Property Information
This property is a studio apartment in the Cor di Mar village hotel within the 5 star Ponta Bicuda resort on the island of Santiago in Cape Verde. Cor di Mar is the central hub within the Ponta Bicuda resort, overlooking the beach and the waterfront promenade the apartment offers commanding views over the sea and the city of Praia, it also directly overlooks the swimming pool. The studio comprises an entrance area, a kitchen, a bathroom, a double bedroom.
As mentioned the studio apartment is part of a hotel complex, and is within walking distance to all the hotels amenities, including: cafes, restaurants, bars, shops, tennis courts, cricket club, spa, swimming pool, sandy beach, waterfront, art school, dance classes etc.
The hotel resort itself occupies a 170 acre peninsula surrounded by stunning ocean views, and although secluded away it is only a 10 minute drive from the city of Praia and Cape Verde's main international airport.
This property was purchased 'off plan' and is still under construction with construction due to finish by December 2012 at the latest. There were two options available at the time of the original purchase, the 'hotelier club' option for those looking for an investment or the 'easy living' option for those looking for a second home.
The apartment has been purchased under the Hotelier Club option which is as follows:
You 100% own the property but use it as a freehold investment, allowing the hotel to utilise it as an apartment in their resort. The apartment is fully furnished to a luxurious 5 star standard, benefits from professional hotel management and housekeeping, aswell as international marketing. All the property owners opting into the Hotelier club scheme receive a share of the hotels profits, paid out 6 monthly. As a minimum, under this option the hotel is contractually guaranteed to pay a guaranteed rental return of 5% over the first 5 years after completion of construction, or the owner may opt to receive a lump sum of 21.06% on completion of construction. The owner is guaranteed their property for personal use 4 weeks in every year under the Hotelier Club scheme.
This apartment is currently under the Hotelier Club scheme, although if purchase is as a second home rather than an investment the buyer may change to the Easy Living scheme, in which they still own the freehold property 100%, still have access to all the services that the hotel offers but do not have the hotel management or rental management, therefore there is no restriction on the amount of time spent in the property.
FINANCIAL DETAILS
The current owner has purchased 20% of the property at €19,000, and wishes to resell at the same market value as due to work relocation he will no longer be able to make use of the property. On purchase of this 20% the buyer would then have to pay off the remainder of the property, €79,460 outstanding, in instalments or as a lump sum, from October 2010 onwards. Mortgages for this property are readily available through several Cape Verdean and Portugese banks. This price is inclusive of the full furniture package. The initial solicitors fees, stamp duty etc have already been paid.