dominican republic / puerto plata Dorada Suites
dominican republic Puerto plata Dorada Suites
The Dominican Republic is the most visited of all the Caribbean Islands by some considerable margin; well over 4 million tourists arrived during 2007 a quarter of whom were from the US with the remainder originating from Canada and Northern Europe where the British & Irish were amongst the biggest contingent but also popular in the Italian, Dutch, German and Scandinavian markets. In 2006 the Dominican Republic was voted the Caribbean’s Number One Destination by the World Tourism Organisation (an accolade previously held by nearby Puerto Rico for many years) and is a significant indicator of the growth and strength of tourism to this diverse and interesting island. Importantly property prices are typically a fraction of the price of similar homes elsewhere in the Caribbean and there are generous tax incentives provided for home owners. In addition the island has received considerable inward investment in recent years with millions of dollars pouring into commercial and infrastructure projects, coupled to this the domestic economy is in pretty good shape enjoying strong GDP growth since 2005. All-in-all the Dominican Republic not only provides a superb holiday destination but has many of the important driving forces behind a solid property investment.
dominican republic / puerto plata Dorada Suites / investment
Real Estate Investment in Dominican Republic Number One Caribbean Tourism Destination
1
Location Puerta Plata / Playa Dorada Playa Dorada is a well-known holiday playground, an area located to the north of the island and within an easy 40 minutes drive from Puerto Plata International Airport which receives flights from a number of principle UK & Irish and European airports. In addition UK destinations also fly to two alternative international airports on the island, not so conveniently located but providing a choice of carriers and fare options. Playa Dorado is an important tourist resort where there are a cluster of beachfront hotels supported by excellent amenities. Viva Wyndham Dorada Suites is located near the centre of Playa Dorada and is approached along a service road to the side of the golf course and entered via a secure gated entrance. The Playa Dorada Mall is located within a short walk providing great shopping for ‘all things Dominican’ and the excellent Robert Trent Jones designed 18 hole golf course is literally ‘across the road’ from the Viva Wyndham resort and offers special discounted rates for home guests of the resort.
Dorada Suites
dominican republic / puerto plata Dorada Suites / LOCAtion
Viva Wyndham, Viva Residences Dorada Suites
2
dominican republic / puerto plata Dorada Suites / dominican landscape
Main beach scene
3
From the moment you enter the large open reception facility you get a positive impression of an organised and well-managed Viva resort long established with over 20 years of experience and where the emphasis is quite rightly geared around providing a pleasurable experience for the residents. The suites spin off the reception like the spokes of a wheel and many look out over the pool which forms the centre of the resort. The pool bar looks ‘through’ the waterfall that cascades into the pool and a Jacuzzi is located in an elevated position also overlooking the pool. Elsewhere around the main complex you will find the gymnasium, separate spa (providing beauty treatments, massages etc.) The nightclub offers popular animation programmes and a late disco, there are two shops for gifts and day-to-day requirements, a kiddies club providing a welcome respite for busy Mums and Dads and the for the adventurous - a dive school runs lessons in the pool and provides organised excursions for open water dives at some of the best dive locations on the island. There is a choice of three excellent restaurants. The main buffet-style restaurant caters for three meals a day whilst the Asian restaurant provides a more intimate dining experience with a fusion of Indian, Chinese and Thai cuisine. A short walk along a quiet path adjoining a natural small lagoon leads to the thatched beach restaurant and bar where a quick pizza or beef burger snack can be enjoyed at lunch, then towards the end of the day relax and enjoy an excellent ‘sun-downer’ cocktail and then when the sun sets the restaurant comes into its own, serving fine foods in a candlelit setting with the sound of the surf gently lapping onto the fine golden sand beach. A full and very well supported animation programme operates on the private beach every day with football, volleyball, merengue dance classes, darts etc being enjoyed by many residents whist others prefer to relax and ‘soak up the rays’. Watersports enthusiasts are also catered for with windsurfers and kayaks free to use. The sea is safe and gently shelving.
dominican republic / puerto plata Dorada Suites / THE project
THE PROJECT Inside the resort
F OTOs l e f t : t h e f r e e - f o r m p o o l a n d w a t e r f a l l / T h e T h a t c h e d B e a c h B a r a n d R e s t a u r a n t / F OTO r i g h t : B e a c h
4
dominican republic / puerto plata Dorada Suites / beach
main beach scene
5
Viva Residences Dorada Suites offers 120 apartments for freehold ownership (representing around half of the total units available on the resort – the remainder being retained by Viva Wyndham). Each apartment is around 56m2 and provides spacious hotel suite style accommodation with either a king-sized double or two queen-sized twin beds. A sitting area with sofa bed coffee table and TV, kitchenette with breakfast table well appointed bathroom and balcony or terrace. Apartments are available in garden, first and second floor positions. above: typical floorplan and well appointed bathroom t o p r i g h t : t y p i c a l f u l ly f u r n i s h e d s u i t e
dominican republic / puerto plata Dorada Suites / apartments
Typical One Bed Suite
6
The benefits of ownership • 10 % discount from list price for units 1001 - 1010 inclusive (offer applies up to the 30th November 2008) • Rental guarantee of 6% for three years (this is based on the high season rental programme operating from Christmas to Easter and through July and August, so in effect for just half of the year, the actual guarantee prorata paid is 3 %) • Owners use, private (self-managed rentals) and rental pool facility can all be used during low season, providing excellent further income potential. • After year three the rental programme operates with owners enjoying a 40 % share of net room income. • Two years free membership of Resorts Condominium International (RCI) (worth over US$ 200) providing the perfect opportunity of a two week exchange with other RCI participating resorts around the world. • Viva Platinum 10 year membership with guaranteed discounts at all Viva resorts • An attractive ‘menu’ of ‘per day’ options from this predominantly all-inclusive resort, including; Utility (water and electricity) mandatory when the property is occupied Hotel services (maid and cleaning) Food and Beverages (eat and drink all you like)
US$ 10.00 US$ 5.00 US$ 25.00
Or select a full all-inclusive package combining all three options above for a discounted weekly rate of just * A further 10% discount is offered when a full month (all-inclusive) is purchased in advance
US$ 210.00 *
dominican republic / puerto plata Dorada Suites / floorplan
Dorada Suites Master Plan
7
dominican republic / puerto plata Dorada Suites / dominican landscape
d o m i n i c a n l a n ds c a p e
8
The benefits of ownership are numerous Security of Purchase and a Sound Investment
1. This is an completed, established and fully operational resort 2. Owned and managed by highly reputable Viva Wyndham Resorts 3. Full freehold title is available upon completion - just a matter of weeks following reservation In addition the property provides fantastic investment potential (potentially suitable for inclusion into a tax efficient SIPP. Independent Financial Advice can be provided if required) • Rental guarantee and rental pool programme • Excellent capital growth opportunity (The Dominican Republic is the most visited of all the Caribbean Islands) • 10 % discount for ‘early-bird’ buyers. • Prices (per sq m) well below those of other resort real estate.
Legal Issues
An uncomplicated purchase with an established legal title (individual property registration will be available following completion subject to processing at the Land Registry office) A reservation deposit of £ 2000 (or 3000 EUR) secures the property subject to viewing or on a site-unseen basis (conditions apply). 30 % of the purchase value will be required at contract with the balance upon completion approximately 30 days from contract. Visa Requirements: There are no visa restrictions within the Dominican Republic for short visits, a visitor visa is issued for a three month period upon entry into the country and this can be extended for up to a year by agreement with the local authority. Owning a property does not automatically grant a right to residency but this is usually a formality. Note: If a reservation is completed on location the purchaser will be required to sign power of attorney with a local notary and the reservation deposit is deemed non-refundable.
Costs and Expenses Purchase costs are relatively inexpensive and include a small notary charge and a 3 % fee for property registration. The current monthly maintenance charge is US $ 150 but this is waived when the unit is in the Guaranteed Rental Programme. Taxes
There is no stamp duty, capital gains tax or inheritance tax operating within the Dominican Republic . There is a nominal sales tax applicable upon resale, this is currently set at 2.5 %. Viva Resort Finance Option
Purchasers may wish to take advantage of the Viva finance facility based on 70 % of the purchase price and repaid with one year of completion with an interest rate of around 7 %. Please ask for further details current rates etc will need to be obtained at time of request.
dominican republic / puerto plata Dorada Suites / benefits
Three main points guarantee the peace of mind over other developments:
9
dominican republic / puerto plata Dorada Suites / dominican landscape
Main beach scene
10
designf.mehner@berlin.de