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$22 million property sale

SHAWN CUMBERBATCH, [email protected]

$22 million property sale

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THE REAL ESSTATE sector is trying to find a buyer for a proposed luxury villa and cottage in St James.

Octopus’ Garden, a 1.25 acre beach front property in Weston, St James, is on the market for $22 million.

The west coast property has planning permission for a luxury seven-bed villa and two-bed cottage.

“The plans are designed by renowned architects Gillespie & Steele illustrating the magnificent home that can be achieved on this site. There is opportunity for customisation and expansion of these plans based on individual tastes,” a real estate notice on the offer stated.

News of the property sale comes in the wake of real estate company Terra Caribbean’s most recent The Red Book publication, which showed St James now had the “highest median price per square foot”.

“The significant development sales . . . were in this parish and this is no doubt a prime reason for this rise. When looking at volume of transactions, St James has also risen a place there, leapfrogging St Michael,” the publication said while examining Terra’s land price index.

In terms of the overall index, Terra said: “Based on the data thus far for 2016 we are showing a slight increase in the index from 2015. This 2016 increase can be partially attributed to strong sales in residential land developments.

“Most notably, a single development which not only represents 18 per cent of the volume of transactions in the data but achieved a per square foot price significantly higher than the median pricing for the period.”

Terra’s Barbados condo price index for the west coast also shows an increase, registering a five-point jump last year.

“On this upward trend, the index has nearly risen to the best base year pricing of 2007. However, this may be seen as an anomalous year, as . . . sales volume was extremely low and one of those sales was for a flagship unit in a well-established development commanding a premium on normal pricing,” it noted. (SC)