Caribbean Property Magazine 2014

Caribbean Property Magazine, is a Caribbean production published by Hiltop Publications Ltd, 11 Cottage Ridge, St George, Barbados. Tel: (246) 228-9122 Fax: (246) 228-0243 email: [email protected]: Antigua, St. Kitts & Nevis,Pamela Hiles - Trinidad & Tobago, Barbados & St. LuciaImportant Websites: www.caribbeanpropertymag.comwww.caribbeanpropertysearch.com www.sportingbarbados.com www.barbadospropertynews.comEditor: Clarence HilesAdvertising: Pamela Hiles Design: 809 DesignEditorial thanks to BernadetteWilliams,Cecily Lees, Edward Childs, Ollie Gobat, Scott Jaynes, Brian Kassab,Paul Maxwell, Roger Worme, Andre BelloSanjay Amin, Anita Ashton, David Alleyne,Mark St. Hill & Oliver Chatten. Unless stated otherwise, the other editorialis attributed to the editor.Photography Thanks to the variousdevelopments for their permission toreproduce photographic material.Copyright: Caribbean PropertyMagazine 2014 Volume 13. Thematerial and editorial content in thispublication was deemed correct in May 2014 when it went to print. The publisher accepts no responsibility for any change or error and recommendsall readers should verify the current details direct with the advertiser and where appropriate seek professional advice. No part of this publication may be reproduced without the consent of the publisher.

Acknowledgements

COVER IMAGEPort Ferdinand - BarbadosCompliments of PortFerdinand

The Beautiful Caribbean - Clarence Hiles, Editor

Beautiful St. Kitts - Bernadette Williams

A View to Die For! - Scott Jaynes

Kittitian Hill

Come Visit St. Lucia - Ollie Gobat

Delivering on our Promises - Apes Hill

Really Get Away - Crane Resorts Beach Houses

Port Ferdinand

Value for Money Exists - Carter’s Grove

Walkers’ A Whole New World

50 Years and Going Strong Oran Limited

North Sound - Edward Childs, SmithsGore, BVI

Nature The Luxury Property of DominicaCecily Lees, Safehaven

Scotiabank Making it Easy to be Green

The Caribbean Buzz is Returning - Brian Kassab

Capita Financial is a Breath of Fresh AirPaul Maxwell, Capita Financial

Regional Business System at the Cutting Edge of Technology - Roger Worme, Regional Business System

Big Plans to Develop RICS in The CaribbeanSanjay Amin, BCQS International

Lower LTVs but Banks Still LendingAnita Ashton, Caribbean Mortgage Brokerage

Brand Values Go Far Beyond AdvertisingAndre Bello, Virgin Atlantic Caribbean

Insurance in the Caribbean - David Alleyne, SagicorGeneral

CIBC FirstCaribbean Well Positioned for TheFuture - Mark St. Hill, CIBC FirstCaribbean

The Changing Picture in CaribbeanTelecommunications - Oliver Chatten, Lime

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Editor Clarence Hiles extols the virtues of aregion many people call Paradise

The BeautifulCaribbean

There have been manyfalse dawns, but enoughgood vibrations areemerging across theregion to verify bettertimes are on their way.They won’t transformthe Caribbean real estatemarket overnight, but itshows more secondhome buyers arecoming back into themarket and that willstrengthen confidencein the product.

Economic experts all over the worldgrapple with the precise timeswhen economies go in and out ofrecession so nobody is jumping upand down to herald a new era. Toomany finance gurus have got itwrong in the past six years!

Caribbean Property Magazinedoes not attempt to cover all realestate in the region or everythingand anything associated with it.This publication offers a selectionof real estate options in differentdestinations and the views ofexperts on the ground. There areno better experts than those wholive and work on the ground andtheir views offer interesting

insights to what is actuallyhappening as opposed tospeculation and assumptions. Wealso include a variety ofinteresting features in ourBusiness and Finance section toallow readers a further insightinto what’s happening across theregion and how real estate,business and finance inter-relatewith each other.

It is amazing that despite theplethora of information availableon the Internet these days that solittle is known about theCaribbean in many developedcountries. Perhaps mineralwealth and oil riches have givenTrinidad a unique position inglobal economic terms, and BobMarley and Rihanna may havegiven Jamaica and Barbadosinternational celebrity status inthe music world, but apart fromcricket nothing else unites theWest Indies as a region. Thatmeans many of the islands haveto market themselvesindependently and inevitably thesmaller islands like St. Kitts,Nevis, St. Maarten, Antigua andTurks and Caicos are largelyunknown. The Caribbean is fullof exotic hideaways and whilesporadic real estate developmenttook place in the pre-2008 era,they are still largely unspoiled andremain hidden gems.

It helps to have a generalunderstanding of the Caribbeanregion before visiting to ensureyou get what you expect. Likemany others you may fall in lovewith the islands and ignite thedream of owning a home hereand spending more and moretime enjoying the idyllic environsand laidback lifestyle. You mayeventually retire here and thereare many people who have madetheir dreams come true down theyears. The Caribbean is that sortof place and while each island has

its own identity and character,there is a unifying culture thatmakes the region very relaxingand very attractive. The region isnot without its economicchallenges and with the exceptionof Trinidad, all the small islandeconomies are driven by thetourism industry. But even if thecurrent figures are down fromprevious levels, thousands oftourists still love the Caribbeanand are willingly captivated by itslaidback easy-going lifestyle.From their midst a small numberwill buy second homes and aneven smaller number will retire tothese sunnier climes.

So let’s look closer at some of theexotic destinations we haveshowcased in the 2014publication-

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In a short time St. Kittsand Nevis will boast four

championship golfcourses and may well

become the premiergolfing destination in the

Caribbean.

CARIBBEAN PROPERTY MAGAZINE

Barbados is one of the best-known destinations on the globalhospitality ladder and renownedfor its sand, sea and sunshine.Many of the rich and famouscome and go to “Little England,”a description that owes much tothe island’s British heritage.Modern Barbados has a muchmore diverse culture andalthough property prices arehigher than in most otherCaribbean locations, the range ofproperty is extensive and will suitmost pockets.

The St. Lucia property marketstumbled with global recessionand several high profiledevelopments were put on theback burner. But the island’snatural beauty has notdiminished and it remains avibrant, exciting and attractivelocation. But better still, there aresome excellent property deals tobe sourced before the marketregains its pre-2008 momentum.

The Virgin Islands haveinternational celebrity statuslargely because of its rich glitzyyachting community andnumerous idyllic sailinglocations. Sir Richard Bransonput his little island Nectar on theworld map many years ago and inthis edition Edward Childs writesglowingly of the many excitingthings that are happening in theBritish Virgin Islands.

Several years ago St. Kitts wasseen as the hidden gem in theCaribbean crown and one of theregion’s best-kept secrets. Thingswent quiet after 2008, but in thelast 12 months the momentumhas returned and this lovely littleisland appears to have a newlease of life with a number ofprestigious developmentscoming to the fore. In a short

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time St. Kitts and Nevis will boastfour championship golf coursesand may well become the premiergolfing destination in theCaribbean.

Dominica offers a completelydifferent perspective from all ofthe more developed Caribbeanislands. It is an Eco-friendlyisland that many people sayColumbus would still recognize ifhe returned to the world becauseso little has changed. But onething at least has changedbecause Dominica is nowavailable to the rest of the worldwith the lowest property prices inthe region and a lifestyle devoidof many of the stresses andchallenges of developedcountries. The island is rich inunspoiled natural beauty packed

with tropical rivers, lakes,waterfalls, bays and beaches. Ithas vibrant tropical vegetationand abundant fruit and is anatural haven for ecologists,conservationists and people whosimply want a quiet life.

No showcase of the islandswould be complete withoutreference to the ease with whichpeople can travel to and from theregion and in many cases set uphome. Yes, there is crime, but toooften it is exaggerated beyondproportion in the overseasmedia. And after all, the moneylaundering capitals in the worldare not in the little towns in theCaribbean, but in the major citiesand drug centres of the world.The Caribbean is small beer inthe crime world and Caribbeangovernments understand theimportance of overseasinvestment and go that extra mileto promote and develop newbusiness. At the top of theirpriorities are tourism arrivalsand property investment.

Caribbean people are the mostfriendly and laidback people inthe world. You only appreciatethat when you visit the region.

We hope you get a taste of theCaribbean through CaribbeanProperty Magazine and that itencourages you to visit and liveyour dream. If you eventually setup home here you will havefound Paradise.

Best wishes,

Clarence HilesEditor

BeautifulSt. KittsRealtor Bernadette Williams gave an insight into this little haven inthe Caribbean…

The Federation of St.Christopher and Nevisis one of the mostbeautiful places to live,choose for a vacation orinvest in a secondhome. The lush greenmountains, stunningviews and thefriendliness of thepeople make it a lovelyplace to be.

If you are visiting you can hike orzip-line through the rainforests,relax on the sandy beaches, visitthe famous Brimstone Fort,meander around our quiet roads,or take a short catamaran-snorkelcruise to our sister island Nevis tospend a relaxing few hours. Wealso have a busy property sceneand at B. Williams PropertyManagement Services we workhard to ensure your needs are metwith our professional and friendlyservice. We can provide propertymanagement for rentals and assistyou with buying or selling ofproperties.

There is a great variety of propertyavailable in St. Kitts with orwithout a citizenship option. Manyof the properties are private villas,but others are in villadevelopments, which have somemagnificent views of both theCaribbean and the Atlantic.Stunning views are a big part of theSt Kitts ambience as the vistas areunique and the imposing peak ofNevis with its puffy white clouds is

a beautiful backdrop. There are alsoinland views of the rainforests andout to sea you can easily see severalneighbouring islands.

Many second homebuyers preferthe simplicity of a condo unit andwe have a good selection ofoptions to suit every taste andevery pocket. Many of theprojects offer additionalamenities like swimming poolsand tennis courts, and of coursethe St Kitts Golf Course is nevertoo far away from any location onthe island. At the top end of themarket some of the propertieshave their own private poolsattached to the villas. There aremany benefits to condo propertyownership including security onsite and management staff thattake care of the maintenance andcommon areas and allow ownersthe luxury of stress-freeownership when they are not inoccupation. And of course, theycan be rented out to maximise onyour investment.

When you purchase a property inthe Citizenship Programme youcan become a citizen of St. Kittsand Nevis as long as you pass thedue diligence process. This isrelatively straightforward, but it isan important element as St Kittshas to ensure that we are invitingreputable people as all the rightsand privileges of normalcitizenship comes with acceptance.There are several very informativewebsites that provide more detailsor we can provide details onrequest.

The real estate market in St.Kitts is still a developing market,but it is being carefully managedto ensure we protect and conservewhat we have to offer. Withprogress you still need to look atpreserving the attributes alreadyin place and this is very importanton an island of great naturalbeauty with a unique Caribbeanhistory and culture.

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The airlift in and out of St. Kittshas improved over the years andnow offers direct flights fromMiami, New York and the UK.Some destinations offer dailyflights and in the case of Miamitwice daily at certain times. Thereare also regular flights to variousislands within the Caribbean, andconnecting flights out of Antiguaand St. Martin to Europe. St Kittsand Nevis may seem like hiddengems within the Caribbean familyof islands, but in reality theisland is within easy reach ofmany regional and internationaldestinations.

Thousands of visitors comeannually to the island on cruiseships and are captivated by thelaidback and relaxed ambience.Some of them follow up withenquiries about property and inthese circumstances it is importantto have experienced professionals

The airlift in and out ofSt. Kitts has improved

over the years and nowoffers direct flights from

Miami, New York andthe UK.

handling the enquiries. At B.Williams Property ManagementServices we offer a one-stop shoppackage for all your investingneeds. This includes owning,buying, renting and managing orjust about anything connected withproperty. We want you to enjoy ourwonderful lifestyle and welcomeyour enquiries.

Bernadette Williams has over 14 years of hands-on experience inconstruction development and property management in St. Kitts. Her wealth of knowledge offers clients a unique perspective andunderstanding of various aspects of real estate in the Federation. Her degree is in Hospitality andTourism Management. She can be contacted by telephone at 869.662.5227 or by email [email protected]

A View toDie For!Developer Scott Jaynes fell in love with St. Kitts and made it hishome and his business. He brings us up to date with both...

Has 2014 started out betterfor Sundance Ridge than lastyear?

Yes. 2014 is started out great withus closing on two lots and we lookforward to a banner year! Weonly have eight lots remaining onSundance Ridge. We stronglyencourage readers to come see forthemselves what a spectaculardevelopment we have and, at thesame time, take in the beauty ofSt. Kitts.

What changes have you madeto your product to createmore interest?

We have adjusted our businessplan to “lot sales only”. We nowallow our lot owners to choosefrom several qualified contractorsto construct their villa onSundance Ridge.

St Kitts appears to haveregained its buzz in Caribbeanreal estate. What has beenhappening to create moreexternal interest?

The St. Kitts Hotel and TourismBoard has been increasinglyactive in promoting St. Kittsaround the world. The addedpublicity has created moreinterest in the island andultimately more airlift. AmericanAirlines has increased theirweekly direct flights to and fromMiami to eleven! British Airwaysstill has two weekly flights fromLondon and Delta and US Air

have weekly flights from Atlantaand Charlotte respectively.

Several Caribbean countrieshave now introducedEconomic Citizenshippurchase schemes similar to StKitts. Do you feel this is agrowing source of propertyownership or a small nichethat will always attractcertain buyers?

There are a great number ofpeople from countries that haveunfavourable tax or immigrationlaws that are attracted to theCitizenship program. St. Kitts’program is the oldest and hasattracted a great deal ofinvestment dollars to the island.My personal opinion is that theprogram fits only a small niche ofinvestors.

With the new golf course atKittitian Hill due to open atthe end of this year and plansto build another one at theSoutheast Peninsula, St Kittsand Nevis will shortly be ableto offer four top class golfcourses. What impact do youfeel this will have on theeconomy going forward?

Golf is a huge draw to manytravellers all over the world. Youcould say “it is an economy initself”. Millions of dollars arespent annually on the sport, whichis an addiction to some. Having aselection of courses to play on St.Kitts and Nevis is extraordinaryand will surely bring more visitorsto our idyllic little islands.

Has your sister island Nevisthe same tourism and realestate buzz as St Kitts or doesit continue to be a Caribbeanhideaway?

Nevis is much more laidback thanSt. Kitts and even St. Kitts can’treally be called a “hot spot” for

thousands and thousands ofvisitors, but tourism on both islandsis growing at a very steady pace.

What do you feel governmentcould do to stimulate moretourism and overseas investment?

Move faster to improve theisland’s roadways and infrastructure.Of course it needs to be done in away to preserve the island’s beauty,but it still needs to be done.

The region has endured atough five years due to globaleconomic meltdown. As adeveloper you have been inthe middle of this downturn,but do you feel things havenow bottomed out and we areon the road to recovery in theregion?

Yes, but I confess I thought wewere at the bottom of it 18 monthsago! Based on our experience I cannow see improvement. Interest inSundance Ridge over the past 16months has significantly increasedand our prospects are decidedly ina better “investment” mood.

This time next year what do youhope to have achieved atbeautiful Sundance Ridge in2014?

I hope by this time next year ourcontinued sales will have put us ontrack to sell out our eightremaining lots by the end of 2015.We feel we have one of the finest

developments in the Caribbeanand that St. Kitts and SundanceRidge will become “home” to eightmore wonderful internationalfamilies. Fingers crossed!

Scott Jaynes and his wifeConnie moved to St Kittsseveral years ago afterfalling in love with theisland on holiday. Formerlyfrom Oklahoma they are nowfully integrated into the StKitts community and enjoythe tranquil laidbacklifestyle of the island and itspeople. Scott’s real estatebackground directed himtowards development and hisboundless enthusiasm forSundance Ridge is fullyjustified. Without doubt it isone of the most stunningvistas you will everexperience. Scott can becontacted [email protected]


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Set on 400 acres that slope gentlyto the sea from the cloudyrainforest peaks that dominatethe St Kitts landscape, thisdevelopment may take a littletime to find, but the journey iswell rewarded by the Paradisethat will be discovered.

Everything about this projectoozes sophistication. The architect isworld famous Bill Bensley, the 18-hole championship golf course hasbeen designed by former Masterschampion Ian Woosnam, theproperties will be managed byinternationally acclaimed resortoperators Sedona Resorts, andthe developer is the highlysuccessful Caribbean entrepreneurand horticulturalist Val Kempadoo.

KittitianHillThe magnificent new development KittitianHill on the slopes of Mount Liamuiga in St. Kitts promises to be one of the moststunning real estate developments in theCaribbean, perhaps in the world.

Indeed the owner’s vision ismuch in evidence, as he hasskilfully combined communityand culture by using localworkers and local resources.Kittitian Hill has become thebiggest employer in the area andhas given the St Kitts economy amajor boost at a time when manysmall island economies arestruggling. Over 30 localcontractors have been engagedand hundreds of artisans trainedto the highest standards ofcraftsmanship to create thisunique lifestyle development.

Life at Kittitian Hill will be ultrarelaxed far from the bustle andstress of major cities. A strictadherence to conservation and

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Kittitian Hill may appearset in th remote tropical

forests at the northernpart of the island, but

this is a small placeand nowhere is too far

from anywhere.

landscape has ensured thecommunity is at home with thenatural surrounds and throughemployment the local people willnot only be part of its evolution,but also share in its prosperity inthe future. Kittitian Hill is a realgame changer in St Kitts real estateand will give the island a world-class resort to market all over theglobe. There is no doubt that thisdevelopment will project the islandto the top of the world destinationladder and bring thousands ofvisitors to the island, severalhundred to enjoy their new homes.

The community embraceseverything a prospective buyer orrenter could imagine. It hasprivate villas, cottages and suites,a state of the art tropical spa,organic farm, bars, restaurants,shops, open-air cinema,championship golf course andbustling central village. Movingaround the development will bein golf carts to eliminate traffic.

The village will be the centralfeature of the development and thebuzz where owners and guests cansoak up a unique atmosphere overa drink, a meal or a relaxing chatwith friends. The Marketplace Caféwith its green roasted coffee will bea popular rendezvous for many anda chance to meet the local chefs andget an insight into their farm-to-table philosophy, local dishes andlocal ingredients. Art galleries andlocal craft will showcase a variety ofSt Kitts workmanship and plansare in place to develop annual filmand literary festivals. This is noordinary development, this is acommunity that wants to changethe boundaries of conventional realestate and set the bar at a higherlevel. Above all, it wants the localpeople to feel part of this changeand benefit from it, a lofty and to beadmired vision by the owner.

Golf is one of the most popularlifestyle developments in the worldand Kittitian Hill will not only offera unique golfing experience, but StKitts and Nevis will boast four topcourses in the next few years and

may well be seen as the golf capitalof the Caribbean. The “Irie Fields”course at Kittitian Hill is a par-71design weaving through theorganic farm with spectacularviews of the neighbouring islandsof St Barths, St Martin and StEustatius. Just off the fairways thelandscape will be coloured byverdant grassland, tropical fruittrees and organic crops. Just likethe real estate, this golf course aimsto be different and with so muchaccessible and edible fruit.

Kittitian Hill may appear set inthe remote tropical forests at thenorthern part of the island, butthis is a small place and nowhereis too far from anywhere. Thebeach is a short downhill cycle (orride in golf carts), the airport is 30minutes away, there is six-furlongrace track nearby at BeaumontPark, the famous Brimstone HillFortress World Heritage Site isjust around the top of the island,and the capital Basseterre is a 30minutes drive in either direction.

Every effort has been made tomake purchase at Kittitian Hillsimple and straightforward.Ownership can even includecitizenship under the Government’sCitizen-by-Investment Programme.St Kitts has zero rated personalincome tax and capital gains andinheritance tax.

St Kitts is an island of greatnatural beauty and tranquillityand Kittitian Hill will be a hugeasset going forward. Theisland was originally namedSaint Christopher by explorerChristopher Columbus in 1493,and has a colourful and at timesturbulent history. All this is farremoved from the gentle andpeaceful St Kitts of modern times,a small, but proud country thatset aside dependence on thedying sugar industry over adecade ago and continues to builda thriving tourism-driven moderneconomy.

Kittitian Hill is now an integralpart of that transition.


kittitianhill.com

THE MOODRelax in a luxury villa or cottage, set amongst an organic fruit farm nestled below the tropical forest. Or choose a suite in The Village, the cultural heart of Kittitian Hill with a variety of restaurants, bars, duty-free shops and entertainment venues.

Kittitian Hill has been designed by award-winning architect Bill Bensley, one of Architectural Digest’s ‘Top 100 Designers’ and managed by luxury hospitality management company, Sedona Resorts.

In addition to The Village, Kittitian Hill features a luxury boutique hotel, destination spa, 18-hole championship organic golf course designed by Ian Woosman, private beach club, state-of-the-art fitness centre and a superb farm-to-table restaurant.

THE PHILOSOPHYKittitian Hill is based on a holistic approach to sustainable development and a shared commitment to community and culture. As well as focusing on stewardship of the environment, the founder, developer and operators of Kittitian Hill support economic and social development amongst neighbouring communities. Including traditional arts, architecture and cultural expression, which are at the heart of Kittitian Hill.

THE BENEFITS Kittitian Hill offers a unique range of properties for sale to meet your individual needs. With the purchase of a property, receive automatic membership to Preferred Residences® and enjoy year-round concierge services, a host of travel benefits,

preferential rates at participating Preferred Hotels & Resorts and worldwide property exchange opportunities at some of the world’s most desirable destinations. In addition, owners receive automatic membership to the Kittitian Hill Club featuring an 18-hole golf course, beach club and tennis.

Kittitian Hill offers a variety of purchase options to suit the needs of both lifestyle and investment buyers. Please call +1 869 466 1712 or email [email protected] to discuss the options available to you. Enquire about the introductory period, which excludes property fees and taxes and provides a fixed annual return. For buyers who meet specific criteria, Kittitian Hill properties qualify for the St. Kitts and Nevis Citizenship-by-Investment Programme.*

Kittitian Hill on the island of St. Kitts in the West Indies is a pioneering new sustainable real estate and hospitality destination.

Perched on the edge of Mount Liamuiga, Kittitian Hill spans 400 acres of pristine Caribbean land with panoramic views

of the neighbouring islands Statia, Saba, St Martin and St Barth’s. St. Kitts is easily accessible from London, Paris, New York and Miami

and only a short intra-island flight from other major Caribbean islands.

*Not all purchase options are available to residents and citizens of some countries, including the United States. Enquire for more information.

Authorised by the Government ofSt. Kitts and Nevis as an Approved Project

for Citizenship-by-Investment

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Come VisitSt. LuciaSays local Realtor Ollie Gobat

AFTER the boom yearsexperienced in theNoughties expectationsin St Lucia havechanged with regards tothe volume of real estatesales taking place.

However, this is not just relatedto the island, but generally thecase all over the Caribbean, and itseems to be a similar experienceacross the global overseas holidayhome market. That said, salesover the past 12 months did showsigns of a recovery and clearly StLucia is still holding appeal forthose seeking to have a winterbolthole or a retirement home.And those owners looking forpure investment have alsomanaged to find those specialdeals that are still out there andare comfortably getting a 5%yield.

The underlying factors that havemade St Lucia attractive tooverseas buyers in the first placestill remain strong. We have astable government, the peoplehave a natural charm, the beauty

of the island can compete withany island in the world, we havegood airlift from the UK, US andCanada, as well as regionally, ourprices are reasonable incomparison to other parts of theCaribbean, and we combine therustic authentic Caribbeanambience with enough modernamenities for the more discerningtraveler. We also have someexcellent restaurants, hotels andresorts, good shopping, a greatgolf course, lively late nightwatering holes, as well asspectacular beaches and jawdropping scenery of rainforests,valleys and mountains.Sometimes we forget the hugeassets we already have whenlooking at the current market. StLucia didn’t change, it was theoutside world that changed.

Unlike the boom years whenpeople were buying off plan andresorts were being developed,there is now a preference to buyhomes that are already built toavoid any worry or risk that thingsmay not go as planned. There arestill a few exceptions with resortsthat are mostly built or have areputable and well-financeddeveloper behind them. Forexample, in the south of theisland the highly-acclaimed SugarBeach, a Viceroy Resort,continues to develop its luxuryresidences with sales remainingfairly steady at one of the mostdramatic locations imaginable,right between the famous Pitons.Buyers can have an input in thedesign of a magnificent homewithin a well-managed world-class resort at a World Heritage

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Real estate purchasebetween Rodney Bay and

Cap Estate remain solidinvestment.


Site. Just around the bay at thebase of Petit Piton, Freedom Bayis getting ready to startconstruction this year, with SixSenses as its Resort ManagementCompany when it opens.

In the north of the island theLandings remains a very popularplace to own a luxury home due toits superb location close to all themany attractions and lure ofRodney Bay and Cap Estate withthe St Lucia Golf Resort justminutes away. Sales at theLandings have been strong anddemand for this unique productremains high. Perhaps this isunderstandable as it offers top-end apartments within a privatebeachfront marina communitycomplete with all the amenitiesone could wish for. And thedevelopment will continue toevolve as more new propertiescome on the market during 2014.

The resort has been runningsuccessfully, and along with othertop quality resort developmentslike Sugar Beach and CapMaison, owners are now getting ahealthy return. This is animportant consideration for thecautious investor as good rentalreturns enhance the investment.With personal holiday usage andcapital appreciation the purchaseof a resort property still has a lotto offer.

Detached properties in thepopular north of the island havealso seen an increase in turnover.Real estate purchase betweenRodney Bay and Cap Estateremain a solid investment. Well-placed land lots in this area arealso attractive investments,especially near the golf course oron elevated locations with greatsea views, such as SeabreezeHills and Seabreeze Heights. Thedream of owning a beautifulCaribbean property in a gatedcommunity close to the golfcourse and Rodney Bay can nowbe realized. But even better, youcan design and build it to yourown specifications after you buyyour plot.

Many people are attracted to golflifestyle developments and StLucia has a number of attractiveoptions at Villas on the Green,which consists of townhousesalong the St Lucia Golf Course.Prices are realistic and the factthat they have been sellingconfirms their excellent value.

There are also some spectacularhigh-end homes for those lookingfor exclusivity and the mostspectacular spaces, views andlocations. Yes, they come with ahigh price tag, but they still offerbetter value in comparison to theprice tag of a Barbados WestCoast villa, or Jumby Bay just offAntigua, or St Barth’s. St Lucia


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can offer the same opulence andquality at several locationsincluding the Pitons in the Southand Cap Estate in the North atmuch less outlay.

Overall St Lucia offers a widevariety of options for a home,whether just for investment orlifestyle. Traditionally theoverseas buyer has tended to belifestyle driven, while some savvylocals have been just as active insourcing good deals andsnapping up some high qualityreal estate at attractive prices. Thegood deals still exist, but you haveto work to find them. Thefundamentals that make St Luciaso attractive are not likely tochange, and as with mostCaribbean islands, we are subjectto the economic performance ofour major target markets, namelythe US, UK, Canada and ourneighbouring islands. That said,the St Lucian tourism productremains strong and there willnever be another place with StLucia’s natural charm and beauty.

There will always be a propertyfor a wide range of potentialoverseas buyers or “snowbirds.”Take the first step and book yourholiday. After that, you will neverneed to be convinced about whatthis lovely island has to offer.

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Own a piece of paradise

B A R B A D O S

Barbados (246) 419 0394UK +44 (0)1524 884763

www.royalwestmoreland.com

Discover complete peace, privacy and the luxurious lifestyle dreams are made of within our lush 750 acre gated community. Your very own piece of paradise where award winning golf, beach club, elite concierge, spa and tennis are yours to enjoy.

Award Winning Luxury Villas $1.2 to $5m (USD)

Delivering onour promises

Apes Hill Club inBarbados continues toexcel!! The communityis now poised to burstinto even greater activity.

At the top of the ‘good news’ listhas to be the fact that theconstruction of the newClubhouse is underway. Designedby renowned Barbadian architectLarry Warren, the new Clubhousewill occupy a prime position closeto the resort’s main entrance andadjacent to the 9th and 18thgreens. From this outstandingvantage point, as well as enjoyingspectacular panoramic views ofthe west coast and the CaribbeanSea below, the Clubhouse will alsoprovide an equally spectacular andexpansive vista back up into the470-acre property.

Within the Clubhouse, inaddition to well-appointed maleand female locker rooms,homeowners and guests will beable to enjoy a bar and restaurant,professional shop and a fullyequipped gym. To complete theimpressive Clubhouse facilitiesoutdoors, there will also be a largeresort pool and two Astro Turfchampionship tennis courts,enhanced by grass bank bleacherson either side for better viewing.Construction work on the tenniscourts is already well advanced.

These new amenities will ideallycomplement the already well-established and quite magnificentApes Hill Club Polo Centre, alongwith the world-class 18-hole ApesHill Club golf course. The course hasmatured very nicely and providesfantastic playing conditions for avariety of regular competitions,

Ranging from Monthly Medals tointer-club matches to theBarbados Open Championship.The golf course has earned ravereviews from players of all levelsfrom all around the world. One ofthe only ‘complaints’ came from a

man who said he couldn’tconcentrate on his game becausethe scenery was so stunning!

In addition to its inherentnatural beauty and the world-class quality of its facilities,ownership of a home at Apes HillClub has become increasinglyattractive thanks to a new stress-free approach to propertypurchase and management.

Acutely aware of the potentialchallenges that new owners mightexperience as a result of beingthousands of miles away from theprocess, or being simply too busy tobe constantly involved, Apes HillClub has launched a new ProjectManagement Service for its clients.

Since the Project ManagementService is geared towards offering aone-stop-shop for clients of ApesHill Club, the team often ends upwillingly providing services thatmight otherwise be consideredoutside their remit: such asrecommending finance companies,sourcing furniture and appliances;even offering general relocationservices. At the end of the day, theultimate goal is to assist all ownersat Apes Hill Club. And thisexemplary level of service does notstop once the house has been built.The Apes Hill Club ManagementTeam offers a full villa managementservice that takes care of every detail:from housekeeping, to maintainingthe pool and gardens, to providing aconcierge service and operating avilla rental programme.

Really GetAwayCrane Resorts offers peace, elegance and natural beauty in newBarbados East Coast Development.

ESCAPE TO THE EAST COAST

Barbados has always been anisland of beautiful contradictions- its world-famous “Platinum”West Coast, playground for therich and famous, is the veritableanti-thesis to its lesser known EastCoast.

Charmingly rustic andbreathtakingly beautiful, theisland’s East Coast has remainedlargely untouched by the passageof time. There are no jet skis,condominiums or night clubs tobe found here, only dramaticlimestone cliffs, endless wavescolliding with expanses ofwindswept beaches and a way oflife not seen since days gone by.This is the other side ofBarbados… timeless, unspoilt andsecluded.

Holding a special place in thehearts of Barbadians, 99% of theEast Coast, stretching fromArcher’s Bay in St. Lucy toConsett Bay in St. John, has beenset aside as a National Park sothat future generations mayforever enjoy the mostspectacular natural beauty theCaribbean has to offer.

Today, its quaint fishing villagesare home to rustic ‘beach houses’,

many of which aresecond homes tofortunate Barbadianfamilies. These havebeen passed downfrom one generationto the next, renderingthe prospect ofownership on thiscoast virtuallyimpossible - untilnow.

INTRODUCINGBEACH HOUSES

Crane Resorts,developer of thehighly successful

Crane Residential Resort on theisland’s South-East Coast, isdeveloping a new, very exclusiveresidential community - BeachHouses.

A secluded, low density and eco-friendly development overlookingSkeete’s Bay Beach andCulpepper Island, Beach Houseshas been specially designed toaccentuate the property’sexclusive location on the 1% of theEast Coast that remains outside ofBarbados’ National Park.

Managing Director, Paul Doyleexplains, “The Crane has alwaysappealed to those who want to‘get away from it all’ and our newdevelopment Beach Houses wasconceptualised and designed forthose who want to really get away.We’ve been fortunate to acquire amagnificent site on the island’sEast Coast, where landdevelopment has beenhistorically restricted. Thepreservation of most of the EastCoast as a National Park ensuresthat this beautiful stretch ofcoastline will remain untouchedforever. Now, with our modelhome completed and the entireproject designed - Beach Housesoffers a ‘Grenadines’ feel ofseclusion to buyers right here inBarbados.”

Featuring 45 freestanding ‘beachhouses’ and a small boutique hotelspread across a gently sloping 50acre hillside, each two and three-bedroom residence enjoys 180° ofbreathtaking ocean views.

“The terraced single-storey designis a bold departure from typicalarchitectural ethos, serving tocamouflage rather than toemphasise,” explains ShawnArcher, Design Manager. “Thelandscape displaced by eachresidence’s footprint has beenthoughtfully moved to the roofs,ensuring clear sight lines as thedevelopment recedes from view.”

Beach Houses seamlessly marriesthe simple elegance and openspaces of contemporaryarchitecture to the casual comfortof the traditional Barbadian EastCoast beach house. Generouslyscaled and beautifully appointed,each residence will feature floor-to-ceiling glass windows for

spectacular ocean views, 2 infinityedge private pools with hot tubs(one 37 ft wide for the mainresidence and the other 19 ft widefor the “lock-off” studio), privatepatios offering a “no tan-lines”level of privacy, outdoor showers,hammocks, BBQ grills and built-in owner’s storage.

The open plan and muted tonescreate a space that is constantlyrefreshing and the blurred linesbetween the indoor and outdoorliving spaces place the resident incomplete sensory connection withnature.

Senior Architect, Ian Ramsaycomments, “Beach Houses is theideal tropical luxury escape – you,the beach and the sun. Everyaspect of the design waspurposefully created around theharmony of your experience of thesurrounding natural environment,in complete privacy and serenity.”

Beach Houses provides “laidback” luxury for a privileged few.An intimate community ofresidents will enjoy a secludedbeach, 2 restaurants, a dramaticbar and a state-of-the-art wellnesscentre - all featuring extraordinarypanoramic ocean views. Theresort will also feature a flood-littennis court, a full-service day spaand a convenience store.

Owners will also enjoy privilegedaccess to sister property, thehistoric Crane Residential Resort,taking advantage of its world-classamenities and services includingof course, the famous CraneBeach - widely acknowledged asone of the best beaches in theworld.

Own Your Piece of Paradise.Forever.

Beach Houses was designed atthe outset for those who prefer totravel in a different direction.Doyle explains, “Beach Housesbuyers prize peace, tranquility

38


Staged by Walkers World Barbados; Artwork courtesy of Leslie Taylor

39

and natural beauty. While notprepared to sacrifice elegance,they prefer to keep it casual. Theyeasily make the decision that theoccasional drive to island’s urbancorridor is more than worth thespace, beauty and lifestyle theyenjoy all day long.”

Ownership at Beach Housesoffers a home-away-from-hometailored to your individual needs.Owners receive unprecedentedbenefits, including the amenitiesand services of a 5-star resort;turn-key services that covereverything (including propertytaxes, all utilities, interiormaintenance, daily maid serviceand replacement of furniture,fixtures and utensils etc.) and arental pool option that has beenprofitable for all owners for allweeks not reserved forthemselves.

Beach Houses’ ownership alsobrings with it access to over 200

of the world’s most luxuriousfractional properties and privateresidence clubs throughmembership in The RegistryC o l l e c t i o n ®(theregistrycollection.com).

Ownership at Beach Houses isavailable on a Fractional, QuarterShare or Whole Ownership basisand is protected by a third partytrustee. At current pre-construction pricing, BeachHouses offers an unprecedentedopportunity for capitalappreciation.

Fractional Ownership pricesstart at US$56,000; WholeOwnership prices up toUS$2.95mil.

For sales information, contactThe Property Sales Officelocated at Crane Resorts,Crane, St. Philip. Tel: (246) 416-6560 email: [email protected]

Staged by Walkers World Barbados; Artwork courtesy of Leslie Taylor

42

PortFerdinandPort Ferdinand is an exclusive, luxury marina resort that occupiesa dramatic, 16-acre, inland waterway site on the charming andpicturesque St. Peter coastline, close to historic Speightstown.

43

As the first definedUNNA development,which has beenspecifically planned andbuilt to reflect all of thegroup’s ethos andvalues, Port Ferdinandencapsulates the spiritof ‘Luxury with Soul’.

A number of the principalinvestors behind the UNNAgroup are the same Barbadianvisionaries who conceptualizedand created the island’s firstluxury marina, the highlysuccessful Port St. Charles,almost 20 years ago. By drawingupon their vast experience andextensive knowledge, particularlyby applying the many lessonsthey learned through theconstruction and operation oftheir first marina, the team hasnow delivered the absolute ‘bestof the best’ with Port Ferdinand.

Featuring 82 homes and 120yacht berths, Port Ferdinand is awonderful, all-encompassingproperty that is rich in amenities.As such, the resort is laden withopportunities for multi-

generational enjoyment of lifeand is absolutely ideal forfamilies to holiday together. The32 homes constructed as PhaseOne include a selection of twoand three-bedroom homes, aswell as a magnificent four-bedroom penthouse home. Theshow homes have been furnishedby Archers Hall Design Centreand are open for viewing byappointment.

Each residence has its own berthof a minimum 60 feet, plus adedicated boat storage room aswell as a utility storage room. Theresort’s contingency planningincludes standby power for allelectrical requirements. Inkeeping with the state-of-the-artfacilities, Port Ferdinand hasinstalled high quality, broadbandcapacity that can provide fast anddependable Internet connectivity.Primed to deliver an enviablelifestyle experience, PortFerdinand offers acomprehensive range of servicesand activities. The resort’s finedining restaurant overlooks themarina and provides ‘al fresco’tables on the water’s edge or air-conditioned comfort indoors. Formore casual fare, residents can

44

choose between the pool-islandbar or the dockside gourmetstore. General amenities include:watersports centre offeringmotorized and non-motorizedactivities; gym with a great viewacross the marina and yachts; fullservice spa; indoor and outdoorkids clubs; adult games roomwith a golf simulator; beachfacility; fishing and sailing trips;yacht maintenance; conciergeservice; business centre.

The purchase price of a home atPort Ferdinand includes anattractive suite of benefits,notably a Duty-Free FurniturePackage and Duty-FreeImportation of a Yacht. Residentsat Port Ferdinand also enjoyshared amenities at Saint Peter’sBay and the Port St. CharlesYacht Club, both of which areaccessible via the UNNA water-taxi service. UNNA enjoyspreferred access to the best golfcourses on the island.

With its rare capacity to providesumptuous residences and adiversity of outstanding leisurefacilities within this exclusivemarina community, PortFerdinand provides an idealhome base to enjoy the best thatBarbados has to offer.

CARIBBEAN PROPERTY MAGAZINECARIBBEAN PROPERTY MAGAZINE

46

The most important factor is livingwithin your means and financialresources and once you establishwhat you can invest you “cut yoursuit according to your cloth.” Insimple terms savings plus mortgage- property price. Of course, you haveto budget for set-up costs and insome locations these costs arehigher than overseas, but it stillcomes back to living within yourmeans. And if the outlay ends up toohigh you can always rent!

Sourcing value for money in theCaribbean property market hasbecome a lot easier because of theInternet, but it doesn’t remove thebenefits of having a representativeon the ground. Like property itself,you have to match the agent withyour price range, as it is a fact of lifethat many of the top real estatefirms in the region don’t work atthe lower end of the market andtherefore don’t market propertiesin the lower price ranges. And fortheir part developers and buildersin this price range don’t spendheavily on marketing to keep costsdown and subsequently manygreat deals are not in the widerpublic domain. But that doesn’tmean they don’t exist and while itmay be a time consuming exerciseto go through the selling agents listto get someone working specifically

ValueFor

MoneyExists

in your market, it could produceexcellent results and ultimatelyvalue for money.

Barbados has a glitzy internationalimage of idyllic beaches, expensivehotels, top restaurants, rich patronsand celebrities aplenty. It has alsoproperties costing millions ofdollars set in stunning beachfrontlocations. But behind the fanfareanother world exists, which is morerealistic. This is everyday Barbadosand within it a normal propertymarket exists for the vast majority ofthe population and it is alsoavailable to overseas buyers.Property prices start with simplewooden chattel houses and endwhere a buyer’s budget ends. Butthe good news for returningnationals and overseas buyers witha budget is that there will beproperty to suit your pocket.

Carter’s Grove just outside Oistinson the South of the island is a smalldevelopment that offers value formoney and a first step on theproperty ladder for locals as well asan ideal choice for overseas buyerswho want value for money. On offerare 1200 sq. ft. 3 bedroom detachedproperties on 4 - 6,000 sq. ft. landlots finished to a good standard andbuilt within six months. Ten lotshave been sold and six are alreadyoccupied. The remaining four willbe completed between April andSeptember this year. Another fiveare now available for sale on a firstcome basis. These are expected tomove quickly as it will end the cul-de-sac development and allow thedeveloper to complete the finalcovering on the road and landscapethe site to a complete finish.

The beauty about Carter’s Grove isthat the land and constructionpackages start at BDS$425,000(US$212,500) and buyers can tailortheir own preferences to make it atrue home at a realistic price.

There is a belief thatowning a home in the

Caribbean is restricted tothe rich and famous yetbuying a property is not

beyond the realms ofmany people.

For more information contact: [email protected]


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48

The wealth and variety ofmerchandise has beenphenomenal and to keep abreastof changing tastes and trends,Walkers’ World has introduced ahuge range of global products.

The stores are now widelyacknowledged as great locationsto purchase a wide range of giftsand home furnishings. Ofcourse, the magnificent art of JillWalker and her family remains

For nearly 30 years Walkers’ World has been at theforefront of Barbados art, home furnishing andretail, and a Mecca for both locals and visitors.

Walkers’A WholeNew World

an important part of the productrange and colourful prints ofBarbados scenes adorn manyBarbados homes and have beencarried all over the world byBarbadians living overseas andtourists who visited the island.

What is perhaps not as wellknown is that four years ago thisdynamic retail company opened adesign service aptly named WDESIGN to meet the growingdemand from customers to play apivotal role in furnishing theirhomes, restaurants, offices andhotels. The demand wasunderstandable given that mostWalkers’ World stores offer aplethora of colourful andinnovative products and it is easyto be overwhelmed by the choiceand availability of an unparalleledrange of soft furnishings, fabrics,pictures, art, furniture and justabout anything that can enhancea home, an office or a hotel room.

W DESIGN provides the expertiseand vision that allows customersto explore new horizons in homedécor and works within thecustomer’s budget to ensureexpectation meets finishedproduct. Close contact with thecustomer is paramount and theW DESIGN team willingly go thatextra mile to ensure all thecustomer’s goals are met. Thefinished products being areflection of each customer’sstyle, personality and objective.

One of the hallmarks of Walkers’World has been the ability to mixquality Caribbean products withimported products from all overthe world. The team has sourcedproducts as far away as Indonesiaand the company representsmany suppliers out of Americaand Europe. But where Walkers’World has excelled is inrecognizing the home furnishingniche that links potential

49

customers with their productrange and allows W DESIGN tooffer a more complete furnishingand design package to enhancetheir retails outlets. It is a nichethat owner Karin Truedsson feelshas given them a special edge in avery competitive industry and

which can greatly help a widerange of customers. As Karinexplains;

“We know from our research andcustomer feedback that manyproperty sellers and renters getfrustrated when it takes so long to

...our serviceembraces bothresidential and

commercialinteriors.

50

51

either sell or rent their property. Ofcourse there are various logisticalchallenges, but a fundamentalreason in many cases is the look ofthe property. This is not just theexternal look of the building and itsgardens, but in many cases the tiredlook of the furnishings or the emptyspace. Real estate agents are oftenreluctant to address the interiorswith their clients in fear of offendingthem, but it means so much to apotential buyer or renter to see theinside of a property looking smart,elegant and tastefully furnished.Our job is to make that happen andit doesn’t need to be a huge outlay, asthe cost is relatively small set againstthe other costs that may be involved.However, it could make thedifference in either selling or rentingthe property.”

One of the important aspects ofW DESIGN is the ability toembrace existing furniture anddécor with new products. Mosthome furnishings include familytreasures and these can beaccommodated with creativesolutions that relocate pieces,repurpose them, or combinethem in refreshed surroundings.New fabrics, upholstery, andpaints send out strong messagesthat can transform a room andcompletely change the wholeinterior perspective. And theservice covers a wide range ofcustomers as Karin explainsfurther;

“We love the challenge of interiordesign within the home, but ourservice embraces both residentialand commercial interiors. We canaccommodate a wide variety ofcircumstances and our team is veryexperienced in tailoring our servicesand products to meet differentcustomer’s needs. For example, wehave worked with high value WestCoast villa owners to create a highquality ambience that embracesCaribbean and Eastern andEuropean influences and existing andnew furnishings. The end results havebeen stunning. We have also worked

52

with architects and developers ofhotels and commercial buildings. Insome instances this has involvedworking expeditiously to have anumber of rooms ready for immediateoccupation with minimalistic design,but great attention to finishes andquality materials. The ability to mixCaribbean and overseas products hasproduced some fabulous designs andopened up new horizons to clients andcustomers.”

Opening new horizons ininterior design and furnishing isat the core of W DESIGN, but thedelivery embraces other keyobjectives like budgetary control,

wear and tear, and return oninvestment. These are importantconsiderations when evaluatingwhat you get for your spend.

Browsing through Walkers’World stores remains awonderful shopping experiencefor thousands of customers everyyear, but the company can nowreach out to the more discerninghomeowner, developer, hotel orarchitect and provide a muchmore sophisticated personalservice in design and furnishing.

Walkers’ is a whole new worldthese days.

“The ability to mixCaribbean and

overseas productshas produced some

fabulous designs andopened up new

horizons to clientsand customers.”

54

Oran Limited first opened itsdoors in 1964 with 6 employees,producing aluminum furnituresuch as lounge chairs. Within 1year the company expanded itsproducts to include the firstaluminum frame glass louvrewindow. Fifty years later OranLimited has grown to employ over250 people and offer a diversifiedportfolio of products and servicesto both residential andcommercial customers. Thegrowth of Oran’s productportfolio was an evolutionaryprocess with each new productbeing on the cutting edge offenestration technology meetinghigher performance standardsand building on the designfeatures. While there are productsthat have held their own in designand have remained popular in themarket, further advancements inresearch and development havecreated new products that aredesigned to meet the challengesposed in building design.

The Jalousie window was one ofthe first designs in aluminumthat Oran Limited ever produced.While the term “jalousie” may notbe very common, the term louvreis often used to describe thiswindow throughout theCaribbean. Overlappinghorizontal panes are installed in a

metal frame and the panes openand close with a lever or a crankdevice. The word “jalousie”derives from the French word“jaloux” meaning jealousy;suggesting that people insidecould look out while those outsidecannot see in. The Jalouise waspatented in 1939 and wasimmediately popularized during atime when the enjoyment ofcasual tropical breezes wasaccompanied by a fear ofintrusion and insufficientsecurity.

Growing concern for securityand a focus on designing forenergy savings in large scaleresidential building resulted inthe introduction of the awningwindow in the 1970’s. Awningwindows consist of one or morevents that are hinged at the topand open outwards, and build onthe design of the jalousie byadding frames around glass,which seal tightly in the closedposition. The awning window wasdesigned to admit air and keepout the rain. Security bars couldeasily be added making it one ofthe most popular windows forresidential projects for manyyears.

The sash window consists of twoor more sliding panes or ‘sashes,’

50 Years andGoing Strong

Oran Limited is a Barbadian manufacturingcompany that produces aluminum and UIPVCwindows, doors, handrails, furniture, andmany other architectural custom products.


55

which operate using a counterbalance mechanism that is hiddenwithin the window’s frame. Thewindow panes are often separatedinto grids using cross bars referredto in the industry as ‘muntins.’The design of the sash windowwas a feature of early Victorian andGeorgian architecture dating backto the 1640’s. In fact, mostplantation great houses builtthroughout the Caribbean are builtwith wooden double hung sashwindows. However the originaldesigns were prone to a number ofproblems, such as: swelling,shrinkage, and rotting. Theintroduction of modern dayfenestration materials, specificallyaluminum, UIPVC, and fiberglasseffectively circumvented theseproblems, resulting in sashwindows return to popularitythroughout the 1980’s and 1990’s,because of its functionality andaffordable cost. The constructionboom in the 1990’s was met witha high demand for sash windows

featuring colonial ‘muntin’ designsthat were not only cost effective butalso provided a sleek aesthetic forbuildings.

The millennium brought a waveof new manufacturers, importersand a variety of new aluminumand vinyl products to Barbadosthat have been used throughoutthe world in high rise residentialand commercial construction.These include projected windows,tilt windows, pivot windows,casement windows, curtain wallglazing, and many more. Theseproducts all cater to aesthetic andperformance demands. Oftenthese windows can be furthercustomized by designing themwith specialized glass products,such as laminated, heatstrengthened, coated glass, anddouble glazing. With the numberof options and product variationsavailable, consumers can refer toindustry standard for constructionand performance. In the

Often these windowscan be furthercustomized by

designing them withspecialized glass

products, such aslaminated, heat

strengthened, coatedglass, and double

glazing.

56

Caribbean most builders will lookfor codes that have beenintroduced in Florida and theEastern United States due to theirspecific focus on hurricaneprotection. These certifications,such as the Florida Building CodeMiami-Dade and Broward CountyImpact Certification, are used asbenchmarks for commercial andresidential construction in highlevel wind zones. While thesecertifications are not mandated bylaw throughout much of theCaribbean and are often adaptedby an architect or voluntarily bythe builder, Oran Limited has builta portfolio of tested products witha NOA (Notice of Acceptance) foruse in Miami-Dade counties,which meet all the requirementsof high impact resistant products.

Oran Limited has not onlygrown a diversified productportfolio that reflects the manyneeds of its customers over its 50year existence, but it has alsobeen the source of industry

knowledge advising its customerson the value added optionsavailable in each product category.Meeting these demands has beenachieved by staying abreast ofdevelopments within the industryand over the last 50 years we haveincorporated the “designs for thefuture” mission into ourbusiness. As we celebrate OranLimited’s 50th goldenanniversary, we look forward tobringing our customers bothclassic and cutting edge solutionswell into the future.


North SoundWhile resort residential development has dried up in many partsof the Caribbean since 2008, there is one corner of the BritishVirgin Islands which has seen the reversal. North Sound onVirgin Gorda, for many years a well known yachting centre withresorts such as the Bitter End Yacht Club, has seen the emergenceof resort residential development and a mega yacht marina whicheclipses much of what is being built elsewhere in the Caribbean.

Edward Childs, Smiths Gore, BVI

North Sound has alwaysbeen known as a yachtingcentre, but now thedestination is goingthrough a change as landand marina baseddevelopments seek torebrand North Sound’sidentity as a luxurydestination whichcompetes with the best inthe region.

While the rest of the Caribbeanwas reeling from the impact ofthe recession in 2008,discussions were underwaybetween resort developer, VictorInternational, and the owners ofthe 400 acre Oil Nut Bay Estatewith the sale of the propertyeventually concluding at the endof 2008, just a couple of monthsafter the collapse of LehmanBrothers. Two years earlier in2006, David V. Johnson, of VictorInternational, had taken a longterm lease over Biras CreekResort, upgrading the hotel andkeeping the resort operational,which in turn facilitated the on-going development of Oil Nut Bay.

Recognising the importance ofNorth Sound as a yachtingdestination, David V. Johnson alsoacquired a dormant marinadevelopment project located inNorth Sound adjacent to BirasCreek, transforming this into the

North Sound Yacht Club with thedevelopment of a 900 foot longsuper yacht dock, a yacht club andHarbour master’s building. In2010, Mr Johnson entered intonegotiations with the Sardinianbased Yacht Club Costa Smeraldawho at the time were seeking aCaribbean base for its members.With H.H. The Aga Khan aspresident, the YCCS Yacht Cluband Marina Virgin Gorda hasestablished itself as the leading,event-based regional super yachtfacility.

At the other end of North Sound,Mosquito Island was quietlyfirming up plans for a privateisland development with owner,Sir Richard Branson, offering alimited number of lots for salethrough private contacts, all ofwhich are now committed. Basedon sustainable developmentinitiatives, the development atMosquito Island hasimplemented strict developmentprotocols that limit the carbonfoot print of the development.Each owner is required toconstruct in accordance with theisland’s green guidelines whichare equivalent to the LEED(Leadership in Energy andEnvironmental Design) Platinumscheme with renewable energysources being favoured.Construction began in 2011 withthe main communal areas nowclose to completion.

The three year period between2009 and 2011 saw a number ofresort developments in theCaribbean fail through changingeconomic conditions, with manydevelopments that had relied onbank financing to coverinfrastructure development andpre-sales to pay back loans, forcedinto receivership. Meanwhile, inNorth Sound, the three majordevelopment projects at Oil NutBay, YCCS and Mosquito Island,maintained a level of constructionnot previously seen in the BVI formany years, keeping the economy

With development,change will inevitably

come to North Sound.Increased boat trafficand development of

previously untouched hillsides have the potential

to change the very fabricof the Sound.

60

of Virgin Gorda rolling throughthe worst of the downturn. Incontrast to heavily indebtedprojects elsewhere in theCaribbean, the Oil Nut Bay andYCCS projects are not externallyfinanced which enabled thedeveloper to ride the economicdownturn. While the rest of theCaribbean struggled to find itsfooting as the downturncontinued, North Sound hasemerged from the recession asone of the few regional locationswhere significant investment hastaken place in the luxury sector ofthe market.

As we start 2014, North Sound isa very different destination fromwhat it was five years ago,providing both visitors andpotential investors a wide range ofoptions. YCCS Marina’s highseason yachting regattas includethe annual Loro Piana SuperyachtRegatta & Rendezvous in March,which is being preceded by theinaugural Caribbean RC 44Championship Tour in February,which is the equivalent to hostinga Formula 1 event on the ocean.These regattas bring not only a

completely different scene toNorth Sound in terms ofinternational yacht racing, but thepublicity generated by the eventsputs North Sound, Virgin Gordaand the BVI as a whole into theinternational spot light.

Oil Nut Bay has matured as adevelopment with VictorInternational having completedthe up front infrastructure for theproject together with the publicareas of the resort which nowinclude the Beach Club, fitnesscentre, Nut House (kids club) andNature Centre, two tennis courtsand the resort’s Palm Centremanagement offices. With eightvillas completed, there are afurther ten homes underconstruction with over $56M incontracts being bid locally tocontractors from the BVI. The nextphase of development includes thecompletion of the Marina Villageby the end of 2014 and completionof additional back of housefacilities and a utility distributioncentre.

Blunder Bay Estates is a newdevelopment in the Sound, locatedopposite Mosquito Island, cateringto a small, exclusive estatecommunity comprising just tencustom lots which is onlyaccessible by sea. The project isdesigned to be ecologicallysensitive, with an environmentalteam headed up by a leading expertin marine biology. Thedevelopment will provide anattractive niche market between itslarger neighbours, catering toowners who value the ambience ofa retreat close enough to, and yetfar enough away from, the busiermarinas and resorts at the otherend of the Sound.

Lots at Blunder Bay range in sizefrom 1 acre to more than 2.25acres. The development will focuson a family orientated experiencewith a range of common facilities,including a Managers Residence,beach recreation areas and water


Smiths Gore opened its office in the British Virgin Islands in 1965. The firm was established in the UK in 1845 and currently operates from 26 offices.

British Virgin IslandsBritannic Hall, P.O. Box 135, Road Town, TortolaVirgin Gorda Yacht Harbour, Virgin Gorda T (284) 494 2446 E [email protected]

United Kingdom17-18 Old Bond Street, London W1S 4PTT +44 (0) 207 290 1616 E [email protected]

Frenchman's Lookout - Tortola

61

sports facilities. Four of the lotswill have private docks while theremainder of the lots will have ashared dock facility.

Any article on North Soundwould not be complete without amention of Necker Island, SirRichard Branson’s first base inthe BVI, which is nowsynonymous with luxury islandrentals. After a devastating firedestroyed the main house in thesummer of 2011, Sir Richard andhis family have dedicated the lasttwo years to rebuilding the GreatHouse with the project completedin the summer of 2013. Whilemaintaining the ambience of theoriginal structure, the new GreatHouse combines the attributes ofa private home with the necessitiesof resort living. Necker Island’simpact on North Sound and theBVI can not be under estimatedwith many A List celebrities andwealthy entrepreneurs now familiar

with the BVI as a result of a trip tothis property.

With development, change willinevitably come to North Sound.Increased boat traffic anddevelopment of previouslyuntouched hill sides have thepotential to change the very fabricof the Sound. However, carefullymanaged, North Sound cancontinue to provide tourists withan un-spoilt destination, cater towealthy investors in the variousresidential resort projects andprovide the back drop for theinternational yachting regattas andvisiting yachts and super yachts.The stakeholders in the Soundneed to manage the resources forthe future and ensure that NorthSound remains the favoureddestination in the BVI.

Edward Childs is a graduateof Newcastle University andhas a postgraduate Diploma inLand Economy from AberdeenUniversity. He has been amember of the RICS since1990, the same year he joinedSmiths Gore after training incommercial propertysurveying with Savills inLondon. He set up thecommercial department andwas instrumental inexpanding the firm’s presencein the Caribbean. Hespecializes in marina andresort operations and doesvaluations all across theregion. He is also involved ina range of developmentconsultancy roles thatembrace environmental,planning and governmentissues. Edward can becontacted by telephone at 284494 2446 or by email [email protected]

NATUREThe Luxury Property of Dominica

David Attenborough,England’s most famousNaturalist, once said thathuman beings do notrecognise the value ofnature because in ourcapitalist societies we donot put a monetary valueon nature but, that in fact,it is priceless. In thiscontext, Dominica has apriceless asset.

Dominica is one of the mostnaturally beautiful islands in theregion. It is unique amongst theCaribbean islands in that it hasretained so much of its primordialrainforest which cloaks its mountainrange. The highest mountain is themajestic Morne Diablotin whichpeaks at 4,747 ft., followed closely byMorne Trois Pitons at 4,672 ft.Without doubt Dominica’s forestshave been saved from the ravagesseen elsewhere because of its ruggedtopography. It is thereforerefreshing, when approachingDominica by air, to see the mountainslopes decorated with a rich green,uninterrupted forest canopy.

Though located in the tropics, asyou rise in altitude, temperaturesfall noticeably and rainfall increasesresulting in vegetational differences,which support a myriad of lifeforms. It is not without justificationthat Dominica has become widelyknown as the Nature Island of the

Caribbean. Its wonderful plant lifeincludes numerous varieties ofheliconia, many ferns, includingfour types of tree fern, bromeliadsand orchids. It is home to 176species of birds, three times thenumber of species found in the UK,including two parrot species uniqueto Dominica. This is our treasure, tobe nurtured and protected.

The island is said to have 365 rivers,several lakes, including the world’ssecond largest boiling lake,numerous waterfalls and areaswhere hot springs abound. It alsohas some wonderful, secludedbeaches. Our governments haverecognised the importance of theseareas and we have protected forestreserves, National Parks and WorldHeritage sites. This does not preventdevelopment, but necessitates thatdevelopment is undertaken in asensitive manner that does notimpact on these important areas.

There is no large scale developmentin Dominica and this ensures thatproperties have remained affordable.It is one of the few islands in theCaribbean where the majority of landownership is still in local hands. Thismeans that Dominica has retainedits identity.

It is still possible to buy land on theEast coast of Dominica for US$11,000an acre. If you are looking for ecoproperties or off grid properties theeast coast is a good place to start.

It is possible to buy in anestablished development on the westcoast, with all utilities, from as littleas US$3.50 a sq ft. and the averageprice for a three bed-roomed housewith a good finish is US$165,000.Beachfront land does not come onthe market too frequently but asDominica is renowned for its riversthere is always a demand forriverside property.

It is important when buyingagricultural land in particular, tocheck if the vendor is selling a piecefrom a larger portion of land. If you

Photographs courtesy of Colin Lees Nature Island Destinations Ltd www.natureisland.com

do not intend to use the land foragriculture and will therefore needto apply for planning permissionthis may present problems unlessthe owner has obtained planningpermission to sub- divide.

Buying is relatively easy, although,if you are buying in a country whoselaws you are not familiar with, it isadvisable to engage a lawyer at anearly stage in the process. Most landis registered in Dominica but in therural areas there is still someunregistered land. You do not have tobe resident to buy and you do nothave to be on island to complete yourpurchase. If you are not a citizen ofthe Organisation of EasternCaribbean States (OECS) you willhave to pay an Alien Land HoldingLicense fee of 10% of the higher ofthe purchase price and valuation inaddition to the usual 10.5% transferfees. There are limits on how muchland you can purchase withoutobtaining a License. It is one acre for

residential and three acres forbusiness. The process of obtaining aLicense can be lengthy so beprepared.

There are many benefits to buyingin Dominica as there is no capitalgains tax, inheritance tax or deathduties. Property taxes are extremelylow and in some areas non-existent.Although transfer fees may seemrelatively high, overall, compared tomany other countries, the amountof tax paid over the period that youhold the property is low.

It can be challenging to obtain amortgage if you are not resident inDominica but we can assist withthis. Also, some property owners arenow prepared to consider ownerfinancing, especially those fromoverseas. However, this is still notthe norm in Dominica.

The first quarter of this year hasseen an increase in property sales.This may be as a result of theimproved sales in areas such as theUK, England and Canada where thebulk of buyers come from.

Buying in Dominica representsexcellent value for money. If you areahead of the curve and recognisethat fresh air, clean water, andunadulterated food will, in the nottoo distant future, become luxuryitems, why not consider Dominicaand invest in property, nature andyour future. For more informationon buying property in Dominicavisit www.safehavenrealestate.com

Cecily Lees fell in love withDominica 17 years ago after aholiday visit. A UK trainedlawyer, she moved to Dominicaand set up a legal practice andestablished a real estatebusiness with a localbusinessman and is nowManaging Director of SafeHaven Real Estate and a leadingauthority on many business andlegal matters. She can becontacted at (767) 448 5718/4400878 or by email [email protected]

Beachfront land does notcome on the market too

frequently but as Dominicais renowned for its rivers

there is always a demandfor riverside property.

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While in the recent past, it couldbe challenging and expensive forCaribbean homeowners to findeco-friendly products for theirhome, in the last few yearsretailers and service providers havemade a range of green productsand services widely available.

Energy saving light bulbs, low-flow toilets and low-VOC paintsare easier and more affordable toaccess than ever before while solarpanels now dot the roofs of manyhomes and businesses around theregion.

Motivated by increasingconsciousness about theenvironment, enterprisingbusinesses in the region haveshifted attention and resourcestowards offering renewable energyservices and environmentalimprovement products. In recentyears, wind farms have beencreated, solar electricity companieshave been formed and geothermalexploration contracts have beensigned as the Caribbean tries tomake best use of its naturalresources.

Meanwhile heightenedawareness of the benefits of the‘green economy’ has spurred

ScotiabankMaking it Easy tobe Green

To paraphrase afamous Muppet, it’seasy being green - or at least, it is now.

68

governments to explore thesealternative energy options andoffer robust incentives tocompanies and individuals thatinvest in greening initiatives.

Scotiabank has responded to thechanging times by adding itsGreen Energy Loan program to itsScotia Plan Loans.

Under the Green Energy Loanprogram, homeowners usingtheir Scotia Plan Loan for homeimprovements, which qualify aseco-friendly can receive a host ofbenefits. These include nothaving to pay a down paymentand the ability to access anunsecured loan. Rates for GreenEnergy Loans are as low as 9%and financing can be extended forup to six years, makingrepayments lower.

“The time was just right,” saidScotiabank home financingspecialist, Sandra Padmore,noting that while customersdoing home renovations wasnothing new, increasingly theywere seeing customers whoserenovation plans includedmaking their homes greener andmore energy efficient.

“We felt it was important toreally encourage these efforts byour customers by offering a loanprogram that gives a little extraincentive to invest inimprovements that areenvironmentally friendly andenergy efficient,” said Padmore.She pointed out that Scotiabank’sEco Living website(ecoliving.scotiabank.com) is agreat resource for customers as itoffers suggestions on big andsmall ways in which eco-friendlyrenovations or improvements canbe done around the home.

Scotiabank has enhanced theGreen Energy Loan programfurther by partnering with anumber of companies around theCaribbean, which offer eco-

friendly products or services andwill offer discounts to Scotiabankcustomers buying their goods orservices with Green Energy Loans.

Scotiabank Senior MarketingManager Lisa Cole said the GreenEnergy Loans were part and parcelof Scotiabank’s overall outlook onenvironmental sustainability, anoutlook which influences theBank’s day-today operations.

“In the same way that we aretrying to make it easier for ourcustomers to go green, Scotiabanktries to follow environmental bestpractices here in the Caribbeanand around the world,” said Cole.She continues;

“We’re actually a signatory to theEquator Principles, which is a setof internationally recognized,voluntary project financeguidelines that establish social andenvironmental standards in thebanking industry. Over the years,we’ve worked at incorporatingthese standards into ouroperations through efforts such asreducing paper usage, usingenergy-efficient lighting, recyclingand both sponsoring andparticipating in environmentalinitiatives such as tree plantingand beach clean ups.”

About Scotiabank

Scotiabank has been part of theCaribbean for 125 years and has apresence in more than 55countries around the world. Withoperations in 25 countries acrossthe Caribbean, Scotiabank has thelargest presence of any financialservices company in the region.The Bank has more than 10,500employees, 1024 ABMs and 353branches, kiosks and other officesin the region, including affiliates.

For more information:Amanda Lynch-Foster (246) 431-3071 or (246) 230-5104or email [email protected]

...our customers byoffering a loan program

that gives a little extraincentive to invest in

improvements that areenvironmentally friendly

and energy efficient,”


The CaribbeanBuzz IsReturning BRIAN KASSAB

pg 72

Capita FinancialIs A Breath OfFresh AirPAUL MAXWELL

pg 76

Brand ValuesGo Far BeyondAdvertisingANDRE BELLO

pg 92

RegionalBusinessSystems At TheCutting EdgeROGER WORME

pg 80

Big Plans ToDevelop RICS InThe CaribbeanSANJAY AMIN

pg 86

CIBC FirstCaribbean WellPositioned ForThe FutureMARK ST. HILL

pg 100

Insurance In The CaribbeanDAVID ALLEYNE

pg 96

70

Business & Finance

Lower LTV’s But Banks AreStill LendingANITA ASHTON

pg 90

Caribbean Property Magazine

The Changing Picture In Caribbean Tele-communicationsOLIVER CHATTEN

pg 104

72

The CaribbeanBuzz is ReturningBRIAN KASSAB

St Kitts Realtor andexperienced Valuer BrianKassab explains why…

You are an experienced realtorand Valuer across the region.What is your take on thecurrent economic position inthe Caribbean?

The Caribbean offers a greatbuying opportunity for cashinvestors who understand thecyclic nature of real estate. Realestate is not a short-terminvestment. However St. Kitts inparticular, could be close toexperiencing a growth spurt withthe number of projects forecasted.These include a second cruise shippier, second marina and hotelssuch as the Park Hyatt that hasrecently commenced construction

Do you feel the region offersbetter opportunities forinvestment going forward asinvestors are now morediscerning and cautious?

Globally investors are cautious,but confidence is coming back.Some international markets havealready returned signalling theCaribbean could be next.

Have property values droppedto create a new benchmark ordoes this vary from destinationto destination?

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Generally property values havedropped throughout theCaribbean. However, in mostmarkets it was a slow decline longafter the international recessionstarted. We may also expect a slowincrease in many Caribbeanislands, but it will vary fromdestination to destination.

Are there new marketsemerging for potentialinvestors with EconomicCitizenship programs or do youregard these as small nichemarkets that won’t distort themain sources of business?

Yes, there are new marketsemerging offering economiccitizenship by investment. St. Kittshas one of the oldest establishedprograms. Dominica also has acitizenship program. Antigua juststarted and I understand otherislands are looking into thepossibility.

You are based in St Kitts wherethe buzz in real estate appearsto have been re-ignited. What’sbeen happening there?

A lot has been happening and isin the pipeline. In addition to thecitizenship program, ouruniversities provide year after yearof economic stimulation. Cruiseship arrivals and overnight visitorsare on the increase. The Park Hyattand KOI hotels have just started

Brian Kassab

Cruise ship arrivals andovernight visitors are onthe increase. The Park

Hyatt and KOI hotels havejust started construction.

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construction. Contracts have beenawarded to install the docks andbulkheads for the Mega YachtsMarina at Christophe Harbour.Additional private sector condoand villa projects shouldcommence this year as well asgovernment projects.

Do smaller islands have aspecial attraction for overseasinvestors or is it differentstrokes for different folks?

It is definitely different strokesfor different folks. We arefortunate to be a twin islandstate as some people prefer oursmaller sister island Nevis. Yetboth islands’ economies areintertwined. Each island in theCaribbean is different and theyall appeal to different buyers. Ina way it makes the region veryspecial.

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Could the Caribbean islandswork closer together ineconomic areas for mutualbenefit or is it a case of eachto their own?

St Kitts and Nevis is an example ofislands working together to mutualbenefit. It would be great if theregion was more connected withaffordable travel. The Governor ofthe Central Bank continues to

stress the importance of this and ofcourse there are many synergies tomarking the region as a whole inaddition to each destination doingits own marketing.

B Kassab & Associates - We havebeen in the real estate businessover 16 years and I have watchedthe island develop considerablyin this time. Our office hasexpanded from being soleoperated by myself to nowemploying 5 full timeagents/staff making us thelargest Real Estate office on theisland. We offer assistance inlong and short-term rentals,property management for ownersboth on and off island, and salesof all types and sizes of property,homes, villas, condominiums,commercial buildings, anddevelopment land. We areideally suited to offer you theexpertise and assistance you mayneed in finding your dreamhome away from home.

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Capita Financial has sprung uprapidly in the BarbadosFinancial Services marketplace. What is the backgroundto the company?

While CAPITA - as it is nowknown - is relatively new to thelandscape, the operation has beenaround for a number of years. Thecompany was originallyincorporated in May 1984 as theCaribbean Commercial TrustCompany Limited and has beenthrough a number of transitionssince then.

Today we are known as CAPITAFINANCIAL Services Inc. and canboast of a dynamic and innovativeteam with years of experience inthe provision of financial services.

We are also backed by a strongparent; Barbados Public Workers’Co-operative Credit Union Limitedis Barbados' largest Credit Unionwith assets in excess of USD$450million.

There is always a place for anew provider in this field.What does Capita offer that isdifferent and have you aspecific market?

CAPITA FINANCIAL is a fullservice provider of financialsolutions operating in the islandsof Barbados and St. Lucia. It is avery nimble company, alwaysworking to ensure that thecustomer’s experience with us isconvenient, easy and satisfying.

Our primary areas of businessinclude financing for residential

Capita Financial is

and commercial real estate,vehicle purchase and leasing andhome equity loans. On theinvestment side, CAPITA offersfixed deposits at competitiverates. Additional services thatinclude stock brokerage,insurance brokerage and Trusteeservices complete the range ofservices offered.

Our clients are wide-ranging andinclude, private individuals,Insurance Companies, CreditUnions, Government StatutoryCorporations and InstitutionalInvestors.

A young vibrant company musthave many challenges. Whathave been the major issues thatyou have faced?

Although the name CAPITA isnew it is the result of anacquisition and subsequentrebranding so we already had anexisting loyal client base.

As with any acquisition there isalways a settling down period inrelation to culture differencesand basic streamlining of someoperational logistics, but overallit has been a successfultransition.

We also very recently relocatedour offices in Barbados and ourclients and staff have expressedextreme satisfaction with ournew location and office space.Going forward we will continueto market our new name andbuild the client and partnerbase.

OUR MISSION:We aim to be the regionalleader in the provision of

financial services,continuously striving to

improve for the benefit ofour customers,

shareholder andemployees.

OUR VISION:We will be the financial

services provider ofchoice, operating in the

global marketplace,renowned for innovation,outstanding performance

and superior customerservice.

Mr. Paul Maxwell - President & CEO

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Does Capita have geographicalboundaries or do you see yourbusiness developing across theCaribbean region?

CAPITA currently operates in theislands of Barbados and St. Lucia,but in this day and age I do notthink that any company - large orsmall - should allow geographicalboundaries to bind them. We seeour services as being relevant tothe entire region and goingforward we will be looking to cast awider net.

With specific reference tolending, Capita offers a 100%mortgage facility. This isparticularly attractive tofirst-time buyers trying to geton the property ladder, butunable to meet all the initialset-up costs. What is yourbusiness strategy in thissector?

Home and property ownership isa goal of the average Caribbean

person. We have a long successfulhistory in providing financing inthis area. Our 100% product helpsus to assist people to achieve thisgoal. Our strategy is simple; makeproperty ownership affordablewhile taking a very calculated riskin relation to who we lend to. Wealso recognize that property valuesin Barbados and most of theregion are relatively stable. Theother end of the spectrum ismanaging our depositorrelationships and strategicpartnerships to keep fundingavailable.

Mortgage processingtimeframes are challenging inBarbados. Have you targettimes for processing withinCapita and are you proactive intrying to get the bank’sattorneys to complete in atimely manner, one of thebiggest delays in the mortgageprocess?

Basically it comes down tomanaging relationships. Attorneys

The Management team: L to R: Paul Maxwell - President & CEO,

Kenroy Mullins - Manager InsuranceOperations, Michael Green - Manager

Finance & Planning and David Smith- Senior Account Manager

78

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are a key part in the process. Wehave a panel of attorneys whounderstand the importance of usbeing responsive to clients.Provided that there are nocomplications we have an averagecompletion time for mortgages ofapproximately three to fourmonths. From time to timematters of title are more complexthan initially thought so there maybe some longer timeframes, buttypically we are able to meet clientexpectations in this regard.

More and more returningnationals are coming back totheir homeland to retire orseek a second home. How doesCapita view this businessopportunity?

CAPITA has partnered with anumber of land developers andrealtors in Barbados and is alsolisted with the key online propertylistings. This has reapedsignificant rewards. Theseinitiatives also position us well sothat most persons looking forproperty in Barbados will comeacross our name and our offerings.

Additionally, our parent companyhas made significant strides in theDiaspora in North America and theUK and there have been attendantbenefits in terms of exposing

CAPITA to those markets. Are there plans afoot to developnew products and move intoother financial services sectors?

Yes, definitely. Without giving toomuch away at this stage I will saythat we are currently expandingour insurance brokerage portfolioand are also looking to get into oneor two new areas of financialservices. We are working with allstakeholders including ourregulators in this process.

We have also attracted investorinterest from a few institutions inother Caribbean territories and wewill be pursuing relationships inthis regard.

Our future looks good.

Paul Maxwell holds aBachelor of Science Degree inEconomics & Accounting(Hons) from the University ofthe West Indies. He has alsobeen awarded the Diploma inCredit Union Managementfrom the University ofWisconsin. He is a certifiedCredit Union Director (CCUE)by the Credit Union ExecutiveSociety through the LondonSchool of Economics.

He is a former President ofthe Barbados Public WorkersCo-operative Credit UnionLimited and a Past President ofthe Barbados Co-operativeCredit Union League Ltd. Paulis currently the Chairman ofthe Audit Committee of theCaribbean Confederation ofCredit Unions Ltd. and aDirector of the BarbadosStock Exchange.

Prior to joining CapitaFinancial in September 2010, heworked at Cable & Wireless invarious Finance capacities.

Paul can be contacted [email protected]

OUR CORE VALUES:

FOCUS: Always on the customer

INNOVATION: Challenge the status quo

and be open to new ideas

ETHICS & INTEGRITY: Commit to fairness and

honesty in all aspects ofour business

EMPOWERMENT &ACCOUNTABILITY: Give employees the

authority to act and to beresponsible

for their actions

LEARNING: Celebrate achievements,

see and accept feedback and build upon both

successes and failures

TEAMWORK: Trust others and value

differences

Capita's new offices: The Cooperators General

Insurance Building.

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80

What is the historicalbackground to RegionalBusiness Systems?

We have been around over 60years, first starting out in 1952 asthe Business Machinesdepartment of our sistercompany, H Jason Jones, initiallywith Burroughs BusinessMachines, but then branchingout with other manufacturers. In1987 we formed RegionalBusiness Systems to concentrateon current and upcomingtechnology for both Barbados andthe wider Caribbean.

What are some of the majorjobs you have completed in thelast 12 months?

We just completed one of ourlargest phone and networkinstallations in the new 10-storeybuilding, Warrens Tower 2 for theBarbados Government. Earlier, inthe same building we also wonthe contract to do the cablinginfrastructure and UPSinstallation the largest being 60KVA. Prior to that we completed a

Regional BusinessSystem at theCutting Edge of

General Manager, Roger Worme

very large project for theBarbados Community College toprovide a complete wirelessinfrastructure for the maincampus and the Hospitalityinstitute. This provided wirelessInternet access to all locationswithin both campuses. In theHospitality sector, we completeda new RFID lock installation forBody Holiday in St. Lucia and atother important locations acrossthe islands.

The company offers a widerange of business services.How big is your involvementin the hospitality sector?

We have been in the Hospitalitysector for over 25+ years,originally with Micros POS, butright now just about everyproduct we sell and support has aplace in the hospitality sector.However, the main directhospitality products are theMicros Point of Sale solutionsand related cloud-basedproductivity software, TheVingcard-Elsafe locks, safes,Energy management and Min-

General Manager Roger Worme gives aninsight into how his company has movedwith the times to meet customer’s needs…

81

I travel a lot in my joband I observe a lot. Isee some hotels thatare very Hi-tech and

some that are waybehind. As an

example, a number oflocal and Caribbeanhotels are still using

metal keys instead ofelectronic locks.

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bars as well as some softwaresolutions to enhance the servicesthe hotels offer. Many hotels useour products.

Tell us about some of theproducts you offer?

We have products and solutionsfor all sectors and somespecifically for Hospitality.Currently our main solutions forthe Business Sector are theSharp MFP’s, the Shoretel VOIPsolution (network phones),Lifesize Video Conference, Ciscoand Meraki networking, HP andLenovo servers and workstationsand as a Microsoft Silver partner,we offer and use internally manyof their software and solutions.Both Vingcard and Micros areleaders in their space and areworld-class products, used inboth small and large hotels.Another product that has beenvery important for us is time andattendance solution. In the lastyear we introduced a newHospitality and Retail solutionfor small business from aGerman Company calledQuorion. This has also been wellreceived in the industry. Anothernew product was a retail onlysolution called CAP software and

we are now about to introduce anew line of very competitivetoner cartridges for many of thepopular brands. We also have adocument management solutionthat we have used internally forthe last 4-5 years and in fact, justabout every product and solutionthat we offer our clients, we useinternally.

Many overseas hotels havealready gone Hi-Tech. Is theCaribbean lagging behind inthe technology race?

I travel a lot in my job and Iobserve a lot. I see some hotelsthat are very Hi-tech and somethat are way behind. As anexample, a number of local andCaribbean hotels are still usingmetal keys instead of electroniclocks. Electronic locks provideso much more security andinformation and you can onlywonder how many people havea copy of the room key?Another area of concern is theprovision of proper electronicsafes in hotel rooms thatprovide real security and are ULlisted. Many safes are cheapknock off ’s that may appearsecure to the guest, but inreality can be broken into inseconds. I certainly check thesafe very carefully anytime I seeit in a hotel room before I willleave anything valuable in it.

Free WIFI and in-roomnetworking is another area weare lacking, but it has beenimproving. We live and work inan era when people want to haveeasy and free access totechnology everywhere they go.Many guests also use theirpersonal phones and thetechnology associated with them.The new post card is now aninstant picture that can be postedfrom anywhere in a hotel usingthe free WIFI. Hotels that don’tprovide it will lose theircompetitive edge.

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... with metal keys only,you cannot audit a

lock, but with the latestVingcard locks, every

single user has toenter with a “key”which the lock will

audit and provide areport as to whose

card and at what timethey entered.

Overall Caribbean hotels are amixed bag with some up-to-date,but too many others laggingbehind.

Micros in the workplace was ahuge eye-opener for manybusiness people. Is this adifficult or expensive systemto implement?

Micros has different POSsolutions that cover large to smallrestaurants. Many people see Pointof Sale (POS) like the metal keylock in a hotel, a simple system inthat it takes an order and gives aninvoice. However, POS is muchlarger than this, since a basicsystem may give basic reports (ifany), but for clients that really needto manage their restaurants theyneed information and they need itto be accurate as one of the biggestcosts in any food establishment iswastage and worse yet, not havingwhat a client wants to order.Micros has many reports availableto clients that will help themmanage their restaurants fromboth the Point of Sale in therestaurant and the back office.Approximately eight years ago,they also introduced a cloud-basedsolution so that anywhere you hadaccess to a browser, that allowedyou to see down to item level on abill, who was doing voids, howmany cancelled items and checks,split checks, etc. In other words,you could manage and know whatwas happening without beingthere. Split payments are gettingmore and more common withgroups yet they pose big problemsfor some restaurants.

Micros has also extended theircloud based solutionssubstantially in the last few yearsand now include inventorymanagement, loyalty, labourmanagement and a few othersthat may not apply to allcustomers. Another area theyhave extended to is both guest andserver pagers.

Security is a huge challengein modern times especially inhotel rooms. How can a guestbe comfortable the doors arereally safe and secure?

I do not think many peoplewould want to stay in a room ifthey knew the minute you left it,someone could just enter it.Certainly with metal keys only,you cannot audit a lock, but withthe latest Vingcard locks, everysingle user has to enter with a“key” which the lock will auditand provide a report as to whosecard and at what time theyentered. In fact our newer lockscan also audit when the handle isopened from the inside of theroom and not only when it isopened from the outside. Youmust remember that Vingcard in1976 developed the first cardbased mechanical lock and in1992 they introduced their firstelectronic lock so electronic lockshave been around over 20 years.Of course, there have been manychanges over the years and thelatest lock based on RFIDtechnology is now called the“Essence” that basically all yousee is the handle with the readerin the door itself. This is as“minimalist” as you can get. Software has also come a long

way and locks can now be“online” using Zigbee technologythat can alert the front desk whenanyone enters your room, who itis and even if someone is trying akeycard they may have found, inmultiple doors.

Online extends to the safes andenergy management solution aswell and in the case of safes, it canindicate if the safe has been leftopen when the guest has left theroom and alert them to that fact.Like locks, safes seem so simplebut in fact, that is where most ofthe guests leave their expensivepossessions and what could beworse than having a guest say thatsomeone stole their valuables and

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you do not have a clue as to whatmay have really happened? Isuspect many properties have hadto settle claims with Guestswithout having a clue as to thetrue authenticity of the claim. Inthe future you will see moreguests receiving their room “key”on a NFC phone and bypassingthe check in line altogether andgoing straight to their room.

What are the hottestproducts that are selling inthe hospitality sector in 2014and what lies on the horizon?

Energy Management (EMS) andonline will be the future for manyproperties. We can now have ourlocks, safes and energymanagement solutions online at asingle location where the user cansee what has happened in nearreal time with many alerts. Forexample, when the battery in alock is failing you depend on theguest or housekeeping to alert themaintenance department, butwith online, a low battery comesup as an alert so you can change itbefore anyone is affected. How

many times you have been in ahotel and have had to changerooms or stay a few days more,but have to get a new card. WithVingcard online that is notnecessary, it can be done at thefront desk without you beingpresent. With EMS, that can be amajor saving for the property asyou can adjust the temperaturerange when a guest is in a room,when they leave for a period oftime, when the room isunoccupied for a set period andfor an unsold room. Manyproperties leave on the AC 24x7at huge cost or turn it completelyoff and allow the room to go stale.The EMS can handle thesesituations with specific setbacksand allows the AC to cycle atperiodic intervals whenunoccupied to keep the aircirculation active every few hoursand without any intervention bystaff.

Roger Worme is the GeneralManager of Regional BusinessSystems. In 1979 he graduatedwith a Bachelor of Arts(Hons) Degree specializing inComputer Science from YorkUniversity in Canada andthen joined the BusinessMachines Department of HJason Jones. This departmentwas later incorporated into aseparate company, RegionalBusiness Systems, in 1987 tobetter identify itself as aTechnology oriented companyoffering sales and services toBarbados and many clients inthe Eastern Caribbean.

He started initially as aComputer Specialist andwithin two years moved tomanagement and Director. Hehas maintained a strongcomputer association and is amember of IEEE and otherrelated industry associations.

We can now have ourlocks, safes and

energy managementsolutions online at a

single location wherethe user can see whathas happened in near

real time with manyalerts.

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You are the current chairmanof the Caribbean region ofthe RICS. Can you outline theinternational status of theRICS?

RICS has spread globally andcounts more than 150,000members, working in theestablished and emergingeconomies of the world. Withinthe Caribbean, there are 237active members in several islandsincluding Barbados, Cayman,Jamaica and Trinidad and Tobagoand over 700 student members.

RICS has been committed tosetting and upholding the higheststandards of excellence andintegrity in land, property andconstruction (the builtenvironment) by providingimpartial and authoritative adviceon those issues affectingbusinesses and society. It is nowthe world’s leading qualificationwhen it comes to professionalstandards in land, property andconstruction, and is a regulator ofboth its individual members andfirms, which has enabled it toprovide unparalleled clientconfidence in the sector.

In a world where more people,governments, banks andcommercial organisations are

Big Plans toDevelop RICS in

Chairman, Sanjay Amin

demanding greater certainty ofprofessional standards and ethics;achieving RICS status is therecognised mark of propertyprofessionalism with which tomeet this demand.

Why is it so important to havethe RCIS established in theCaribbean region?

Some of the RICS goals are totake a leadership role in thedevelopment, regulation andmonitoring of standards as wellas to be a role model as aresponsible organisation in theeyes of all its stakeholders.

The standards for valuations andprocurement of constructioncontracts employed in most of theEnglish speaking Caribbeancountries are based on the UKlegal system. The RICS sets andregulates these standards and it istherefore important to have theRICS established in the region.

There are already a numberof RICS professionals in theregion. Are there not enoughto provide the servicesrequired?

No, we need more qualifiedchartered surveyors in mostcountries, especially valuation

Chairman of the Caribbean Region SanjayAmin explains...

87

...RICS professionalscan avail themselves of

access to the world’slargest online land,

property andconstruction library;

professional andtechnical guidance...

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and quantity surveyors. There arelots of surveyors working in theregion, but we need to try andencourage them to becomequalified.

Why do major lenders,businesses and private clientsin the region extensively usenon-qualified valuationsurveyors. Is this largelybecause there are fewalternatives or is it historical?

It is a bit of both.Historically there were few

valuation surveyors in theCaribbean and Trinidad probablyhad the most. However, todaythere are an increasing number ofchartered surveyors operating,especially in Cayman Islands,Jamaica and Barbados. Thesmaller island may suffer morebecause of the lower volume ofwork. Also, when some lenderstried to restrict their panel toqualified valuation surveyors insome countries the local FairTrading Commission questionedthe process.

Interestingly, since 2011 theRICS in the UK made itmandatory for all valuers to nemembers of the Valuation

Registration Programme Thismeans they are all regulated andhave to follow certain standardsand practices to be on a lendinginstitution’s List of ApprovedValuers.

What does the RICSdesignation really mean?

The RICS designation is a markof prestige that signals to clientsand peers that the holder has met,and maintains, the most rigorouspractice standards andprofessional conduct in a highlycompetitive global industry. AnRICS qualification paves the wayfor the holder to work all over theworld, win more business, andcommand professional feescommensurate with an increasedstatus and profile. Along with therecognition and commercialbenefits, RICS professionals canavail themselves of access to theworld’s largest online land,property and construction library;professional and technicalguidance; market insight andindustry research; regularindustry news updates; highquality events and ContinuingProfessional Developmenttraining.

Being a surveyor in themodern era demands muchmore accountability,transparency, and qualitybusiness ethics. It also carriesthe risk of litigation whenthings go wrong. How is anRICS professional rated inthese important sectors?

There are five professional andethical standards that must bedemonstrated and adhered to byall RICS members:1. Take responsibility2. Treat others with respect 3. Always provide a high standard of service

4. Act with integrity5. Act in a way that promotes trust within the profession

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These principles are to befollowed by all charteredsurveyors. Should a problem arisethere is a Complaints Procedurewithin RICS if a member is notfollowing the guidelines.

With specific regard to litigation,it is expected that all charteredsurveyors carry a suitable level ofProfessional IndemnityInsurance whether they areworking in the quantitysurveying, valuation or landsurveying sector.

A big part of your strategygoing forward is based oneducation and careers foraspiring young professionalsin your industry. What planshave you in place to achievethese lofty goals?

Within Barbados, Cayman,Jamaica, and Trinidad and Tobago,RICS has 749 student members.These individuals are on their pathtowards a rewarding professionalcareer that will be enhanced byattaining full RICS membership.Once they become an RICSMember, these youngprofessionals will be expected to

commit to lifelong learningthrough mandatory ContinuingProfessional Development (CPD)training. These CPD requirementscan be maintained through online,in-person, formal or informalroutes. We are committed toproviding training and CPDofferings to members and non-members alike in order to ensurethat skills and best practices areoptimized in the Caribbean.

As the pivotal head of avisionary committee drivingthis expansion what wouldyou like to see in place in 10years time regarding RICSrepresentation across theregion?

I would like to see severalimprovements including thefollowing;

1. Mandatory for all valuers to beregistered with RICS. This willassist banks and customersensuring that certain standardsare being followed.

2. Growth in membership in allcountries3. Increased transparency,

RICS has 749 studentmembers. These

individuals are on theirpath towards a

rewarding professionalcareer that will be

enhanced by attainingfull RICS membership.

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accountability, and ethicalpractices in the procurement ofall types of contracts.

4. Improvement in professionalstandards in both constructionand valuation services

5. Increased number of relevantreal estate conferences in theregion.

6. Local chapters being created inall countries leading to moreevents for members.

7. Increased recognition byGovernment, lending institutionsand other such bodies

8. Improved services for existingmembers including conferences,professional developmentseminars and lectures.

You are now a member of theRICS Global GoverningCouncil. What does thismean?

I was invited to be a member inAugust 2013 of this prestigiousbody that sets the long-termdirection of RCIS that will shape

the future of the profession. Theitems under review including thefollowing: -

a) To determine the strategy andpolicy of RICS globally

b) To oversee, monitor and assessthe performance of Governingbodies

c) To communicate RICSdirection and performance tomembers and to stakeholders.

d) To oversee the appointment ofthe regulatory board and thedevelopment andimplementation of policy, rulesand procedures governing theregulation of members, firms andof regulated non-members

e) To make appointments and todetermine the duties, terms ofreference and otherresponsibilities of boards inaccordance with regulations.

This is the first time theCaribbean has been representedat Global Governing Council andI plan to do my utmost to ensurethe members’ interests are lookedafter.

Sanjay Amin FRICS ACIArb is aDirector of BCQSInternational, a property andconstruction developmentconsultancy firm thatprovides valuation, quantitysurveying, and projectmanagement services toindividuals, financial,commercial and Governmentclients. He is a Fellow of theRoyal Institute of CharteredSurveyors (RICS) and anAssociate of the CharteredInstitute of Arbitrators. He isalso Chairman of the RICSCaribbean Board.

He can be contacted [email protected]

This is the first time theCaribbean has been

represented at GlobalGoverning Council andI plan to do my utmost

to ensure themembers’ interests are

looked after.

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Lower LTVs but Banks

Riding on the wave of aseemingly insatiable appetite forsecond home ownership the keylenders in the region madeborrowing relatively easy in theboom years, but the economicworld has changed in the last sixyears and it would be naïve tothink the Caribbean could escapethe side effects. Those side effectshave seen an increase indelinquency, greater provision forbad debt by lenders and inevitablytighter lending terms. Borrowerswho purchased on the back of aBuy-to-Let plan and lenders wholent in these circumstances havebeen the biggest losers, but theknock-on effect for new customersis a tighter and more diligentlending regime, and a cautiouslending culture that will remainfor some time, perhaps forever.But in many ways this will be goodfor the lending industry as it willbring quality rather than quantityto the table and do much toeliminate borrowers over-stretching themselves, speculatorslooking for a quick buck anddevelopers selling properties onthe basis of unrealistic projectedrental returns. If anything hasdone most to harm the non-resident lending sector it has beenthe speculative projected rentalincome figures that have beenused to sell properties and whichhave been proved totallyinaccurate after global economic

meltdown and the ensuingdisappearance of many tourists.

The reality in the new lendingenvironment is that lenders arenow a lot more cautious aboutnew customers, especially if theycome from a domicile where littleor no independent historicalcredit data is available. In thesecircumstances it is unlikely anyCaribbean lender will take the riskeven if they are liquid with funds.Many lenders have been badlybitten by world recession and itsknock-on effects, but lessons havebeen learned and cognizancetaken of bad experiences to createa new tighter lending marketwhere the lender is more selectivethan the customer. There arerelatively few lenders in theCaribbean prepared to offer a non-resident mortgage product so theapplication has to be high quality,well presented and meet the termsand conditions of the lender asopposed to the applicant. In thesecircumstances there has neverbeen a greater need to use anexperienced mortgage broker andwhile this is not mandatory, anapplication presented direct andsubsequently declined hasvirtually no chance of beingsuccessful with another lender.The old cliché “you never get asecond chance to make a firstimpression” rings true in theCaribbean lending world.

Many lenders have beenbadly bitten by world

recession and its knock-oneffects, but lessons have

been learned andcognizance taken of badexperiences to create a

new tighter lending market

Borrowing in the Caribbean may not be as easyas it was pre-2008, but the good news forprospective borrowers is that mortgages arestill available for non-residents.

Director, Caribbean Mortgage Services

Anita Ashton

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Anita Ashton is a MortgageSpecialist and Director at

Caribbean Mortgage Servicesa top mortgage brokerage

in the region. She is a formerUK banker and has over

25 years experiencein banking. She lives inBarbados and travels to

other islandson a regular basis.

She can be contacted at (246) 230 5824 or by email

[email protected]

Of course, there is a broker’s feeinvolved and some applicantsmay want to avoid it, but a goodbroker has much more chance ofsuccess than a direct applicantand will fine-tune the applicationto suit both the lender and theapplicant. The broker will alsooffer expert advice in a specialistfield and may save the clientsthousands of dollars. They mayeven decline an application if itdoesn’t meet certain criteria andwhile this could be a hugedisappointment at the outset, itwill save a lot of unnecessarytime, stress and expense if thenumbers don’t work.

Non-resident mortgageapplicants should take advicefrom experienced people in thelending business and not fromother professionals outside theirarea of expertise. This includesreal estate agents and lawyers,some of whom simply don’t knowthe lending business. For theirpart applicants must accept thedifferent lending environmentbecause there’s little pointcomparing apples with oranges.It matters little what is beingoffered in your own domicile asthere are virtually no overseaslenders operating in theCaribbean so local terms andconditions apply. Another

important factor is that theseterms and conditions may varyfrom island to island so the adviceand guidance of an experiencedCaribbean mortgage broker maybe vital if you are to secure thehome of your dreams. There is nofee for consultation, but theadvice can be crucial as it caneither set you off on the right footor alternatively provide the realitycheck that your proposedpurchase is beyond your financialcapacity. Sometimes you need tobe cruel to be kind.

It is important to understand thisbackground before getting too fardown the purchase process, as youcan do nothing without thenecessary funds. No sensiblebuyer would commit to a purchasewithout having their funds in placeso securing a mortgage loanshould be the Number 1 priority.Unfortunately for whatever reasonmany prospective buyers get theirducks out of line and hit a brickwall too late in the process becausethey make assumptions withoutknowledge or from incorrectadvice.

However, the good news remainsthat mortgage funds are availableto non-residents and although theterms and conditions havetightened they are not punitive. Ingeneral terms interest rates are inthe 4-6% range, repayment termsof up to 30 years are available andLTVs of up to 65% are in place in2014. But everything is subject tochange and the terms andconditions will vary from lender tolender. And therein lies the valueof an experienced mortgagebroker, who will evaluate yourcircumstances, offer good advice,and then take you through theentire process to secure a happyending.

Buying a second home in theCaribbean is a big investment, sothe need to get your finances inplace is paramount.

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Quick! What makes eachCaribbean island unique as atourist destination?

Chances are that if you haven’tbeen to any of the islands before,you’ll form an image based onwhat someone you know has toldyou about their experience there,rather than an ad you’ve seen. Intoday’s competitive marketplace,consumers are overloaded withinformation and it’s becomingincreasingly difficult to tell yourstory of why you’re special. AndreBello, Head of Sales, Marketingand Communications at VirginAtlantic, shares some ideas onhow this iconic airline lives up toits brand values and what lessonscan be learned.

“It starts with the product, butends with the experience,” saysBello. “I had an opportunity tohear one of our Flying Club goldmembers go into detail about whyVirgin Atlantic has been hisconclusive choice of airline forover a decade. As I listened, Ididn’t hear him mention our fullyflat beds in Upper Class, the 300hours of entertainment on ourtouch screens, or our funky on-board bar. Instead, he spokepassionately about how VirginAtlantic made him feel - thewarmth of the ground staff, theattentiveness from the flight crew,

Brand Values go far beyondAdvertising

the familiar welcome he getsfrom our Clubhouse team. Ofcourse, it’s still important to himthat he gets a delicious meal, thathis boarding process is painless,and that his flight leaves on time.But these are not the things hewill tell his friends and colleaguesabout us. He will talk about uswith his heart, not his head.”

Bello continues, “We’ve madesure that our aircraft servingLondon-Caribbean routes offerthe most updated amenities inour fleet. We’ve spent over £50million pounds on 35,000 parts tototally refit our 747s, whileintroducing our A330s to themarket with on-board Wi-Fi. But,that’s not enough. We have torecognize that our passengersbegin their journey with us theminute they start thinking abouttaking a trip. How easy is it to getinformation? How many differentways are there to book a flight?How do you feel after talking toone of our team on the telephone?That’s what matters most.”

“Our brand values have to gobeyond our advertising. We haveto live it. Virgin Atlantic puts ahigh emphasis on servicetraining, both in the air and onthe ground, and it pays off insmiles and referrals. When welaunched our ad campaign with

We’ve made sure thatour aircraft servingLondon-Caribbean

routes offer the mostupdated amenities in our

fleet. We’ve spent over£50 million pounds on35,000 parts to totally

refit our 747s, whileintroducing our A330s to

the market with on-board Wi-Fi.

Says Andre Bello, Manager Sales, Marketing and Communications atVirgin Atlantic Caribbean

Manager Sales, Marketing andCommunications at Virgin Atlantic

Caribbean, Andre Bello

...For example, we tried to think of themost ordinary part of someone’s day,

and decided it was sitting in traffic. Ourcrew hit the road and handed out

cupcakes to rush-hour commuters...

the tagline, ‘Flying in the face ofordinary’ (FITFOO), it wasn’tenough for us to have thatmessage in our publiccommunications. We used it as arallying call for our team tochallenge ourselves to go the extramile in whatever we do, whetherit’s with each other, or with thepublic. We also found that simplethings count. For example, wetried to think of the most ordinarypart of someone’s day, anddecided it was sitting in traffic.Our crew hit the road and handedout cupcakes to rush-hourcommuters on their way to workand it was amazing how muchthat simple gesture lifted theirspirits.”

“For Caribbean countries tryingto look to the future, we seegrowth at both ends of the pricespectrum. We’ve adjusted for thisby adding capacity in our UpperClass cabin, while makingeconomy travel more comfortable

than it has ever been. Tourismplanners will have to ensure thatthey don’t specialize too tightly ateither end of the market. Bothwill be important. The key word is‘authenticity.’ Travellers will wantto connect with residents andgain a better understanding of thelocal culture. They will wantunique experiences and not feelthey are on the beaten path. Theirexperience will not begin at thebeach. We have a responsibility todelight them on the aircraft, butthat pleasure needs to continue asthey clear immigration at theairport, in their taxis, and at theirhotel's reception. While publiceducation is an admirable goal,the focus needs to be placed onkey touch-points. Training has toplay a vital role, coupled withaccountability and performancemeasurement. Only then, will wemove beyond visitors who arepassively satisfied, to passionateadvocates who are prepared tospread the word.”

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You have moved to the topposition in Sagicor General inthe past 12 months withincreased responsibilities andchallenges. How have youadapted to your new role?

I guess the realization that "thebuck stops with the CEO" createsan immediate heightened sense ofresponsibility and accountability.What really gives me comfort atSagicor General is the supportfrom and professionalism of awonderful team of industry expertswho are passionate about theirservice to our clients. Thecommitment of my staff toexcellence makes my job easier.

To the outside world mostInsurance Companies look thesame. What makes SagicorGeneral so different in theindustry?

Sagicor's name and identity drawon the strength, stability andfinancial prudence that are theCompany’s heritage. Sagicormeans "wise judgment" and thesecurity provided is buttressed byGroup assets of US $5.3 billion.

Sagicor General sits firmly withinthat overall solid Group corporatestructure, but further significantstability arises from the strengthand diversity of our other majorshareholder - The GoddardEnterprises Group.

Insurance inDavid Alleyne answers some testing questions in Caribbean Insurance...

“What really gives mecomfort at Sagicor

General is the supportfrom and professionalism

of a wonderful team ofindustry experts who are

passionate about theirservice to our clients.”

Sagicor General with an A.M.Best financial rating of A- Excellenthas an unrivalled legacy of fulfillingour commitment to our customersfor the last 130 years.

I think it's a combination of thesethings that sets Sagicor Generalapart.

Caribbean Insurance companiesoffset a lot of their risk in thereinsurance market. Does thismake it more expensive for thecustomer?

It should not, but perhaps I shouldexpand on that.

Prudence does not allow theretention for net account of morethan a specific percentage of ourinsured liabilities especially givenour catastrophe exposures. Ourcapital dictates the amount of riskceded by a judicious company toreinsurers.

There is a cost to "renting" thebalance sheet of financially strongglobal reinsurance companies.

Our duty is to ensure that the costis reasonable to us and to ourclients, but it must always beunderstood that the risk assumedby reinsurers, and hence the costaccepted by us, should broadly besimilar to what we would chargeourselves for retaining the samerisk, that is, if we could.

CEO, Sagicor GeneralDavid Alleyne

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Our economiccircumstances are

causing many individualsand companies to base

their annual review ofinsurance cover on

available resources forpayment rather than on

adequacy of cover

The insuring public shouldtherefore always be wary of pricingthat appears too aggressive. This isalways because of inadequatereinsurance cover or inappropriaterisk taking.

Setting aside the cost ofpremiums what are the topthree things a customershould know before they selectan insurance company?

1 Above all, the customer shouldhave confidence in the integrity ofthe company, its management and

its track record. In a Caribbeancontext do you know them and doyou trust them?

2 Absolute certainty that legitimateclaims will be met as financialstrength is fundamentallyimportant. Does the company havethe financial resources to fulfill allof its obligations in the event of acatastrophe or even two during afinancial year?3 Is there independentcorroboration of the ability of thecompany to fulfill its contractualobligations? In other words are theyhighly rated by an internationalfinancial rating agency?

Are people neglecting theirinsurance cover in these tougheconomic times?

Neglect may be too strong, butthere is no doubt that times aretough for customers and thisnecessitates careful evaluation ofall major spending decisions. Oureconomic circumstances arecausing many individuals andcompanies to base their annualreview of insurance cover onavailable resources for paymentrather than on adequacy of cover.

Most companies recognize thechallenges and are trying to assist inthese difficult times with favourablepayment plans and terms.

Sagicor General offers a completerange of insurance productscovering virtually every necessity.What are the advantages to puttingall your insurance eggs in the onebasket?

Much depends on the basket! Theability to discuss all requirementsin one place and receive volumediscounts across all lines has realbenefit. However, the financialstrength of the Company is vitallyimportant. The overall depth andstrength of the Sagicor Groupmeans the resources are available

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for professional financial planningwith certain support whenadversity strikes.

There have been some alarmingscandals in the insuranceindustry in recent years, bothregional and global. Has thisdented public confidence inyour industry?

Absolutely, and many people havesuffered and continue to beaffected by the deficiencies whichexisted within our system.However, this has also brought apositive reaction and there is muchgood work that continues to bedone by some companies. When Ijoined Sagicor General, I wasimpressed by the stringentcorporate governance architecture,which exists within the Group.

Regulators also continue tostrengthen industry legislationincluding capital requirements, allof which will ensure protection ofpolicyholders.

Is the Caribbean a higherinsurance risk in life,property or car insurancewhen compared to the UK orthe US?

The Caribbean is exposed tomany of the world's naturalhazards. We live in an idyllicparadise, but we are also exposedto cyclones, earthquakes,tsunamis and storm surge,tornados and floods from manycauses. The only thing we don'thave is snowstorms, yet!

Not many, if any, parts of the USor UK are constantly exposed toALL of these potential risks. Itmeans that we must protectourselves to a greater degreethrough building standards andtaking cognizance of location.

Life exposures are similar giventhe standard of living Caribbeanpeople enjoy.

David Alleyne is the CEO ofSagicor General, the generalinsurance wing of the SagicorGroup, one of the biggerinsurance companies in theCaribbean region. He is aChartered Insurer being anAssociate of the Charteredinstitute (ACII) of the UnitedKingdom and an Associate inReassurance (ARe) of theInsurance Institute of America.He also holds an MBA from theUniversity of Durham. He hasover 20 years experience inthe insurance industry andcan be contacted [email protected]

...we are also exposed to cyclones,

earthquakes, tsunamisand storm surge,

tornados and floodsfrom many causes.

“We’ve Been There”

We know this house, like we know every house we insure…

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Business

CIBC FirstCaribbeanWell Positioned For

External banking challengeshave negatively influencedbanking operations in theregion in the last five years.Do you feel we are still in thisera or have new strategiesbeen implemented to build fora brighter future?

The global economicenvironment has impacted bankingoperations throughout the region,and CIBC FirstCaribbean is noexception. However, we haveviewed this as an opportunity totailor our operations to becomemore efficient as well as moreeffective. Our continuinginvestment in the face of thechallenges before us is a soliddemonstration of a bank that ispositioning itself for future growth.

We are constantly fine-tuningour product offering to be moreclosely aligned with ourcustomers’ needs whilst meetingregional and local regulatoryrequirements. We have been ableto leverage our relationship withCIBC Toronto to design bestpractices for our regionaloperations and have been makingchanges on all levels of ourorganization to create a new CIBCFirstCaribbean that will be wellpositioned to serve its clients inthe future.

CIBC FirstCaribbean is amajor bank with a strong

Caribbean branch network onthe ground. Is the traditionalway of attracting businessstill the bank’s principalapproach to customer serviceand development?

CIBC FirstCaribbean was bornout of a legacy of two banksrenowned for their strength incultivating strong customerrelationships. However, thereality is that the emergence ofInformation CommunicationsTechnology (ICTs) and a youngerdemographic, including youngprofessionals, has seen anincreased demand forconvenience for persons ‘on thego’. Our bank has been proactivein launching an alternate channelstrategy to this market, whichheavily utilizes mobile banking,Internet banking to manage theiraccounts and pay bills as well ascredit cards and the use ofconvenience cards (Visa debit) atABMs and POS terminals withadded benefits to the customerswho utilize these media.

Many people feel banks havenot moved with the times. Westill have long queues, loanstake too long to complete,small businesses feel you won’tshare risk equitably andcustomers are stilluncomfortable in bankingenvirons. Are these faircomments?

Our bank has beenproactive in launching

an alternate channelstrategy to this market,

which heavily utilizesmobile banking,

Internet banking...

Says Mark St. Hill

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CIBC FirstCaribbean ManagingDirector, Retail, Business and

International Banking, Mark St. Hill

Business

Banks have moved withthe times, however, a

wide cross section of thecustomers we serve, asstated above, prefer the

traditional form of bankingbecause it is what they

are comfortable with.

As a responsive bank with astrong customer ethos, CIBCFirstCaribbean is well aware of itscustomers’ perspectives, theirbanking experience andexpectations of us. We areconstantly in the process ofeducating our customers on theproducts that are best suited tothem and encouraging them toexplore these options, but as youwould appreciate, any transitiontakes time. We have taken a long,hard look at the way we dobusiness and have invested in newsystems and processes to make ourcustomer experience even better.

Banks have moved with thetimes, however, a wide crosssection of the customers we serve,as stated above, prefer thetraditional form of bankingbecause it is what they arecomfortable with. In terms ofsmall businesses, last year welaunched a new value propositionto small business customers toassist them in developing theirbusiness plans and producingfinancial data required to qualifyfor a business loan. We always tryto make our customerscomfortable and our new branchdesign (Warrens and Wildey inBarbados) provides the level ofprivacy and comfort that we aspire

to deliver consistently across ournetwork. The Warrens BankingCentre, is perhaps the bestexample of the future of banking atCIBC FirstCaribbean.

We are seeing a clear migration,especially of our younger customerand professional segment, toalternate and conveniencechannels. We have investedsignificantly in this area having thelargest ABM network in some ofthe countries we operate, state ofthe art Internet banking platform,mobile banking and otherconvenience banking products.

You have recently set-up anetwork of Mortgage and LoanCentres within certainbranches across the region.What is behind this strategy?

Our Mortgage and Loans Centreshave been created to function ascentral points of contact, providingconsistent levels of service forcustomers applying for loans andmortgages. In effect, this lets ourcustomers know that these hubsare especially for them: to focusprimarily on their needs and allowus to provide them with a betterquality of service and quickerturnaround times. These hubshave been termed centres ofexcellence that concentrate onworking with our customers asthey make what is most likely to bethe most significant investment oftheir lives, whether it is purchasingor building their home, investmentproperty, education/ student loans,car or consumer loan.

What will the more focusedcustomer service andprocessing mean to thecustomer?

Through this our customers willknow that we are with them ‘forthe long haul’. As partners we willcontinue to work with them tomeet their needs at every stage of

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their life’s journey. This comesthrough a thoroughunderstanding of their timeconstraints, the level of privacythey require when conductingbusiness and educating them ontheir options in terms of productsavailable to them based onknowing them and their long-termfinancial goals.

Can we ever reach a situationwhere mortgages and loanscan be completed within daysrather than months?

This would be an ideal situation,which both the bank and ourcustomers would mutually bepleased with, however, there arecertain processes that still requiretime to complete and at CIBCFirstCaribbean our mantra is toget it right the first time.However, any efforts to reducethese times would allow us toservice our customers faster. Whatis within our control is theturnaround time it takes for alending decision and we areseeing improvements each andevery day. We are also pleased toreport improvements in severalother areas, with resultingbenefits that have been passed on

to our customers. One primeexample is the continuousimprovement of our accountopening process. We have movedfrom a high of nearly ninetyminutes to open an account nearlytwo years ago to a new regionalaverage of 29 minutes, somethingthat has been welcomed by ourcustomers across the Caribbean.

Has the increased delinquencyin recent years greatlyaffected the terms andconditions for new businessand taken away yourcompetitive edge?

Delinquency has been achallenge for all financialinstitutions during this sluggisheconomic period. However, evenduring these unfortunatecircumstances, we seek to assistour customers as much aspossible. This has not taken awayfrom our competitive edge as weare and always have been, a bankthat cares. It has also equipped usto be better able to provide optionsto our customers with thisexperience under our belt.

CIBCFirstCaribbean has been apioneer in providing mortgage

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loans to non-residents and as aresult has stimulated overseasinvestment, attracted foreigncurrency and helped grow theconstruction industry acrossthe region. Will this businesscontinue to expand in the lightof global recession and lessoverseas buyers in the market?

Every market responds to local,regional and global economics insome way. It is a market that wewill continue to service as long asthere are opportunities whetherthey expand, remain flat orwhether there are lessopportunities available due to thecurrent state of the globaleconomy. It will improve at somepoint, at which time we intend tobe available.

Mark St. Hill is ManagingDirector, Retail, Business andInternational Banking withresponsibility for the growthand development of the Retailand Business Bankingoperations across 17 countriesrepresented by 70 branches.He is also responsible for allthe bank’s operations inEastern Caribbean and Belize.An experienced banker he hasover 23 years experience invarious positions spanningInsurance Broking, RetailBanking, Corporate Banking,Credit Risk Management,International Banking andWealth Management. Markhas also held seniormanagement positions inseveral countries in theCaribbean including Grenada,British Virgin Islands andBarbados. He is a graduate ofthe FirstCaribbean ExecutiveLeadership program withWharton Business School anda Fellow of the BritishInstitute of CharteredSecretaries andAdministrators. He can becontacted by email [email protected]

We hear a lot about 4G andFibre Optics these days. Whatdo they really mean to thelayperson?

4G is the speed at which you useyour mobile data. GPRS is thelowest, followed by Edge, 3G, 4Gand 4G LTE. 3G gives about 7.2Mbps, but with new HSPAtechnology 4G now gives 21 Mbps,and that has become the acceptedindustry speed for 4G.

Fibre Optics on the other hand isbroadband delivered to thecustomer via glass and thereforemuch faster speeds are obtainable,so IP TV viewing is superior. It willalso improve the fault level thatcustomers may experience with acopper network due to weatherconditions.

What are the advantages to abuilding or a developmentthat has fibre installation?

The main advantage is that theycan command a higher propertyprice if fibre optics are installed.Since connectivity is so importantto business people and familiesthey can no longer live without it.So the faster speed and betterWIFI connectivity you can offeradds value to your development.

Does this mean an existingbuilding or development willbecome a dinosaur in thetechnology race?

Definitely not. Many places inEurope and the US still do not havefibre optics, so we are lucky inBarbados that we are able to enjoythis technology. However, noteveryone on the island will get it andthose still on the copper networkswill still enjoy speeds of 10 Mbps to20 Mbps, which is normally quiteadequate for most homes.

Will 4G be followed by 5G andthen 6G and so on? Istechnology moving so fastthat equipment dates itselfjust as fast or is it similar tobuying a new car or watch-youbuy it because it is fashionableand you can afford it?

No. 4G will become 4G LTE. It’snot like smartphones where modelschange frequently. We will launchthe Samsung Galaxy S5 and thatphone is almost like a computer initself. Technology does move fastand prices drop. However, there isan element of ‘fashion’ in the smartphone sector and it’s mainly theyouth who drive this.

A Smartphone to a young personis like an attachment to their bodyand they are constantly connected.

Is LIME improving itstechnology across the regionor just in selected islands?

LIME continues to improve onand invest in the infrastructure.Barbados is one of two locations

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The ChangingPicture in CaribbeanLime CEO Oliver Chatten gives CPM an overview

Lime CEO,

A Smartphone to ayoung person is like an

attachment to theirbody and they are

constantly connected.

106

at the moment to offer LIME TV.The other is the Cayman Islands.

Cayman has also just introduced4GLTE whereas Grenada has justlaunched 4G. Barbados andCayman are currently buildingfibre networks. Not all islands areat the same level, but each islandis moving forward to improvetheir networks across theCaribbean.

Will competition drive theprices down or is this anindustry where the customeris willing to pay the price tohave the best product?

Competition is always good forthe consumer and what it will dois ensure the customer gets greatvalue. If you compare our localmobile data plans to the USA youcan see how much value ourCaribbean customers enjoy.

Do you envisage a life withoutlandlines or will there alwaysbe a place for the home andoffice telephones?

I can’t speak for the otherislands, but in Barbados our

customers have grown up talkingfor free on their landline, and boypeople can certainly talk! So forBarbados, I think you will see thelandline around for a while yet.

Is LIME expanding orcontracting its workforce?We read of staffing issues at atime when the companyappears to be growing. What isthe position?

We are outsourcing many areasof the business to companies thatare experts in their fieldstherefore allowing us to focus onwhat we do best, run atelecommunications businessand improve and develop ournetwork. This has resulted in anumber of our colleagues movingover to work with thesecompanies.

Many of these people areactually based in Windsor Lodgeso we still see them daily and thiscreates a great workingrelationship.

LIME is a market leader inCaribbean telecommunicationstechnology. What innovations

and changes do you see in thefuture?

LIME is in a transition periodright now as we seek to changeour business model to meetfuture demands and customerservice is our top priority. Asthe only full service provider inBarbados, and the brand ofchoice, our aim is to providesuperb customer service withcutting edge technology.

Oliver Chatten is the ChiefExecutive Officer for LIMEBarbados, appointed in August2013. He has a long history oftelecoms leadership, workingextensively in the Caribbeanand Central America withDigicel, where he held anumber of CEO posts.Chatten, who is Irish, has alsoheld finance and operationsroles at other companies inboth the United Kingdom andIreland. He can be contactedat (246) 292 5050.

We are outsourcing manyareas of the business to companies that are

experts in their fields therefore allowing usto focus on what

we do best...

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Documents

Caribbean Property Magazine 2014