Last Updated on October 6, 2022, 8:29 AM AST by Anthony Morris
Roseau: The Residences at Secret Bay, The Commonwealth of Dominica’s most renowned and the only six-star all-villa resort reports that it has paid out more than the US $1 million in returns to investors. The crown jewel development of the island nation currently has more than 100 Citizenship by Investment (CBI) owners from all over the world.
CBI Project is exceptionally famous and was a part of the award-winning resort Secret Bay. The resort has just released year-over-year results between the fourth quarter of 2019 and the second quarter of 2022. According to the report, the Residences at Secret Bay surpasses all the performance expectations in terms of total sales, ADR, occupancy rate, CBI investor growth, and resort staff growth throughout this time.
Additionally, the team of Secret Bay has finished the delivery of new villas and facilities on schedule. This success, along with the fact that according to the Professional Wealth Management or the PWM Magazine, a subsidiary of The Financial Times, the Commonwealth of Dominica was named the “Best Country for Citizenship by Investment in the World” — for the sixth consecutive year — further demonstrates the position of the Secret Bay as the industry leader in CBI real estate investment opportunities.
Year-over-year growth successes include:
- The Residences at Secret Bay increased from 41 investors in the second quarter of 2021 to 103 investors in the second Quarter of 2022, accumulating to a 151% increase.
- The entire ROI from Q4 2019 to Q2 2022 was USD 1 million, with an average ROI of 3.6% and a higher ROI after accounting for operating days of almost 7%.
- The count of villas was doubled in number between 2019 and 2022 and expected to further double in size after another two years in 2024, reaching 28 villas.
- The operating occupancy rate rose from 58.9% in 2019 to 90% in the year 2022.
- From 2019 to RECENTLY, the Average Daily Rate (ADR) rose from US $957 to over US $1,000.
- From the fourth quarter of the year 2019 to the third quarter of 2022, the number of employees rose from 33 to 104 – a 215% boost.
- Non-CBI transactions accounted for 36% of revenue, including The Residences setting a Dominica price record with the sale of a US $7.2 Million multi-villa compound last year.
According to Gregor Nassief, proprietor of Secret Bay and The Residences at Secret Bay, and CEO of GEMS Holding Limited, “Our years of hard work are a testament to Secret Bay Value proposal from an investment perspective and sets the stage for future years of growth and profitability for our investors”.
Furthermore, they showed gratefulness for their investors and the responsibility of the resort management and development team that they permitted secret bay to achieve this level of growth in just three years. They also thanked the management and said they were excited about the future.
The staff of Secret Bay:
Not only did they maintain exceptional growth or performance in these three years, but Secret Bay also introduced several state-of-the-art amenities, including a heralded restaurant, spa, a wellness pavilion, a welcome house, a lap pool and bar and many more such facilities. Moreover, a number of new amenities are under construction, including a second restaurant and bar, boardwalk, art, funicular, chef’s table and EV charging stations, and floating platforms, all of which will be unveiled over the next 12 months.
Secret Bay Gwiyavye’ Lap Pool & Bar
For more than ten years, Secret Bay has consistently been recognised for its exceptional design, experience and service by such global travel and lifestyle publications as Architectural Digest, CNN, Fortune, National Geographic, Outside + Leisure + the cover of Travel and The Telegraph.
In 2022, for the 2nd time in three years, Secret Bay was recognised as one of Travel + Leisure’s top 500 hotels worldwide and the #1 Resort Hotel in the Caribbean, Bermuda and the Bahamas. This property is the only one-on-one property in Dominica associated with the elite luxury brand Relais & Chateaux.
A number of global publications like Departures, Architectural Digest, Luxury Magazine, Ocean Home Magazine, New York Post, Wealth Magazine, Robb Report, Wall Street Journal and, among others, recently featured the residences.
The establishment was not only recognised for its impressive offering but also for its most coveted amenity — second citizenship.
The unprecedented growth in the luxury eco-resort sector, majorly fuelled by the USA and European market with savvy travellers looking for natural beauty is a growth area. Dominica, often considered the best-kept secret in the Caribbean, stands to charm this market, making Secret Bay into even more of an attracti to investors.
The Residences’ CBI offering is priced at the US $208k for fractional ownership and US $1.5 million for complete ownership.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
