Another major international development for PE-based Mantis Group

01 Feb 2016 | Admin Author

One and half years of tough negotiations has culminated in the PE-based Mantis Group concluding an agreement with a Mauritian property developer that will bring five star island living to the South African market.

Mantis Group head, Adrian Gardiner, on Friday signed and sealed the deal with Mauritian husband and wife team, Bhooshan and Belinda Ramloll, who are developing a high-end hotel on secluded land in Koki Bay in the north of Mauritius.

Gardiner says Mantis will operate the site and will also acquire several of the 78 units being developed.

Units are priced from $250 000 going up to $800 000 for luxury villas.

Investors are guaranteed at least four percent return on their investment for the first three years.

Gardiner says the marketing of Koki Bay in South Africa will now get underway.

"For me I'm just so proud to say that it's an iconic product. The head-office again is Port Elizabeth which is at the forefront at one of the most significant developments in Mauritius," he said.

The Koki Bay Development, according to Bhooshan Ramloll is around 1.2bn rupees or around $350m.

He says they opted for the so-called 'invest-in-hotel scheme', because after the global economic crisis banks wer not readily making financing available for pure hotel developments.

Ramloll says the uptake in the development has been good, with around 41 percent of the units already sold to investors from France, Tunisia and Reunion and that South African investors can get involved through the Mantis Group.

"When you buy units you (have) full ownership. So, you can buy and resell. The second this is you get a 4% return guaranteed for the first three years and we have a projection of 5% to 5.1% for the next two years," said Ramloll.