Location: Off the coast of Africa
Development: 115 unit
Pricing: € 2,975,000 – 5,975,000
Contact: Quintessentially Estates, www.quintessentiallyestates.com

Situated on the preferred south west coast of this idyllic Indian Ocean island Banyan Tree Corniche Bay comprises 115 secluded, freehold villas set on an elevated site in lush landscaped gardens and against a dramatic backdrop of the dramatic Le Morne Brabant Mountain. The extremely generous hillside villas, ranging from over 500m² to in excess of 900m², are wrapped around a Gary Player designed nine-hole golf course, with a Banyan Tree hotel and spa located at the water’s edge servicing the villas and providing beach club facilities.

Coupled with the fact that this development was designed by globally renowned architects, Foster & Partners and that Banyan Tree Hotels & Resorts is one of the leading groups for premium hotels and spas in the world, the calibre and quality of the project and exceptional lifestyle on offer cannot be overstated.

Until 2004, foreigners could not own property in Mauritius unless they invested at least US$500 000 into the economy through a business or other financial investment. The government then introduced Integrated Resort Schemes which enabled overseas buyers to own residential property, which then further entitles them to apply for permanent residency. Mauritius tops the rankings in Africa and is placed 27th globally on the ease of doing business in the 2007 World Bank – International Finance Corporation’s report. Tourism is the country’s main service industry, being its third largest foreign exchange earner and representing eight percent of its GDP.

From an investment perspective Banyan Tree Corniche Bay follows on the back of a number of other now established Integrated Resort Schemes which have proven a resounding success in terms of achieving both excellent sales and high global credibility, and which are already showing outstanding growth in capital value.”

Located in one of the last pristine coastal stretches of the island, notable for a spectacular coral reef and with Le Morne Brabant nominated as a UNESCO World Heritage Site, the built-up area of the development comprises only 19 percent of the total, with the discreet architecture blending harmoniously with the landscape.

Foster & Partners, who employ more than 1 200 highly qualified architects in 18 offices around the world and who are famous for a vast array of spectacular architecture, with some of the most well known and recent including Beijing International Airport and the British Museum, have created what they describe as environmentally intelligent architecture, with infinite curves which reflect the topography of the land. The design ensures comfort and privacy among the tropical vegetation, with interiors and exteriors seamlessly integrating to optimise living space and with the use of natural and sustainable materials creating a truly unique design in harmony with its setting. Picture-perfect panoramic views over the ocean complete the scene.

With 46 homes in the first phase, there are four main types of villa, each with its own staff quarters and set on erven between 3200-5000m² in size – and priced from 2.975-5.975 million euros. Owners will receive free membership of the golf club and have access to all the Banyan Tree facilities on site. Except for a government tax of USD70 000 and notary fees, there is no registration and/or stamp duty to be paid on the purchase of a property in an IRS development. Being a tax resident in Mauritius offers benefits with income tax – after allowances – being a flat rate of 15 percent, no inheritance tax or capital gains tax and with dividends from a Mauritius company not subject to tax.

Tags: Banyan Tree, Real Estate