Dec 2005 Financial News

Angostura’s Tobago tango

Dec 08, 2005

Local rum maker, Angostura, is bullish when it comes to property development in Tobago.

With its latest project, the Golden Grove Estate/Buccoo project, the rum company has ensured the property market remains buoyant and that real estate in the sister isle is no longer left to chance.

The "Greater Golden Grove Project" as it is sometimes referred to, is expected to culminate into one of the finest gated communities and resorts of its kind in the Caribbean.

The Samaan Grove lots range from 7,500 sq ft to 12,000 sq ft and are currently being sold at $85 per sq ft. When the lots were first offered for sale about two years ago, they were being sold at an amazing $40-45 per sq ft. Eighty percent of the lots have been bought by Trinidadians; the rest by foreigners. Only two of the plots have been bought by "full-fledged" Tobagonians.

According to Executive Manager, Properties, Kevin Kenny, Angostura has been pleasantly surprised at the enthusiasm with which the plots are being bought, having started the project only two years ago.

Capitalising on the surge in the price of real estate, some buyers have chosen the option of re-selling their plots, which, according to Kenny, is normal in the business.

The buyers have been given four years from the initial date of purchase to build their homes, he said at press briefing recently.

When completed, the proposed development will comprise a five-star hotel, two luxury condominium complexes, a championship 18-hole golf course, large single-family villa lots, multi-family villa cluster units and an array of recreational amentities.

A sneak preview of the Golden Grove Estate was given recently when the media was invited to view models of the Homes of Samaan Grove Develop-ment.

Angostura has designated thirty of the four hundred and thirty acres of the Golden Grove Estate to the Samaan Grove project, which is being developed independently of the overall resort This though is still in the planning process and awaiting approval from the Environmental Management Authority (EMA).

As the first phase of the five-star integrated gated community, the one hundred and twenty-five homes of Samaan Grove will be put on the southern-most edge of the existing Golden Grove estate and will either back onto the proposed championship golf course and lakes on the northside or Canaan village on the south-side of the resort.

Samaan Grove can be accessed through the main gate off the Golden Grove Road.

With four Caribbean-style architectural designs customised to a range of different configurations the medium-sized single family homes, which vary in size between 115 sq m and 215 sq m, have been described as "a good investment" by analysts.

"The integrity of these designs ensure that the Samaan Grove properties maintain their value, while providing cost-effective construction options for the owner who may chose to re-design to comfort," according to Angustura. The basic Samaan Grove home consists of three or four bedroom units, living and dining rooms, kitchen, toilet and bath, plunge-pools and parking space for four cars.

The project has also provided sustainable employment for Tobagonians who make up at least 70% of the labourforce.


Marissa Williams
The Trinidad NewsdayTobago Bureau
Business Day
Thursday, 8th December, 2005