Palm Reef Resort

  • Price: $149,975 – $1,070,400 US  “pre-construction”
  • Studio, 1BR, 2BR, 3BR, Penthouse Units
  • Sq.ft.       (663)       –              (2,473)
  • Status: Active
  • 76 Units – Phase I
  • Location: Maya Beach, Placencia Peninsula Midway
  • HOA Fee:  .53¢ sq.ft. /mth.
  • I.D.#CCB01
  • MLS#

Palm Reef Resort
Palm Reef Resort is located in Maya Beach, on the stunning Placencia Peninsula in Southern Belize. This luxury Condo Hotel offers a “Turnkey” Ownership solution for astute investors, retirees and those looking for a lifestyle investment.
Construction has commenced on Phase I of this three phase project includes 76 units in two six story buildings located on 400 feet of Caribbean beachfront. Palm Reef has been designed as an “Experiential Luxury Resort with all the services, facilities and amenities required by major international Hotel Brands.
Facilities & Amenities include:
• A luxurious dining experience that caters from A La Carte indoor dining to outdoor “Al Fresco” dining with views out over the infinity edge pool and beachfront.
• A Luxurious full service Spa with private treatment rooms, relaxation areas, water treatments, sauna, salon and retail
• Uniquely designed three swimming pools with over 360 feet of linear sea frontage, all infinity edge, with a unique swim up and dry pool bar.
• Fully serviced private Cabanas, fully serviced beach with Chaise Lounges and Palapa’s.
• Fitness Center onsite.
• 2 unique indoor/ outdoor event rooms, elevated up six stories, all designed for private events, whether it’s a Yoga session to the rising sun, Pilates session or a tropical wedding.

Palm Reef Resort has raised the bar in development for the region and offers investors an opportunity that has been designed to simply be better in all aspects…Palm Reef was created from the ground up as a condo hotel, that means that standards, specifications and operational layouts have been designed to function as a mainstream tourism product and not a condominium complex trying to be a hotel…Palm Reef brings a number of firsts to development in Belize and has set a new standard for design, operational layout and facilities for projects in the region.

PRICES:

  • Jr. STUDIO/STUDIO 403-583 SF – Starting $ 149,110 US
  • 1 BEDROOM 633-674.5 SF – Starting  $ 234,210 US
  • 2 BEDROOM 1,343-1,426 SF – Starting  $ 510,340 US
  • 3 BEDROOM 2,473 SF Starting$1,070,400US

Features Summary:

• Smart Design Lock Off Units.
• Sub Zero™, Viking™ Kitchens.
• Professionally Managed Rental Program with Equitable Revenue Sharing.
• Professional Management Company.
• Designer Residences with Granite Counters and Travertine Floors.
• Private Elevator Key Card Access to Residence levels.
• Reception, Concierge and Courtesy Vehicle.
• 24 Hour Security, Secure Parking.

-Exquisitely appointed designer residences
-Indigenous exotic wood and stones
-Mayan and African inspired art and pottery
-Pristine beach with beautiful sunrises and sunsets
Amenity Summary:

-Expert residential management and 24 hour reception
-Wheelchair accessible
-Infinity pool with pool loungers, cafe and bar
-Restaurants and meeting rooms
-Exclusive spa, fitness and salon
-Rooftop gardens and Yoga studio
-Customize all inclusive group getaways

Deposit or Down Payment:

An initial Deposit or Down Payment representing 15% of the purchase price, shall be paid upon signature of the agreement to the escrow account of Palmetto Holdings, Limited.

Stage Payments: –

A Second Payment representing a further 15% of the purchase price, shall be paid upon completion and verification by Site Architect of completion of ground floor slab of your Building, this stage ensures that all structural piles and foundations are completed.
A Third Payment representing a further 15% of the purchase price, shall be paid by upon completion and verification by Site Architect of completion of ceiling slab of your individual residence.
A Fourth Payment representing a further 15% of the purchase price, shall be paid upon completion and verification by Site Architect of completion of exterior walls of your individual residence.
A Fifth Payment representing a further 15% of the purchase price, shall be paid upon completion and verification by Site Architect of completion of the flooring, exterior windows and doors, and electrical, plumbing and HVAC rough-in of your individual residence
The Final Balance Payment representing the remaining balance of the purchase price or 25%, shall be to the escrow account of Palmetto Holdings Limited on the date of the completion of the construction.
Rental Revenues On Accommodation Rentals:

Are calculated on a simple basis, net receivable rental income is simply money received from rentals after subtracting Gov. Business Tax (1.75%) and HIC (Hotel Industry Commissions – Expedia, Hotels.com, Travelocity etc.). The net receivable rental income is then split 75% to you the owner and 25% to the management company.

The rental program is voluntary and there are absolutely no restrictions on owner usage, whether its’ a week or three months, your residence is yours to enjoy.

Project Description: Palm Reef Resort is an upscale, eco-friendly, condominium resort community, in which owners can use their condominium as they wish and place it in the optional Resort Rental Program to generate revenue when they’re not in residence. Palm Reef Resort will be developed in three phases. Located on an 8-acre site, the resort will ultimately have seven residential buildings with ground floor amenities including upscale restaurants, spa and fitness, wellness, shopping and entertainment venues and an art gallery. Palm Reef Resort will house additional amenities including a marina, tennis court, pickle ball court, children’s playground, storage units, and reception buildings including the existing 5,000 sq. ft. central facility currently being used as the Palm Reef Resort Sales and Presentation Center. Palm Reef Resort is completely wheel chair accessible. All of the residential buildings and amenity complexes at Palm Reef Resort will overlook both the Caribbean Sea and the Maya Mountains. The construction and design of each building will use the best methods of “green” construction, such as advanced technology, efficient and cost effective construction materials, solar power, and LED lighting. Palm Reef Resort, in southern Belize, is in a safe, tropical location that specifically caters to the North American, middle-class retiree, investor and vacation/second homeowners.

Facilities & Amenities include:

-A luxurious dining experience that caters from A La Carte indoor dining to outdoor “Al Fresco” dining with views out over the infinity edge pool and beachfront.
-A Luxurious full service Spa with private treatment rooms, relaxation areas water treatments, sauna, salon and retail
-Uniquely designed three swimming pools with over 360 feet of linear sea frontage, all infinity edge, with a unique swim    up and dry pool bar.
-Fully serviced private Cabanas, fully serviced beach with Chaise Lounges and Palapa’s.
-Fitness Center onsite.
-2 unique indoor/ outdoor event rooms, elevated up six stories, all designed for private events, whether it’s a Yoga session  to the rising sun, Pilates session or a tropical wedding.
Palm Reef Resort has raised the bar in development for the region and offers investors an opportunity that has been designed to simply be better in all aspects…Palm Reef was created from the ground up as a condo hotel, that means that standards, specifications and operational layouts have been designed to function as a mainstream tourism product and not a condominium complex trying to be a hotel…Palm Reef brings a number of firsts to development in Belize and has set a new standard for design, operational layout and facilities for projects in the region.
Current Offering: Phase 1 will consist of two, six-story buildings with 76 condominiums in total, restaurant and bar, Spa and Fitness Center, and the existing 5,000 sq. ft. central facility currently being used as the Palm Reef Resort Sales and Presentation Center. Phase 1 is located on two acres of land with 400 feet of Caribbean beachfront, with all buildings overlooking both the Caribbean Sea and the Maya Mountains.

Construction Begins: Summer 2016

Construction Completion Date: Summer 2017

Resort Operation: Palm Reef Resort will operate as a full service condominium resort. Owners have the option to place their condominiums in the Resort Rental Program and will receive 75% of the net rental revenue. There are no restrictions on Owners using their condominiums units. See Resort Rental Program Terms Later in this data sheet for more details.

Resort Services:

-24- hour security
-24- hour multi-lingual hotel concierge
-Valet Parking
-Spa, in-room or poolside massage
-Maid service
-Airport shuttle service
Residential Building Features/Amenities: The lobby of each Residential Building will have an indoor river with a bridge meandering through it and commercial amenity venues. Phase 1 will house a Beachfront Restaurant and Bar in one building and a Spa and Fitness Center in the second.
Additional Palm Reef Resort amenities include:

-300 ft. long saline pool with garden islands, waterfalls, and a swim up bar in each Phase
-Covered Lanai/Pool Lounge Area in each Residential Building
-Bay front Boardwalk and walking trails throughout the resort
-Decorative water and fire features throughout resort
-Up to 200’ pier extending into the Caribbean Sea
-Rooftop complex including gardens, whirlpools, and open air kitchen and bar
-Elevator in each building
-Mini-storage units
-Marina with to 100 slips accommodating boats up to 100 ft. with an over-the-water restaurant and bar facility.
Suites  Features: Exquisitely designed Jr. Studio, Studio, and One, Two and Three- bedroom resort residences.

Each unit will have the following features:

-Fully furnished in a Contemporary Tropical design
-Panoramic views of the Caribbean Sea, lagoon (bay) and Maya Mountains
-Private balconies with outdoor showers
-Energy-efficient Low-E exterior window glazing and sliding patio doors
-Plasma TV’s with cable service
-Marble, stone and porcelain tile floors, living and dining areas
-Stacking washers and dryers in each unit
-State-of-the-art electronic entry- lock security system
-Wireless high-speed Internet service in the two and three bedroom units, Owners will have these extra features:
-Outdoor patio gardens
-Outdoor kitchen/barbecue station
-Balcony hammocks
-Kitchen Features:
-Custom hardwood cabinetry
-Granite or stone counter tops and back splashes
-Studio, One, Two and Three-bedroom units features:
-Full-size four-element ceramic radiant cook tops and stove oven, microwaves and dishwashers; full-size Sub-Zero  refrigerators; variable- speed range hoods, and stainless- steel sinks.
Master Bath Features:

Marble or stone flooring and walls
Custom designed marble, granite or stone designer-quality mirrors and lighting, and solid hardwood cabinets.
Maintenance: HOA fee is $.53 per sq. ft. and includes real estate taxes, comprehensive building insurance, exterior general maintenance, common area electricity, water, cable, butane, diesel, Internet, garbage collection, building security, Wi-Fi, valet parking and 24-hour security.
Real Estate Taxes: The real estate taxes are covered in the cost of the HOA fees; however, at closing, every buyer will pay to the Government of Belize a stamp duty equal to 5% of the purchase price of the unit.

Parking and Storage: Short-term parking is free for all Owners while they are in residence. Valet parking will also be available, and if needed, your vehicle can be parked in long-term storage for a fee.

Location: Nestled between Mexico’s Yucatan Maya Riviera to the north and Guatemala’s lush jungle to the south, sparsely populated Belize is a Central American paradise! Belize offers tropical jungle flora, endless sandy beaches, an aquamarine Caribbean sea, countless islands (or Cayes), the largest Barrier Reef in the western hemisphere with world-class snorkeling, diving and fishing, Mayan ruins, rivers, caves, and even casinos!

Palm Reef Resort is located in Maya Beach, on the Placencia Peninsula, in southern Belize. The Placencia Peninsula is a 35- minute flight from Belize City, a ten-minute drive from the new international airport and a two-hour flight from the continental United States. There are many new projects under development on the Placencia Peninsula, including a golf course, casino and yacht club, convention facilities, and southern Belize port-of-call cruise ship terminal.

About Belize: Belize, formerly known as British Honduras, is a country of 350,000 whose population is primarily English speaking. It is a former British colony and is a current member of the British Commonwealth. Belize’s legal and banking system are based on British Common Law. It is a top tax haven that is considered by the American Association of Retired Persons and International Living Magazine, CNN and Forbes Magazine as one of the top areas in which to retire in the world. Belize has white sand beaches, a protected barrier reef, outstanding Mayan ruins, spectacular jungle flora and fauna, contemporary villages and modern facilities. It has attracted many of the world’s best resort operators, including Francis Ford Coppola’s Turtle Inn and Blancaneaux.

Non-stop flights are available from Belize City to Houston, Miami, Atlanta, Dallas, and Charlotte, North Carolina.

Pets: Pets are restricted as defined in the Palm Reef Resort Covenants & Bylaws
Resort Rental Program Terms: Owners at Palm Reef Resort will have an opportunity to participate in a professionally-managed Resort Rental Program. Please inquire for complete information.
Management: The property will be managed by a professional management company in conjunction with the Executive Committee of the Strata Corporation.

Exchange Privileges: Palm Reef Resort has a marketing partnership with Intra west International, one of the world’s largest resort developers, representing Belize in their Resort to Resort Program, an Exclusive Homeowner Exchange Network. Palm Reef Resort condominium unit owners have the ability to exchange the use of their resort home for luxury accommodations in the most sought-after international destinations.

Financing Sources: Interest rate of 6.5%. Bank financing is also available from local banks for up to 60% of the purchase price. Bank loans are typically offered at rates of approximately 9.5%.