The management of Secret Bay and the Residences at Secret Bay has confirmed the off-plan sale of one of its vacation home estates for US$7 million to a North American buyer.
The property comprises of four villas, three pools, four electric vehicle parking shelters, charging stations and other amenities, according to Gregor Nassief, the company’s owner.
As this is an off-plan transaction, the property is yet to be built. Nassief described the location as a prime clifftop area over an acre of land hovering about 200 feet above the Caribbean Sea.
The buyer and his family, Nassief noted, are not economic citizenship investors and the land is located in an area which is in need of over 1000 feet of roadway and services infrastructural development. There are also plans to install a funicular or hillside elevator to access this part of the resort, he said to Dominica News Online (DNO) during a brief exchange on Friday.
“Vacation home buyers like these investors typically spend no more than a few weeks annually in their vacation home and the rest of the time it will be part of Secret Bay’s premium rental inventory and program, thus allowing the owners and Secret Bay to earn income from the property when they are not using it. It is therefore both a lifestyle investment as well as a prudent financial one from the buyer’s perspective,” Nassief explained to DNO.
“The buyer’s investment underscores what I have always felt – that Dominica is the Caribbean’s hidden gem and an ideal location for investors seeking a second home in the safety and seclusion of our Nature Island,” he stated.
Nassief said that the entire team at Secret Bay and The Residences at Secret Bay are “extremely excited about this and aim to create one of the most beautiful vacation home estates in the world.”
The new owners are no strangers to Dominica as they have visited and stayed at the resort several times in the past.
According to their website, The Residences at Secret Bay is a Caribbean real estate component which offers over 40 architectural treehouse-style villas priced from $1.4 million – $4.05 million. These are available as whole or shared ownership and as a qualifying investment for Dominica’s Citizenship by Investment (CBI) program, the website states.