Popular Mauritius development to be showcased in SA

Excitement is mounting over a new residential development on Mauritius that is specifically targeted at SA buyers and will be on promotion in Johannesburg and Cape Town next month (subs: October 2009).
Kentish Moorghen, GM of the new Chas Everitt International Davyland office in Port Louis, the capital of the Indian Ocean island, says the First Avenue development on the island’s west coast is being marketed in terms of Mauritian legislation that facilitates property investments by foreigners.
“Foreigners are allowed to buy properties either in an Integrated Resorts Scheme (IRS) or in a designated Real Estate Scheme (RES), and First Avenue is being marketed as a RES, so is geared more to budget-conscious buyers.
“And it has already drawn wide interest, notably among South Africans, with 27 of the 49 residential units having been reserved by prospective buyers, at prices from US$280 000.
The complex, which consists of five villas, 12 apartments, 23 duplex units and nine detached villas, as well as a wellness centre and spa, will be showcased in Johannesburg at The Venue in Melrose Arch on 5 and 6 October and in Cape Town at the Mount Nelson Hotel on 8 and 9 October.
Moorghen says international owners at First Avenue will either be able to holiday there for three to six months at a time, or live there permanently if the purchase price of their unit is more than US$500 000 and they become eligible for permanent residence.
Apart from the island’s obvious charms for tourists, its geographical position between Africa and the Far East and the fact that the local economy and inflation rate are stable makes it an increasingly attractive location for business and property investment.
As a result, says Moorghen, the residential market is picking up rapidly “and the conversion rate on property sales is double that at this time last year.”
*To book for any of the First Avenue showcase evenings, contact Tracey Everitt on or call (011) 801-2500

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