Marigot Bay is the inspired setting for Discovery, an apartment hotel and marina development on the beautiful Caribbean island of St. Lucia. Located on the sheltered western side of the island, the bay is one of St. Lucia’s most photographed sites and has featured in many films by directors anxious to capture the epitome of a tropical paradise. Cutting gently into a hillside, rich with lush vegetation and tropical blossoms, Discovery is surrounded by gardens cultured with the aim of enhancing, rather than replacing the existing flora. This has resulted in a typically St. Lucian habitat punctuated with mango, almond, citrus and magnificent palm trees.

Discovery comprises just 57 luxury properties overlooking the bay, each fully fitted and furnished to an exacting specification. Clad in natural materials and constructed in an architectural style sympathetic to the surrounding environment, there is a distinct accent on outdoor living at Discovery, with every opportunity to embrace the Caribbean lifestyle. Each and every year, you are entitled to six or seven weeks stay absolutely free at your Discovery retreat, whilst for the remainder of the year your property will be incorporated into the hotel rental program. All the apartments have air-conditioned bedrooms, fully equipped kitchens and ‘lock off areas’ where owners can store personal belongings in between visits.

Mangrove 1A
Three bed apartment at garden level at the front, with plunge pool at US$610,000.

Mangrove 2B
Three bed apartment at garden level at the front, with plunge pool at US$675,000.

Mangrove 4C
Three bed apartment on the first and second floors with views over the gardens, into the bay at US$660,000.

History 7C
Two bed penthouse apartment with bay views at US$600,000.

History 8A
Two bed apartment at garden level, with plunge pool at US$550,000.

History 10B
Two bed apartment with restricted garden views at US$495,000.

Festive 4A
Two bed apartment, with plunge pool on the deck at US$575,000

Cash Back
The existing owners will give an income guarantee of 5% per annum for two  years by way of an immediate ‘cash back’ off the prices quoted above. As a result the net prices are:

• Mangrove 1A – US$549,000
• Mangrove 2B - US$607,500
• Mangrove 4C – US$594,000
• History 7C – US$540,000 RESERVED
• History 8A – US$495,000
• History 10B – US$445,500
• Festival 4A _ US$517,500

Rental Income
From 1st January 2009 new owners will share in the Rooms Division profit on a 50:50 basis with the Developers. It is unlikely that there will be any dividend in the first year and that is why the existing owners are giving the ‘cash back’ offer outlined above.

No Ongoing Charges
With Discovery Hotel attending to all management and maintenance costs, you have the reassurance of knowing your property is secure and being looked after, free of any ongoing costs. There are no annual charges to pay.

Leasehold
The properties are sold on a lease which expires on 30th June 2105. However, every 25 years an application will be made to Government to renew the lease back up to 99 years.

Company Purchase
All the apartments are currently owned by St Lucian companies and the purchase will be by way of purchasing the shares of the company owning the apartment.

Purchasing Costs
Because the properties will be purchased by a share transfer, Stamp Duty of 2% is not applicable and instead there will be a Share Transfer Tax of 0.5%, saving the purchaser 1.5%. All the companies already hold Alien’s Licences and a new Licence is not required, saving approximately US$1,800 and all allowing the purchase to complete in a timely fashion. Lawyers fee are likely to be in the order of US$12,500 to US$15,000.

Terms of Purchase
To reserve an apartment there is non-refundable deposit of US$5,000 payable on Visa or MasterCard. 30 days after reservation payment of 50% of the purchase price, less the reservation fee. Balance on completion, within 60 days of signing the reservation agreement.