By Francis Kajubi , The Guardian
ZANZIBAR’s government has successfully attracted lucrative investments in the hospitality sector as it manages to woo one of the world-class property developers to set up state-of-the-art five-star beach resorts in Michamvi village of the Southern region in Unguja.
Mudrick Ramadhani Soraga, Minister of Tourism and Heritage for Zanzibar told journalists at the weekend during the groundbreaking event for the construction of the resort that the project worth $10 million (24bn/-) will cover construction of 54 villas of one to three bedrooms.
The minister said the pioneering real estate investment firm has introduced a novel business model that promises high returns with zero risk, revolutionising property investment in Zanzibar.
Soraga said that people in the island will have an opportunity to purchase high end luxury villas with 100 percent guaranteed return on the investment, profit and ownership of the Investment.
“The government is making it possible for people to own luxurious five-star resorts through this project. The project is scheduled to be developed in 2024 and finished in early 2025. It comprises 54 individual villas of which 16 are overwater villas,” said Soraga.
The minister said that each villa will have a private pool, garden, and outdoor kitchen. It will also be equipped with an innovative smart high end system and solar panels and come fully furnished.
The development will have a restaurant, concierge, spa, massage, gym, boutique shops, large communal areas, pool, and a Jetty sunset lounge Bar.
When the development is completed, he said, the operations and management under the custodian of AZURE United Properties Limited will be done by an international hospitality management company that will provide fantastic service and client experience to clientele all over the world.
He said the project is about building and selling villas to individual investors. The company takes over the management and operation of the properties, partnering with renowned hospitality brands to run luxury hotels on the premises.
“The revenue generated from the villas operations is then distributed quarterly, with 50 per cent going to the villa owners and the remaining 50 per cent to the operator, ensuring a fair and transparent revenue-sharing model,” said Soraga.
Nikitas Simion, the operating firm’s director and co-founder said that the buying process for investors looking to participate in this unique real estate venture starts with a minimal investment of 25 percent of the villas total cost.
According to him, the low entry barrier allows a broader range of investors to participate in the project, democratizing real estate investment opportunities in Zanzibar.
The construction period is a swift one year; ensuring investors can quickly start reaping the benefits.
“The flexible payment plan further enhances the appeal, allowing investors to buy in installments: 25 percent upon signing, 65 percent during construction and the final 10 percent upon handover of the title deeds,” said Simion.
Simion emphasized robust risk management strategies to safeguard investors, interests and ensure the long-term sustainability of the project.
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