Colin Montgomerie Plans to Build Golf Course in DR, ..

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Colin Montgomerie Plans to Build Golf Course in Punta Cana Announced, ..

COLIN MONTGOMERIE COURSE IS ANNOUNCED FOR NEW GOLF,
MARINA AND SPA RESORT IN THE DOMINICAN REPUBLIC

Design work starts soon on the first of three signature 18-hole golf courses planned for a luxurious new golf marina and spa resort in the Punta Cana region of the Dominican Republic in the Caribbean.
Due to be completed in mid-2008, it will be designed in association with Colin Montgomerie, regarded as one of the world's best golfers since moving into the top ten of the World Rankings in 1994.
The news follows the signing of an agreement between the developers of the 1 100 hectare (2,718 acre) Punta Perla resort, Paraiso Tropical, Colin Montgomerie and European Golf Design which will create the golf course.
The agreement was signed in the presence of the President of the Dominican Republic, Dr Leonel Fernandez Reyna, during the first state visit to the UK by a President of the country at the invitation of Her Majesty the Queen.
Berkshire-based European Golf Design, which was established in 1992 as a joint venture between the European Tour and IMG to provide a golf course design service has produced successful resort, members' and tournament courses around the world.
In the Caribbean they include Black Bess and Sugar Hill in Barbados, Tryall in Jamaica and Kittitian Heights in St Kitts.

''The announcement of a Colin Montgomerie golf course at Punta Perla will give a further boost to off-plan property sales in the resorts," says Mark Lynn of St Neots Cambridgeshire-based Punta Perla Sales Ltd which is offering around 8,000 homes.
In addition to golf villas they include village townhouses, beach apartments and multi-million dollar luxury mansions. [(The Montgomerie Dubai)]

In a bid to attract investors properties currently are being sold at pre-launch prices as low as U5$392,000 for a two-bedroom apartment on a signature golf course, but when they are released officially at the end of this year, prices are expected to rise by around 25 per cent.
 
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<TABLE cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD class=a18b>Dominican Republic viewed in Europe as tops for tourism investment



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</TD></TR><TR><TD>Santo Domingo.- The newest Dominican luxury resort project under way targets visitors and buyers from South Florida, less than two hours away by plane.
Plans call for a $1.5 billion investment over six years in Punta Perla on the nation's east coast Punta Cana area, already a major tourist draw.

Developers from Spain, with a $1.5 billion investment over six years in Punta Perla, envision a total of 8,500 units ranging from condos at about $200,000 to homes at $1.4 million. They also plan a marina for 450 ships, three golf courses, fitness centers, nature trails, a casino and more on the 2,700-acre property.

Punta Perla is slated as a low-density, Mediterranean-style community, with just 11 people per acre.

Now hosting more hotel rooms than any other country in the area, about 60,000, the Dominican government is encouraging tourism and property sales with tax incentives, new roads and other perks. For example, home buyers get tax breaks on capital gains and rental income.

Builders are Spain's Grupo FCC, using Florida hurricane codes; architects are Spain's B+R Arquitectos Asociados; and local contractors include Deconalva, founded by Spaniards experienced in the hotel industry.



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The observer:

Discover your own deal in the New World

[FONT=arial,helvetica,sans-serif]UK buyers are turning to the Dominican Republic, first 'discovered' by Columbus, says Jon Robins[/FONT]

There are endless ways for British investors to buy property abroad - from a timeshare in the Algarve to doing up an old farmhouse in Bulgaria - so why buy an apartment in the Dominican Republic that hasn't actually been built?

There are two compelling reasons: while the tourist market of the Caribbean has been established for years, the former Spanish colony (which shares the island of Hispaniola with troubled neighbour Haiti) is one of the few places left with capacity for development - especially the Punta Cana region in the east; and buying off-plan can be the best way to maximise that investment.
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You can have your own two-bed apartment with pool overlooking a Colin Montgomerie-designed golf course on the Punta Perla resort for a (relative) snip at $420,000 (£226,000). The apartments are a short stroll from an unspoilt beach lapped by the warm turquoise waters of a natural lagoon. Alternatively, you could go for a more upmarket two-bedroom palapas (a traditional Mexican-style home with a palm-leaf roof) on Star Island overlooking the marina for $595,000 (£321,000). There are 35 properties in total, which will all have automatic access to a private spa club.

As attractive as this sounds, the golf course is, at the moment, only a spark in the imagination of Mr Montgomerie and the resort's developers; the penthouses of 'Star Island' don't exist and the 400-vessel marina has yet to be blasted through the reef, channelled through the coral base of the lagoon and into the island. In fact, the only properties you can buy now on the site are the rusty tin shacks that dot the land. In short the resort is still 2,718 acres of untamed scrubland fronted by almost three miles of stunning and untouched Caribbean beach on the easternmost tip of the island, but that hasn't stopped 1,000 plots out of a total of 8,000 planned homes being sold on the site on the strength of little more than architect's drawings - that number includes 800 institutional investors and almost 100 private buyers in Britain
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