Business View Caribbean | March 2021

5 BUSINESS VIEW CARIBBEAN MARCH 2021 Led by Century 21 St Maarten, Numerous Projects are Launching, with Real Estate for All Price Points T he real estate market on the Caribbean island of St Maarten is growing at a rapid clip, according to Century 21 St Maarten, which is at the forefront of this renaissance. The company is bringing much needed international investment to St Maarten in the form of real estate and development. The Oryx Residences, for example, a new townhouse development, has 55 homes under contract in its first four months. Other investments, such as the Indigo Bay Hotel and Marriott Baie Nettle, reveal that confidence is high in St Maarten’s real estate future. “We are very encouraged by the strength of interest in St Maarten’s real estate market,” said Ritika Nanwani, owner of Century 21 St Maarten. “People easily get the appeal of the island, and are willing to invest in building residences, as well as their futures, on this enchanted spot. The market for current St Maarten residents is also showing remarkable traction.” Nanwani is renowned as one of the most experienced real estate professionals on St Maarten. The island has a European flair, but with all the American conveniences; North America accounts for 62% of all stay-over arrivals. Oryx Residences Oryx Residences is a townhouse development located in Cay Hill developed by Algemeen Pensioenfonds Sint Maarten (APS), a pension fund management firm. The project offers Sint Maarteners the opportunity to purchase or rent ST MAARTEN REAL ESTATE MARKET EXPERIENCES STRONG GROW ATTRACTING BUYERS AND INVESTMENT MOMENTUM a modern, robust family home at a mid-range price ($145,000 – $245,000). There is a total of 62 1-,2- and 3-bedroom units in the project. They are all protected by 24-hour security. The homes were designed to withstand category 5 hurricanes, while offering present-day, high- quality comfort for a moderate price. Private parking is available for every unit. Owners can also add an additional floor to their home, subject to approval by the Ministry of VROMI. APS pension fund participants are prioritized for financing via APS, but non-participants are able to rent a home on the property as well. Potential buyers can make use of a lease-to-own option if they choose. This enables tenants to finance 90% of the purchase price at the end of the lease term. APS awarded the contract to sell and lease Oryx Residences properties to Century21. The results have been strikingly positive. They have been able to reserve 80% of the properties within four months. Only 16 of the 62 homes are still available. OPENING L INES