With its foreign investment-friendly economy and appealing tax environment, Mauritius is increasingly regarded as a highly desirable primary residential and leisure destination. So news of the launch of the island’s very first retirement scheme which also caters for foreign buyers is bound to receive a very positive reception from the marketplace.
“This is not only the first retirement scheme on the island, it is also the first time that foreigners looking to relocate permanently or invest in Mauritius are able to do so through this kind of residential development,” says Chris Immelman, MD of Pam Golding Properties International & Projects Division. “Unlike South African life rights schemes, units in this Mauritian retirement scheme are owned on a full title basis.”
Aimed at the over-55s, the Le Domaine de Grand Baie retirement village is ideally positioned in the popular Grand Baie region in the north of the island, right next to the prestigious Le Parc de Mont Choisy Golf and Beach Estate in the greater Mont Choisy area. Bordering a newly designed 18-hole Peter Matkovich golf course, the new retirement village is centrally located with shopping and medical amenities only 200m away with the beach or the centre of Grand Baie just a short stroll.
The scheme is managed by Aegide, one of the largest retirement operators in France and part of the International property group Nexcity, which is among Europe’s largest development companies and manages over 150 000 units. “They chose Mauritius as an ideal retirement destination not only for its idyllic environment, but because of the lower cost of living than Europe, being a great tax domicile for retirees and with a significant, existing foreign community in the Grand Baie region.
“A significant benefit for investors is the 11-year, guaranteed rentals of 2.99 to 4.26 percent, depending on the type of unit. Being a euro-based return makes this ideal as an offshore investment,” says Immelman.
Pricing of the units is globally competitive, with 155 catered and serviced apartments ranging from studios to three bedrooms starting from USD230 000 and ranging up to USD830 000 for penthouse apartments, located in four blocks centred round common facilities such as entertainment areas, pools and open spaces. The retirement village also includes 10 exclusive three bedroom villas priced from USD 720 000. There is intercom communication to all residences and parking facilities for residents and guests on site.
The retirement village is at the heart of a 485 hectare park which includes walking and biking trails, a tennis court and shops. Residents will have direct access to Le Parc de Mont Choisy Golf and Beach Estate and the 800sqm Espaces-Club which includes a swimming pool, restaurant, spa, fitness centre, beauty salon and lounge bar.
Adds Immelman: “This is a modern development designed to provide an incomparable quality of life and a haven of tranquillity for seniors while maintaining their independence. The focus is very much on comfort, serenity and wellbeing for its residents thanks to the high quality of services available and friendly, caring staff.
“Like South Africa, there is a shortage of retirement accommodation in Mauritius and island locals are already buying into this scheme, which is now launched to the South African market. Grand Baie is already the most popular region on the island for South Africans and with the sound rental returns and potential for meaningful capital appreciation of the asset we anticipate equal demand from both investors and owner occupiers.”
Mortgage finance is available in Mauritius and foreigners have access to local medical aid at very reasonable rates, while hospitals are of a very high standard.
Construction of the new retirement development is planned to commence in May 2016.