Fractional Ownership News

Best Group in St Lucia fractional JVs

Two new joint venture companies designed to fund and market the Freedom Bay development in St Lucia have been launched. Commercial property tycoon Robert Whitton (chairman of ROM Capital Asset Management and Whitton international) has teamed up with Brad Lincoln, chief executive of fractional ownership consultants The Best Group to form Whitton Best Sales and Consulting and Whitton Best Capital Partners.

Whitton Best will be taking part in a series of investor meetings at Fractional Summit USA in Miami on August 31 and September 1st.

Freedom Bay sits on 68-acres of a World Heritage site beneath the Piton Mountains, an area famed for its outstanding natural beauty, and has full planning permission for a 420,000 square foot development comprising 45 four-bedroomed   “super villas,” 8 three-bedroomed “beach villas,” 18 one-bedroomed “hotel villas,” 22 one-bed “cliff villa apartments,” 8 one-bed “cliff villa terraces,” 32 “rainforest apartments” and 41 “Piton Apartments.”

There will be a mix of fractional and whole ownership properties and a hotel component that will be operated by Six Senses Resorts and Spas. The gross development value of the scheme is around US$300m and it will be built in three phases over a five-year period.

Whitton told OPP why he had made the switch from commerical to residential real estate: “Because the Caribbean offers excellent value and opportunities right now,” he says. “The whole region benefits from being close to the USA with plenty of short-haul flight options. Economic recovery is taking place in the States and buyers are re-emerging. I like St Lucia’s proximity to the emerging economies of South America like Brazil. And it has long-term historic ties to the UK and Europe.”

www.thebestgrp.com

12/08/10

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