PortStCharles_web

PORT ST. CHARLES MARINA PREFERRED VENDOR n Republic Bank Barbados Ltd. www.republicbarbados.com One of the longest serving banks in Barbados, Republic Bank Barbados Ltd. has been in existence for over 30 years. Formerly Barbados National Bank Inc., it boasts one of the largest ABM networks on the island and ten conveniently located branches. The Bank offers an array of finan- cial services such as personal, commercial, lending, premium, corporate, and investment banking. Its wholly-owned subsidiaries, Re- public Finance & Trust Barbados Corpora- tion and Republic Funds Barbados Limited, offer funds management, lease financing, and merchant banking services. A group of investors with the JADA Group is building another marina called Port Ferdinand, just north of Port St. Charles. Austin describes Port Ferdinand as “an engineering feat, running inland, with a bridge that opens for boat traffic. It is another competitor of ours, as it is a new build, beautifully designed and furnished, but they don’t enjoy as much beachfront as Port St. Charles.We are pretty unique in what we offer; we are stretched across the beachfront, our prop- erties are one bedroom up to five bedrooms, and you can put your boat right outside.” There are no plans to expand structurally at Port St. Charles – the emphasis is on keeping the standards high at this already fabulous resort. Austin states, “My main goal is to manage the resources we have here, and manage our sales. We’ve been doing quite well on the sales front, because even though we are an older, mature property, we are established with a community and a lifestyle that’s been built up over time. There is nothing for people to wait for.We’re finished.We’re complete. The only queries are mostly about, “How often do you paint?” In terms of procedural things, we are going to be offering drinks on our beach soon, and keeping up with the impeccable service level that people expect. No grand plan for changes.When it isn’t broken, don’t worry to fix it.” Port St. Charles’ relationship with the Republic Bank is an extremely valued one. Austin shares, “They helped up secure a bond to complete our last three phases. After 9/11, we hit a snag and didn’t know where the money would come from. Since we were selling off plan, and then building, we had no takers in the last three blocks. But we knew it would be sold once people’s confidence returned. So, we shut down construction for a few months, but we didn’t want to lose momentum. Republic Bank secured a bond from Trinidad for 30 million U.S. dollars and that is what finished our product.” Port St. Charles also credits its suc- cess to important long-term suppliers including CGM Gallagher Insurance Co., BA Holiday, Expe- dia,Williams Industries, and Preconco Limited. Graduating from building entry level homes –one, two, and three bedrooms starting at $500,000– to selling homes up to $6.5 mil- lion, Port St. Charles created confidence as it progressed, succeeding beyond expectations, because the community was built with the build- ings. By the time it was finished, this well-planned development was mature and sought after.Many of those who bought in at entry level have seen an ROI of more than 100 percent; affording the oppor- tunity to sell at the best time of the year. Austin sums up Port St. Charles as “an example of how it should be done. In terms of planning the development, rolling out the development, and pre-selling it in phases. Some people might call it conservative, but it allowed for changes along the way. It lent itself to creating a lifestyle that grew and developed.When complete, it was easily sold to everybody. They felt welcome.”

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