Grenada - Caribbean Homes Ownership
Treat yourself with your own Caribbean villa.
Magdalena and I are constantly discussing ways to improve our services and infrastructure to keep up with the constant change of trends
and needs affecting the tourist industry. If you have followed the history of True Blue Bay Resort you will recognize that we are a very innovative and
imaginative team, striving to develop the resort to achieve better standards. In the 10 years we have owned True Blue we have grown from a tiny 7 room Inn
to a 43 room resort with great facilities including a 20 slip marina, a popular restaurant and lounge bar, 2 pools, boutique, dive center, yacht charter,
car rental and spa.
At this point Magdalena and I recognize that True Blue Bay needs to upgrade itself to a strong four star property by improving our room stock and some of
the resorts infrastructure.
To follow this goal we have decided to add 10 Waterfront Homes, to relocate the reception area to facilitate better access, to build one additional pool
by the waterfront and create a new Gym and Spa. Considering the world economic climate this sounds a bit crazy, but this is something we have wanted to do
for quite a while. Hurricane Ivan slowed down the process but we feel that Grenada's environment is ready for this small quality development we are proposing.
The new homes will be built on the site of the existing waterfront apartments which were built 20 years ago and are currently looking a bit tired but have a fabulous location.
These new homes will be overlooking True Blue Bay and 20ft above the high tide mark. Nine of them will be one bedroom units with an overall floor area of 850 sq ft. Each will
have a kitchen, a living area and a plunge pool with a bedroom and bath room on the floor above. All will be fully furnished and equipped with modern top quality amenities. The tenth unit will be 1200 sq ft with two bedrooms.
View Our Floorplans: Section1, and 2, 3
Initially we are planning to sell 5 of the units for $350,000 USD (sterling 190K) each.
These will be sold prior to construction with completion expected in early 2010. Units of this caliber have been selling in Grenada for between $500,000 USD to $750,000 USD, so we feel
this is a very competitive relatively risk free price. Owners can expect to receive a reasonable annual return from rental income.
Over the past 10 years we have maintained a 70% occupancy with reasonable room rates. Over the past 5 years our villa owners have had a net return of
approximately 5% per annum If Grenada grows as projected then we should expect an even greater return.
Average net room rate * $200 USD
Gross revenue $50,000 USD
Expenses and fees $30,000 USD
Net Income $20,000 USD (After all expenses have been deducted)
* This is the rate after commissions have been deducted and averaged year round. The rack rate in high season would be around $400 a night. True Blue Bay has been in business now for 10 years and has a good history of reasonable occupancies and good quality service. We expect with the addition of the rooms, new reception and the improvement of the Spa that we will firmly set ourselves among some of the highest quality resort hotels in the Caribbean and we would like to invite you to share in our potential growth by investing with us in this new venture.
Please contact Russ at caribbeanhomes@truebluebay.com for additional details.