The Development - Banana Residencial Club

The Banana Residencial Club is scheduled to be a development of 100 three bedroom villas right next to a lagoon. The villas are on freehold plots and cost 75,000 euro not including furniture or air con. This seems to me like a very reasonable price, however, this probably has something to do with the fact that the site is a couple of miles from the beach. The gated development will apparently have two communal swimming pools, 24 hour security, tennis courts, helicopter pad, clubhouse, coffee shop, minimarket, gym, private pier access into the lagoon, property management and lettings service, large communal gardens, private fishing lake, kids play areas and a sauna (as if it's not hot enough just a few degrees from the equator!).





These artist's impressions of the villa were taken from the Property Showrooms e-brochure. [Property Showrooms - please email me if you would like me to remove these images. I do not want to infringe on your copyright].

A 1,000 euro reservation deposit is required to reserve your chosen plot. Thirty days later a 30% deposit is required minus the original 1,000 euro reservation deposit. There are four phases of construction but you are required to start making monthly instalments for twelve months before your phase is due to be completed. The final 50% is due on completion. Obviously phases three and four are the safest bet because phases one and two should be well under way before your instalments start. There is a fairly large lot (588 square metres) in phase three so if I go for that my payment schedule would look something like:

June 07 - 1,000 euro

July 07 - 21,500 euro

Jan 08 until Dec 08 - 1,250 euro per month for 12 months

Jan 09 - 37,500 euro

Total payable = 75,000 euro

The price includes kitchen & bathroom fittings and built-in wardrobes. An optional furniture pack, including air con, is available for 10,000 euro (a very round sum!) and a private pool is available for 10,000 euro (another very round sum!).