Nick Wilson
3 October 2007
Johannesburg — About half the buyers so far in a luxury Seychelles residential marina development are South Africans.
Peter Smith, head of sales and marketing for the R2bn Eden Island residential marina development, which covers an entire 56ha island reclaimed from the sea, says about 200 of the 480 units available have been sold and about half the buyers are South African.
Explaining why South African buyers have been dominant in this new development, Smith says the Seychelles and Mauritius have been marketed in SA as tourist destinations over the past few decades and a "lot of South Africans are familiar" with them as holiday destinations. "Because of that it's translated into a lot of sales to South Africans." Smith says another attractive feature for South African buyers is that there is a direct flight from Johannesburg to the Seychelles twice a week. He says a lot of the South African buyers are "boating people". Prices in the development start at R2m for a basic, one-bedroom apartment. The villas on offer sell for about R16m, with the most expensive being about R20m. Smith says the prices for the residential units run the full range between R2m and R20m.
Each unit in Eden Island has its own mooring. The first seven units have already been transferred. The development, which is being developed by a consortium of South African and Austrian investors, will be rolled out in phases over the next four years. Smith says the construction work on the development is being done by a Seychelles company. Pam Golding International is the exclusive marketing agent for the development worldwide. The development is being financed by Barclays Bank.
A full-scale model of the island development will be showcased at the Cape Town International Boat Show, which is being held at the Cape Town International Convention Centre from Friday until Monday.
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