Daily Express Newspaper
15/10/2008 p. 62
News

 

Anyone caught in the market downturn can take comfort from the story of a Caribbean developer who has seen it all before.

 

Andrea Watson reports Jeff Hadeed watched last week’s financial crisis with a distinct sense of déjà vu. In 2001, he bought an old Antiguan hotel that stood in beautiful grounds overlooking Falmouth Harbour and was prepping to turn it into a luxury resort.

 

Then the world was rocked by 9/11. Overnight, markets plunged and investors decided to hold onto their cash. Instead of panicking and selling up, Mr. Hadeed kept the hotel and gave it to this sister and business partner Bernadette Sherman who wanted to create a private island school. “We agreed she would have it rent-free for three years,” he said. “By 2005, the market had improved and we began working on the resort which is due for completion next year.”

 

South Point is a condominium [hotel]-type investment, subject to the specific laws that apply to this type of landholding. However, buyers can use their property all year.

 

The complex offers 23 apartments in a series of buildings facing the harbour, five of which were bought by one British investor after he negotiated a discount.

 

All remaining 15 properties are one-bed condo suites with interconnecting doors to the next door suite. A discount is negotiable for buyers wanting interconnecting condos. Prices start from about £330,000 for a single unit and £680,000 for the discounted two rooms.

 

Does Mr. Hadeed think the current market crisis will affect sales? “Of course,” he said. “But I also think people may fear putting their money into banks and will want something tangible. As far as the Caribbean is concerned, we have the added attraction of guaranteed warm weather.”

 

He said the main idea of the project was to provide a stress and hassle-free solution for investors, with a full-management and maintenance service offered.

 

With a background in property management—including hotels and restaurants—Mr. Hadeed is well set to deliver this promise. One of his clients is fashion designer Giorgio Armani, for whom he not only helped find a property on Antigua but now looks after it. “He is very demanding. I have learned a lot about six and seven-star service from him.”

 

Asked why anyone would choose Antigua in preference to other Caribbean islands, such as Barbados, Mr. Hadeed said there are a number of reasons, starting with price. “It’s about 40 per cent cheaper here but there is much more space and the landscape is more natural because there is less development. Barbados is about the size of Antigua but has three times the population.

 

“The atmosphere is also more relaxed here. We are much more flexible and less bureaucratic than some Caribbean islands.”

 

Information:
South Point: 0207 886 0236 / www.southpointfalmouth.com