Turks & Caicos developer selling fractions in anticipation of new law
A developer in the Turks & Caicos Islands has started selling fractional real estate in anticipation of a law being passed this summer which will enable the sale of fractions in the area.
Washington Misick of The Alexandra Resort in Grace Bay is selling six-week (1/8th) fractional ownership of one- and two-bedroom oceanview condominiums, with prices starting from US$89,900.
"We are accepting reservation agreements now, in anticipation that the ordinance will soon pass," said Misick. "We expect demand for these affordably priced oceanfront units to be brisk, and we have a limited inventory of units available on a fractional ownership basis."
“Our management team understands how to serve the fractional ownership market. Whether our owners use, rent, or exchange the time they own at The Alexandra, we have the skills and experience to look after their individual needs,” he added.
Owners at The Alexandra will enjoy benefits such as personal storage lockers, daily maid service, staging and concierge services, a professionally managed rental programme, a large free form swimming pool, tennis courts, fitness room, spa, and the Mango Reef Restaurant.
The resort is also affiliated with the Interval International exchange network.
The Turks & Caicos has also seen a marked increase in private air traffic to the islands, with Provo Air Center’s general manager Deborah Aharon reporting 20 per cent growth each year for the past five years. Around 40 per cent of these flights are provided by fractional operators such as NetJets, CitationShares, BusinessJet Solutions and Flight Options.