Barbados Property News April May 2016

Ecostructure - Page 16

BARBADOS

www.barbadospropertynews.com • April - May 2016 • Issue 104

Endorsed by theBarbados Estate Agents andValuers Association Inc.

Caribbean Island Properties - Page 15

PROPERTYNEWS

The 9th Edition of The Red Book - Page 45

FREE& ONLINE

Realtors - Page 5

Welcome to the April May spring edition of Barbados Property News!Of course, in this wonderful tropical climate of ours we are fortunate tohave it nice and warm all year round but in the colder climes, you willbe embracing slightly warmer temperatures and a return to greeneryand less harsh weather. It may not have been the best winter for theproperty market on the island with the drop in Sterling but Barbadosstill remains a very attractive and affordable destination for propertyinvestment. The island was packed withvisitors over the season and there is muchoptimism for this trend to continuethroughout the year.Congrats to Terra Luxury, a new brand on

the island. We wish them every success with this venture.Welcome to One Caribbean Estates as a new advertiser!As always, we have pages and pages of property for rent and for saleand excellent stores and services offering the best variety andquality on island. Enjoy and don’t forget, we are on line onwww.barbadospropertynews.comBest Pamela

Editor’s CommentsPublisher – Hiltop Publications Ltd,11 Cottage Ridge, St George, Barbados,BB19071Tel (246) 228-9122, Fax (246) 228-0243Email: sportingb@caribsurf.comwww.sportingbarbados.comwww.barbadospropertynews.comwww.caribbeanpropertymag.comwww.caribbeanmortgageservices.com

Editor/Advertising – Pamela L Hiles

Design and Art Direction – 809

Distribution – Hiltop Publications Ltd,Brian’s Print Brokerage

Printing – Coles Printery

The Material and editorial contained in thispublication have been deemed accurate at thetime of going to print. The views expressed aseditorial are those of the Editor unless statedotherwise. No part of this publication may bereproduced without the consent of thepermission of Hiltop Publications Ltd.

On the Cover: Terra Caribbean

Pamela Hiles, Editor

If you would like to advertise in Barbados Property News call Pam at 228-9122 or 232-0692

Tel: 246 433 9097Email: [email protected]

or [email protected] A Sustainable Barbados

APES HILL LOT J49 - Apes Hill, St. JamesOverlooking the 6th green on the fabulous Apes Hill course, this lot is in the perfect location for building your own customeco-villa. With its stunning unobstructed views of the west coast, island living truly can be achieved.

Lot Size: 15,120 sq. ft. • Asking Price: USD$395,ooo

APES HILL ECO-VILLA - 28 Holders Meadow, Apes Hill, St. JamesThis revolutionary 4 bedroom home has not sacrificed luxury in the pursuit of sustainability. A combination of luxury, qualityand sustainablility that sets the standard for eco-luxury in Barbados.

Lot Size: 25,000 sq. ft. • Asking Price: USD$3.3 million

MALTA - Cattlewash, St. JosephA 3 bedroom, beachfront villa located on Cattlewash Beach. Property also has an additional 1 bedroom cottage. This truly isthe perfect spot to experience the cooling Atlantic tradewinds and relaxing pace of life found on the east coast of Barbados.

Lot Size: 26,698 sq. ft. • Asking Price: USD$2.195 million

SECRET SPOTFor those seeking privacy and nature, this plot of land o�ers lagoon and ocean views with miles of beautiful, pristinebeach close by to stroll on. The perfect place to build an o� grid eco-home and enjoy outdoor activities.

Lot Size: 6.71 acres • Asking Price: USD$975,000

©2015 Wolseley. All Rights Reserved.

#6 Canewood Industrial EstateSt. Michael246-627-0580

[email protected]

†The Variable Flex Mortgage (VFM) product only applies to owner/non-owner occupied residential properties. Customers must comply with the Terms and Conditions applicable to Scotiabank Mortgages. Mortgage applicants must meet Scotiabank Mortgages lending criteria. VFM’s interest rates and product availability are subject to change without notice at any time. Interest rates and payments for customers with a VFM are subject to change annually at their VFM anniversary date. Customers who do not respond to the annual VFM noti�cation letter sent to them will have their VFM be automatically renewed for a one year term e�ective 60 days after their VFM anniversary date.”* General terms and conditions apply to each eligible mortgage product.* The terms and conditions for The Variable Flex Mortgage can vary at any time, at Scotiabank’s sole discretion without giving any notice or reason.*Trademark of The Bank of Nova Scotia, used under license.

PAYMENTS AS LOW AS† :Loan Amount | Monthly Payment

$ 100,000 | $ 536

$ 250,000 | $ 1,341

$ 400,000 | $ 2,145

Move to a mortgage that �ts.

Act NOW. Talk to us today!Find us at/ScotiabankBB

Visit: barbados.scotiabank.com/thehomeyouown

Switch to a Scotiabank Mortgage today and enjoy bene�ts that will make you feel right at home.

Payment options that match your budget

Access to funds from the equity in your home

Switch to a Scotiabank Home Loan and we will pay your legal fees

Finance

CIBC FirstCaribbean hasstrengthened its presence inBarbados with the opening ofa new Finance Centre. Withits modern finishes thatprovide the idealenvironment for customersto do their banking anddiscuss their finances withtrusted advisors, the Centre isthe true definition of elegantfunctionality. Located inRendezvous, Christ Church,the Centre caters to platinum,

and business banking clients and retail clients applying for amortgage or consumer loan. The Centre offers multiline services that include the latest

digital technology, ABM services and an expanded Loan andMortgage Centre specializing in loan sales and solutions. This,coupled with an excellent ABM network and other bankingchannels such as internet and mobile banking, ensures that

CIBC FirstCaribbean provides something for everyone and thatits mix of channels allows customers to choose how they wantto bank.Reaching beyond banking, the customer’s experience at the

Finance Centre is both personal and reliable. Upon entering theultra-modern Centre, clients are greeted through a conciergeservice and attended to in convenient and confidential clientmeeting spaces where they enjoy a personalized bankingexperience that is offered by the Bank’s dedicated teams offinancial services advisors. The diverse staff on location remainfocused on functioning as true financial partners and advisors,helping our clients optimize their finances to respond to theirevolving needs. Each customer is treated with the highest degreeof care, ultimately enriching their banking experience with us.Developed at a cost of US$1.5m, the Centre is a solution that

was created specifically at the request of CIBC FirstCaribbean’sclients and demonstrates the Bank’s commitment totransforming the banking experience of its customers across itsbroad footprint not only on the island of Barbados butthroughout the wider Caribbean region.

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CIBC FIRSTCARIBBEAN FINANCECENTRE IN BARBADOS:MORE THAN A BANK

Top: L-R: Craig Waterman – Partner KPMG and Brian Clarke, General Counsel, CIBC FirstCaribbean International Bank. Above: L-R:Donna Wellington, Managing Director, Barbados Operating Company, Gary Brown, Chief Executive Officer, CIBC FirstCaribbean International Bank,

Mark St. Hill, Managing Director, Retail, Business and International Banking, Michele Whitelaw, Director, Retail Banking Channels.

L O C A L K N O W L E D G E : G L O B A L E X P E R I E N C E

Face the mortgage monster... or meet an RBC representative.

Main Branch467-4000

Chelston Park431-6600

Hastings431-6650

University Drive417-1700

Sunset Crest419-8510

Six Roads416-8544

Private Banking Center431-6500

Call or visit any RBC Royal Bank branch or go online at rbc.com/caribbean

Traditional mortgage process

RBC Royal Bank representatives

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> Expert advice, guidance and tools> Pre-approved Visa Credit Card up to $6,000 and appliances> Financing available for first year's property insurance or to assist with the purchase of furniture > Up to 2% of your mortgage value in closing costs (attorney's fee, stamp duty) covered by us*> Rates as low as 4.75%

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> Expert advice, guidance and tools> Pre-approved Visa Credit Card up to $6,000 and appliances> Financing available for first year's property insurance or to assist with the purchase of furniture > Up to 2% of your mortgage value in closing costs (attorney's fee, stamp duty) covered by us*> Rates as low as 4.75%

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> Pre-approved Visa Credit Card up to $6,000

> Financing available for first year's property insurance or to assist with the purchase of furniture > Up to 2% of your mortgage value in closing costs (attorney's fee, stamp duty) covered by us*

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> Financing available for first year's property insurance or to assist with the purchase of furniture > Up to 2% of your mortgage value in closing costs (attorney's fee, stamp duty) covered by us*

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Terra Caribbean LaunchesNew Luxury Division to EnhanceLuxury Real Estate Service

Real Estate News

Terra Caribbean, a well-establishedand reputable real estate leader inBarbados, is excited to announcethe launch of its new dedicatedluxury real estate division, TerraLuxury. Built on the heritage,knowledge and experience of both

Bajan Services and Terra Caribbean, Terra Luxury caters to theniche luxury property market in Barbados. The launch of TerraLuxury is part of an ongoing client-focused strategy at TerraCaribbean to refine and enhance its portfolio of services byproviding dedicated teams and resources for each segment of theBarbados real estate market.The launch was commemorated recently by the Terra Caribbean

team, who invited its valued clients and its network of industryprofessionals to attend a prestigious event at the Villas atBeachlands development site in Holetown, St-James. Beachlandsis one of the many luxury properties on the West Coast ofBarbados that will be represented by Terra Luxury.The launch of Terra Luxury coincides with the release of the 2016

Red Book which was written entirely by internal resources, anddelivers valuable insights for each market segment. According tofindings, recent trophy sales and the construction of super villas

in Sandy Lane are helping to enhance overall confidence in themarket. Further developments such as the construction of the clubhouse at Apes Hill, and rising sales at Royal Westmoreland arealso improving market sentiments. Terra Luxury is uniquely positioned to enhance the exclusivity of

its clients’ luxury homes and extend its services to discerningclients worldwide who aspire to own an exquisite property inBarbados. A continued partnership with leading global propertyfirm, Knight Frank, strengthens Terra Luxury’s international reach.The partnership also mirrors Terra Caribbean’s long-standingknowledge culture, as Knight Frank continues to produceinformative publications such as its most recent release of theWealth Report.“Launching Terra Luxury as our new dedicated luxury brand

serves to refine our real estate services, resources and knowledgeto clients who want to sell, purchase or rent the island’s finestproperties,” explains Andrew Mallalieu, CEO at Terra Caribbean.“We are thankful for the ongoing support from our clients, andare committed to continually investing in new initiatives whichultimately help us fulfill our mission— ensuring that our clientsfeel comfortable and confident to make informed decisions.”For information about Terra Luxury, visit the new website at

www.terraluxury.com.

From L-R: Karyn Fakoory, Rachel Edwards, Andrew Mallalieu, Anna Lee Warren, Hayden Hutton, Jeanie Mahon, Sam Mahon

article examining the beachfront supply on the West Cost ofBarbados and the contribution from the Advisory service line on“The Value of a Valuation” in the Barbados real estate market.“In an ever-changing real estate market, having access to

accurate and timely information is key,” explains Hayden Hutton,Chief Operating Officer at The Terra Group of Companies. “TheRed Book continues to set the benchmark as the go-to source formeaningful data and insights on just about every segment of themarket. Whether a first-time home buyer is interested in learningmore about the market, a sophisticated property investor iskeeping an eye on trends, or a visitor is looking to purchase aholiday home, The Red Book is a valuable resource for all realestate matters in Barbados.”The release of The Red Book coincides with the Group’s

recent launch of Terra Luxury, the new division that caters to theniche luxury property market in Barbados. Findings from the 2016Red Book suggest improved sentiment and an increase inoverall confidence in the market, ensuring a well-timedopportunity for this new, dedicated luxury brand to serve the needsof discerning clients worldwide. To download the ninth edition of the Red Book, please visit

Terracaribbean.com

Terra Caribbean Releases NinthAnnual Edition of The Red Book®

Real Estate News

The Terra Group ofCompanies, a well-establishedand reputable real estateleader in Barbados and theEastern Caribbean serving allmarket segments through itsbrands Terra Caribbean, Terra

Luxury and Blue Sky Luxury, recently announced the release of itsannual Barbados real estate insights publication, The Red Book2016. This year’s release marks the ninth edition of the RedBook, which features a revamped internal layout focusing ondetailed insights for each segment of the real estate market inBarbados. According to Andrew Mallalieu, Chief Executive of The Terra

Group of Companies, “While in the past we have provided marketwide macro data, the new structure of The Red Book showcasesdetailed data that we track on a segment-by-segment basis. Wefocused only on our direct service lines and relied exclusively onour internal knowledge team to provide, produce, and writeleading insights and trends on the Barbados property market. Wehope our clients enjoy reading the 2016 Red Book as much aswe have enjoyed putting it together.”Some key highlights of The Red Book this year include an

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From L-R: Andrew Mallalieu, Kathy-Dawn Burke, Gemma Holder, Symon Clarke, Tarik Browne, Hayden Hutton

46

Planning, Marketing and Sales. With over 20 years of experiencein the Caribbean’s leading destinations, she has held executivepositions with major global brands, and brings her expertise inmarketing strategy, innovation and execution. She is a recognizedforce in Caribbean Marketing, and the cornerstone of our newbrand strategy. Our team has further expanded with the addition of Shawn

Mottley joining us as our Estate Sales Executive. Shawn, a trueCaribbean professional and connector throughout the region,brings diverse experience to the table, having started her career inthe advertising world, then traversed into Sales and marketingbefore transitioning into real estate, which was a naturalprogression, based on her own personal experiences and portfolioof investments regionally. Our entire team is committed to delivering exceptional service

to our clients in keeping with our corporate theme which is, “ OurWorld revolves around you”, said Hudson

One Caribbean EstatesExpands Professional Team

Real Estate News

One Caribbean Estates, the premier Real Estate firm serving theBarbados Luxury Market has expanded its professional team, amove to grow their market share, and service the discerning buyer,seller and global traveller“Since being founded in 2013 One Caribbean Estates has taken

an organic approach to our growth” said Richard Hudson CEOand Principal. As a proud affiliate of Christies International RealEstate our initial focus was our flagship property One Sandy Lane.From there, we have evolved to listing solely the premierproperties on the island of Barbados and the Eastern Caribbean. In keeping with the firm’s growth, One Caribbean Estates

engaged Jason Applewhite as Operations Manager; his diverseexperience in luxury Caribbean residential properties includesextensive market research, as well as providing valuations andadvisory services for our High Net Worth owners and buyer whoare interested in these markets. In 2015, Dominique Silvera joined the Firm as VP Strategic

L to R – Alyssa Klein – Copywriter Dominique Mitchell- Marketing Assistant – Shawn Mottley – Estate Sales Agent Richard Hudson CEO and Principal, Dominique Silvera VP Strategic Planning, Marketing & Sales , Jason Applewhite – Operations Manager

Shakila Belgrave – Sales Administrator

One Caribbean Estates, The ChristiesInternational Real Estate Affiliate welcomesAlicia Barnard to their Professional Team

Real Estate News

The Directors of One Caribbean Estates are pleased to announce the furtherexpansion of our Professional team, and welcome Mrs. Alicia Barnard, as SeniorEstate Sales Agent, effective April 01 2016. A seasoned Real Estate Professional,with over 15 years experience in the business, in both the US market for ten years,and more recently, here in Barbados for the past five years where she is regardedas a respected member of the real estate fraternity.

Alicia has a reputation with her clients for providing an excellent level of service.Her value for putting the customer first, creates great synergy with our brandvalue of “Our World Revolves Around You” said Dominique Silvera, VicePresident Marketing and Sales at One Caribbean Estates. “She has a resultsoriented approach and knows how to get the deal done”. We welcome Alicia,she is a great addition to the team, she brings her knowledge and know how andwe are so happy to have her onboard

Contact: Alicia today at [email protected] Mobile 246-826-4252

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Real Estate NewsPotential Homeowners turn outfor Scotiabank Home Showcase

Home ownership may bemore affordable and easierthan you think, was themessage from Scotiabankmortgage specialist KeishaMcAlmont-Fraser at a recenthome showcase held atScotiabank Rockley.A large engaged audiencetook in the presentations byexpert realtors Julie Dash fromHannah Properties and DavidCoombes from Caribbean

Island Properties. Ms. Dash discussed best practices inpurchasing a home, suggesting that potential homeowners firstfind out from the Bank what they would be eligible to borrow. Mr.Coombes presented a range of homes currently available.Scotiabank’s McAlmont-Fraser ended the presentation by pointingout that now during the current buyer’s market was a good timeto purchase or upgrade a home.

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Feature

Centre exemplifies the company’s commitment to the regenerationof Bridgetown. The company will continue to operate from its TudorStreet location however this will now be the Standard Outlet wherecustomers can purchase scratch & dent, imperfect items at heavilydiscounted prices.Katrina Newton, CEO Standard Barbados congratulated her team

on the fabulous new store and their commitment to the vision ofthe company. She went on to remind customers that Standardoffers simple, affordable financing to those who prefer to pay overa period of time. To celebrate the opening of the new store, anumber of promotions are taking place Ms. Newton said, including10% off storewide as well as doorbuster deals and Standard Cashon purchases.Nicholas Mouttet, CEO Ansa Mcal Barbados said: ‘Ansa Mcal’s

group of companies is determined to continue investing inBridgetown, every country needs a capital and Bridgetown is ours.In celebrating our 50th anniversary of Independence it is vital tokeep Bridgetown a vibrant hub and the investment made in thenewly refurbished Norman Centre shows our commitment to doingthis. This fabulous location offers retail spaces of various sizes tosuit all pockets for modern contemporary companies who want apresence in the heart of Bridgetown.’

Barbadian consumers withdiscerning tastes can look forward toan enhanced customer experiencewith the opening of a new store forleading retail home appliance,electronics and furniture company,Standard Distribution & Sales

(Barbados) Ltd., which opened its doors on the 8th April, on thefirst floor of Norman Centre, on Broad Street in Bridgetown. The new store, which will be open six days a week for shopper’s

convenience in the newly renovated Norman Centre on BroadStreet, boasts a clean and contemporary design and continues toreposition our brand, says Chief Executive Officer Katrina Newton.She said Barbadian consumers expect a higher level ofmerchandising and product presentation as well as great customerservice. “That’s what our new store design offers,” she added. Sincethe opening of the store in the MQI complex in late 2014, we havetransformed our merchandise portfolio so that it distinguishes usin the market place and continues to exemplify our core messageof selling stylish, quality products at affordable prices. The CEO stated that Bridgetown continues to play a very

important role in our business strategy. The relocation to Norman

Standard Opens New Doors inNorman Centre, Bridgetown

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The Barbados Estate Agents& Valuers Association News

The Barbados Estate Agents and Valuers Association Inc. (BEAVA) held its first seminar for2016 on the 12th February. The topic was THE SALES PROCESS and covered topics such asInvestigating Title, Transferring Title, Completing a Sale and The Relationship between Attorneyand the Sales Agent. This was a very lively and interactive session presented by Melanie Garrett-Bailey and Nicole McKetney of Clarke, Gittens and Farmer. The seminar was attended by salesagents , administrators, sales assistants and valuers. Our thanks to Clarke, Gittens and Farmerfor their support of our Association.CIBC FirstCaribbean is also to be thanked as they are our Platinum sponsor of the ContinuedEducational and Training Program. Beava is committed to this educational program and the

continued growth of knowledge of its members. We encourage all those in the industry or have ties to the industry to join this vibrant and progressive association

known as BEAVA. For further information on joining The Barbados Estate Agents and Valuers Association Inc. pleasesee our website:www.beavainc.com

The Barbados Real Estate Agentsand Valuers Association (BEAVA)wishes to invite you to an extremelyimportant seminar to be held onMay 13th 2016 at 2:00 p.m atMahogany Ridge, St Thomas.This Seminar will be held inconjunction with the BarbadosFinancial Intelligence Unit with the

purpose of educating Real Estate Agents in respect of the impactof the Money Laundering and Financing of Terrorism (Prevention& Control) Act on the industry, and the possible adverseconsequences of non-compliance with the provisions of the saidAct could have on their business, the overall industry andBarbados.In December 2016 the Anti-Money Laundering/Counter-

Financing of Terrorism regime of Barbados will be evaluated bya team of examiners from the Caribbean Financial Action TaskForce. The examiners will be assessing all the sectors that fall

under the purview of the Money Laundering and Financing ofTerrorism (Prevention & Control) Act including the real estatesector, to determine the level of compliance.An important component of the above evaluation process is

the conduct of a National Risk Assessment whereby the risks formoney laundering and the terrorism financing will be identifiedand appraised and consequently mitigated.Accordingly, the real estate sector will also be assessed to

ascertain its sectoral risk for money laundering and terrorismfinancing. A short survey will also be circulated during theseminar to gather further information of the sector and itsoperation.Therefore, we urge all estate agents and valuers to attend this

critical seminar as we at BEAVA recognize the significant and far-reaching effects these events can have on the sector. Lookforward to seeing everyone there!Please contact Jeanine Jones at 836-0650 [email protected] to register for the Seminar.There will be a cover charge of $50.00 per person.

Calling allReal Estate Agents!

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Documents

Barbados Property News April May 2016