The Property Development Scheme (PDS), which has replaced the IRS and RES, allows the development of a mix of residences for sale to non-citizens, citizens and members of the Mauritian Diaspora. The PDS also harmonizes the registration duty to a single rate of 5%.
The PDS provides the following:
The development of luxurious residential units on freehold land of an extent of at least 0.4220 hectare (1 arpent);
- The development of at least six (6) residential properties of high standing;
- High quality public spaces that helps promote social interaction and a sense of community;
- High-class leisure, commercial amenities and facilities intended to enhance the residential units;
- Day-to-day management services to residents including security, maintenance, gardening, solid waste disposal and household services; and
- Social contribution in terms of social amenities, community development and other facilities for the benefit of the community.
Any one of the following is eligible to acquire property under the scheme:
- A citizen of Mauritius;
- A non-citizen of Mauritius;
- A company registered as a foreign company under the Companies Act (of Mauritius) 2001;
- A company incorporated under the Companies Act 2001;
- A societe, where its deed of formation is deposited with the Registrar of Companies;
- A trust, where the trusteeship services are provided by a qualified trustee licensed by the Financial Services.
A non-citizen is eligible for a residence permit upon the purchase of a property under the PDS scheme when he/she has invested more than USD 500,000 or its equivalent in any freely convertible foreign currency. Most of the units fall within this price range.
Compagnie de Beau Vallon Limitée (CBVL) is known as a reputable property developer with a dozen residential projects successfully completed since 2003, located in Mahebourg, Beau Vallon and Pointe d’Esny.
The origins of Compagnie de Beau Vallon Limitée are grounded in the history of sugar cane cultivation and milling in Mauritius. Drawing on an agricultural heritage dating back to the first half of the 19th centuryCBVL was incorporated in 1921 and currently owns Riche-en-Eau, one of the largest sugar estates on the island with 3,500 hectares of land stretching from the south-east coast to Midlands. CBVL is poised to continue this legacy while improving its resilience to a changing market place through diversification into key sectors such as non-sugar, agriculture, hospitality and property.
ETUDE DIDIER MAIGROT
1er Etage, Immeuble LABAMA,
35, rue Sir William Newton, Port Louis
The selling price is payable in accordance with the indicative schedule below and all the terms and conditions of the sale are detailed in the Contrat de Réservation préliminaire (CRP).
Payment of the selling price tranches is dependent on the level of construction reached at the time of your purchase.
Payment of the sale price is generally payable in installments as follows:
- 10% deposit payable within 15 days of signature of the letter of intent or CRP;
- 15% upon signature of the Deed of Sale;
- 10% at completion of foundations
- 15% at completion up to First Floor Level (ground floor slab)
- 20% at completion up to Roof Level
- 15% at completion of closure
- 10% at practical completion5% at completion of external works and final handing Over
The above percentages are upper limits (and can therefore be divided into smaller tranches) payable as works progress against progress certificates issued by the architect, quantity surveyor or principal agent.
Yes, local banks are willing to finance up to 70% of your purchase.
What other fees do I need to pay in addition to the selling price? Duties and taxes applicable to PDS acquisition
- Registration Duty (payable by the purchaser at the time of registration) : 5% of selling price
- Notary fees (refer to price list)
- Administrative fees
- Fees charges by the client’s bank if any (to be borne directly by the client)
For as long as the non-citizen holds immovable property under the scheme.
As per law, as the buyer invests more than $ 500 000 he is eligible to apply for the residency (the authorization to stay in Mauritius as long as they wish but no Mauritian passport- no citizenship). The application is sent to the Prime Minister’s office who vet the application (or not) as per the documents (KYC) handed over. The residency is given to a married couple and kids less than 18 years old.
The law does not provide for a minimum number of days per year to stay in Mauritius under a Residence Permit. However, to be considered as a ‘resident’ for tax purposes, you should stay in Mauritius for a minimum of 183 days per calendar year.
A PRP is a permit that allows an eligible non-citizen to work and/or live in Mauritius for a period of 10 years, following which the permit must be renewed. Whereas by obtaining citizenship, the investor becomes a citizen of the country and is entitled to carry a Mauritian passport.
A person may apply for Citizenship by naturalisation if one has lived ‘continuously’ in Mauritius for 5 years, however the application for this is highly discretionary.
The owner of the villa is allowed to resell his property with no minimum price requirement. There is no capital gains tax. However a land transfer tax of 5% must be paid by the vendor and the new buyer pays 5% as registration duty.
The acquisition of a unit off-plan or during construction of the project is governed by the provisions of a ‘vente en l’etat future d’achevement’ (‘VEFA’), in accordance with the Mauritian Civil Code.
The Promoter provides the Purchaser with a guarantee of future completion, Garantie Future d’Achevement (‘GFA’).
This GFA is issued by a registered financial institution in Mauritius and is a guarantee from the financial institution that the unit you have purchased will be completed and delivered to you in accordance with the project specifications and drawings.
The GFA is issued to you simultaneously with your signature of the Deed of Sale.
Your deposit will be held in an escrow account opened with a Mauritian registered financial institution or alternatively in the Notary’s trust account until the Deed of Sale is signed. Once the Deed of Sale is signed, the deposit is released to the Promoter as part of the selling price.
Constructions & Technical Questions
The infrastructure works (Phase 1) is planned to start beginning 2019 and the construction of the first built units in the course of the first semester 2019. The construction is subject to the achievement of sales threshold.
Approximately 20 – 24months depending on the type of unit.
The project (phase 1 and 2) will comprise 550 residential units and an apart hotel of 120 units.
The phase 1A has been launched: 105 serviced plots and approximately 89 residential built units:
|Duplex (own pool)||
|Duplex (common pool)||
The residential units are delivered only with built-in furniture. Furniture packs are available for your purchase upon request to the commercial team.
The residential units (apartment, penthouse, duplex, Villa Authentique) are delivered with a kitchen of European standard equipped with an electric hob, an oven, a cooker hood and a microwave.
The “Villa Prestige”and the “Villa Tropicale” are delivered with a kitchen of European standard equipped with a hob, an electric oven, a refrigerator/freezer, a dishwasher, a microwave, a washing machine including a dryer.
- Duplex: 2 nos parking per unit
- Apartment : 2 nos parking per unit
- Villa Prestige :site specific – garage + more than 2 parking
- Villa Authentique : 2nos parking per unit
- Villa Tropicale :2nos parking per unit
- Serviced plot : site and design specific
Control access including CCTV, gateman/watchman will provided for all residential areas.
The entire residential site will be gated (depending on the location it will be either a boundary wall or a fencing).
A Boat yard is planned to be developed in the vicinity in order to offer boat facilities services.
No pets are permitted in the apartment and duplex clusters. This is to ensure a comfortable living space for all persons residing at Pointe d’Esny Le Village.
- Welcome center (for rental pool)
- Pre-primary and primary school
- Sport centerShops Office Hub
- Restaurants and cafes
- The wetland precinct: the lung of the project with a series of footpath/boardwalk
- Beach club
- Apart Hotel
- Boat yard
- Technical facilities:
▪ Domestic waste collection area
▪ Telecommunication &MATV via Fibre optic network,
▪ Power will be supplied through the network of the CEB (Central Electricity Board)
▪ Potable water will be supplied to the Development through a pressurized network operated by the syndic.
▪ Sewage disposal for the whole development will be through a centralised waste water treatment plant.
There will be a generator that will provide power for the essential services of Pointe d’Esny le Village.
A common generator will be provided for the duplex common pool cluster and apartment cluster.
An individual generator is inclusive in the selling price of the Villa Prestige.
As per the PDS scheme:(i) a property damage insurance policy in favour of eventual or subsequent buyers to guarantee, for a period of 2 years from the date of delivery of the residential property to the purchaser, the payment of compensation for any property damage resulting from faults or defects in non-structural elements or services resulting in the non-compliance with the requirements of a deed of sale in respect of a residential property; and
(ii) a property damage insurance policy in favour of eventual or subsequent buyers to guarantee, for a period of 10 years from the date of delivery of a residential unit to the purchaser, the payment of compensation for any property damage caused to a residential building by faults or defects originating in or affecting the structural elements including the foundation, supports, beams, framework, load-bearing walls, or other structural elements and which could directly jeopardise the building’s structural soundness and stability
- Street lighting will be either LED nor solar (Photo voltaic) powered.
- Solar panels will be used for hot water production.
- Waste strategy will be implemented
- Sewerage treatment plant with reused of treated water for irrigation
- Air conditioning units will be low energy consumption
- Aerated taps will be provided to optimise water consumption
The owners will have the right to subscribe to a membership at delivery of the built unit. Regarding the serviced plots, the owner will have the right to subscribe to a membership at completion of the construction of their villas.
A Syndic management company will be appointed to represent the owners, and thereafter manage the common spaces and facilitate decisions taken by the Home Owners Association (HOA). This will be established by the developer during the first year of the project.
The following services for common areas and equipment are included in levies:
- garden maintenance,
- general waste collection and disposal,
- road cleaning,
- sewerage treatment plant,
- water storage and networks,
- generators for public equipments and areas,
- electrical network,
- security network,
- fire equipment network,
- pest control,
- maintenance of building and equipment including lifts where applicable
First levy payment will be due on delivery of residential unit. For more information, please contact the commercial team.
Residents will be invoiced by the appointed Syndic for the utility services provided.