Choisy La Destination), there are numerous activities on the estate and in vibrant Grand Baie, which is right on the doorstep. Mont Choisy Beach is a short stroll away from the entrance to the estate, while Grand Baie is known for its buzzing nightlife, eateries, shopping, watersports and other leisure activities.”
The Smart City is described as a once-in-a-lifestyle smart destination where you can live, work and enjoy leisure activities in a location that supports sustainable development. Already completed is a new Boulevard and Parkway that will incorporate new retail and office space, piazzas, restaurants, bars and walking tracks; a Peter Matkovich 18-hole championship golf course, clubhouse and restaurant; 211 luxury apartments and villas; tennis courts, paddle courts, equestrian facilities and extensive nature walking trails, a sports and wellness centre which is under construction, La Residence de Mont Choisy seniors’ village; Mont Choisy shopping mall and a solar farm and energy centre.
“Close to Mont Choisy Golf & Beach Estate are a number of international schools, while as the smart city grows, the educational hub will develop. Notably, a C-Care Clinic is due to open its doors in 2022, strategically located near the shopping mall and Boulevard. C-Care is a renowned private health group that combines health and wellbeing.
“About 60% of our buyers acquire homes for current or permanent usage in the near future, while the balance are investors or leisure buyers who are likely to use permanent residency to spend a good part of the year on the island, or relocate here.
“To qualify for Mauritian residency, an investment of $375,000 or more in an approved real estate development available for foreigners entitles the purchaser, spouse and children up to the age of 24 years permanent residency,” says Haller.
“The latest change in legislation now allows parents of a residence permit holder to also apply for a residence permit, so the property purchased can be put in the child’s name while the parents can apply for a residence permit enabling them to also reside in Mauritius.”
The dependants of an occupation or residence permit are eligible to apply for a residence permit. Dependants are defined as spouses — including common-law partner, parents and children, including stepchildren or lawfully adopted children under 24. Dependants need a valid tourist visa, and if they want to work in Mauritius they need to apply either for a work or occupation permit, as the case may be.
Forward-thinking Mauritius is recognised as one of the best-managed economies in Africa and an ideal place to live, invest and conduct business. The advantages of Mauritius as an investment destination include:
- A well-regulated banking sector;
- Double taxation avoidance agreements and Investment Promotion and Protection Agreements (IPPAs) with more than 40 countries;
- An economically and politically stable environment;
- A hybrid legal system based on the English and French legal systems, with the Judicial Committee of the Privy Council (UK) as highest court of appeal;
- Efficient air access linking Mauritius to various international destinations;
- Well-developed infrastructure and reliable communication networks;
- An educated workforce fluent in English and French; and
- A favourable tax regime for individuals and companies.
For more information e-mail email@example.com or call Richard Haller of Pam Golding Properties Mauritius on +27 (0) 83-776-0802 or +23 (0) 54-223-842.
* This article was paid for by Pam Golding International.