Security is tight at Royal Westmoreland, due to the celeb-heavy quotien
PARISH OF ST. JAMES, Barbados • Although the global economic crisis has taken a toll on Barbados real estate, with home prices in some sectors down 20% and some major projects stalled, British tycoon John Morphet is adamant that home prices at his Royal Westmoreland development will remain firm.
"We won't drop our prices: our owners need to know their homes will retain value," says Mr. Morphet during an interview on the patio of his home on the 750-acre development overlooking Barbados' Platinum Coast.
It's a strategy that appears to be working.
While other projects, including the luxury villas under construction for celebrities such as Simon Cowell and Lord Andrew Lloyd Webber at the Four Seasons Paradise Beach have stalled, Royal Westmoreland is a hive of activity, with several multi-million dollar homes under construction.
Many of Mr. Morphet's customers are British football and cricket stars who want to avoid the paparazzi, and so place greater importance on the exclusivity and security offered at Royal
Westmoreland than on looking for discounted real estate, says Kim Goddard, director of sales at Royal Westmoreland.
"The security here is very discreet, but it's very effective," says Ms. Goddard.
Mr. Morphet, 53, who made his fortune in trailer parks in England, sold a portion of his empire to venture capitalists in 2006 for US$165-million.
"That gave me some cash to spend here," says Mr. Morphet, who purchased the resort in 2004.
A new irrigation system was installed in the Robert Trent Jones- designed golf course, the club house totally renovated and pools and gardens updated. Mr. Morphet also purchased the neighbouring Lancaster plantation to be developed into another golf course community.
The result is that many homeowners, who initially purchased Royal Westmoreland villas priced in the US$1.1-million- to US$1.6-million range, are upgrading to multi-million dollar homes around the golf course or on the hill overlooking the turquoise waters along the west coast of Barbados.
"We've put things right and our owners liked what we have done," says Mr. Morphet.
About 90% of the homeowners at Royal Westmoreland are British, and, while Canadians make up only about 5% of purchasers, Mr. Morphet is hopeful that will change.
"We have a lot to offer here that will appeal to Canadians looking for a home in the sun," he says.
Home prices start at about US$515,000 for a one-bedroom apartment. Three-bedroom villas with a private pool are about US$1.5-million and six-bedroom custom homes with 7,000 square feet of living space and a large private pool are about US$7.3-million and up.
Meanwhile, The Barbados Advocate newspaper is reporting Canadian-based Maybach Corp. has an agreement in principal to take an equity share in the Four Seasons Paradise Beach and will provide working capital to re-start the project in August.
For those who like the idea of having Messrs. Cowell and Webber as neighbours, villas at Paradise Beach cost up to US$30-million.
