City living, living slick

Even with an “escalation clause” built into the contract and maintenance fees worked out by the square foot, prospective home owners at one woodbrook place in Port-of-Spain, are still shelling out millions to own a piece of it. Already, hundreds of prospective homeowners have been disappointed to find out that there is absolutely no place for them at One Woodbrook Place, the newest up-market housing development. The price of the apartments was just out of their reach. For those who could still cough up over $2 million, however, there are roughly about 25 three-bedroom units remaining, and they are going from $2.3 million to $2.9 million a piece. But before you rush down to Home Construction Ltd’s site office, hold your millions.

As of last week Monday, there were about 1,000 more applicants to be interviewed. Bear in mind, too, that today’s price may not be your final purchasing figure. Successful buyers have to agree to a 15 to 20 percent “escalation clause” to cover possible hikes in construction costs. Meanwhile, the prices are climbing and can skyrocket well beyond the penthouse view. In May, while excavation was under way, a studio apartment was quoted at $600,000 by HCL’s managing director Anthony Fifi. By September 13, that price jumped by over 30 percent to $800,000. In queries to HCL’s sales office on September 20, the price was put at $850,000 for the second phase. The figure for a penthouse, which was once estimated at $3.5 million, is now available.

Buyers will also have to put out a maintenance fee of $11 per square foot, per annum. For example, for someone who owns a three bedroom apartment comprising 2236 square feet, that translates into $24,596 or $2049.66 per month. One Woodbrook Place has never been advertised on the open market, but HCL, the force behind the project, began receiving some 3,000 applications for the 425 units, two and a half years ago. The $850 million development, which borders the Western Main Road, (near Roxy Roundabout) Damien Street, Tragarete Road and the Maraval River, has been in the making for almost ten years. Excavation work finally began a few months ago. The first phase of the project would be complete by December 2006, and a second phase in 2007.

The 11-acre site will comprise four towers at 22, 14, and two at 12-storeys high with amenities, such as a business centre and shopping facilities. Throw in an entertainment area with pool and spa, jogging track, food court and private residents’ lounge, along with state-of-the-art surveillance security system, and you have a promise of the “best in classy living.” But while workmen continue digging down, the fate of the fourth tower is up in the air and it may not be constructed after all. New plans have been submitted and the future lies with the Town and Country Planning Division’s approval. However, HCL’s sales representatives said that as far as they know the four towers would be built according to the original plan, if the new plans are not approved.

Doing without One Woodbrook Place

Editor of the Sunday People Magazine, Debra Ravello Greaves, gives a first hand account of a recent interview she had as a prospective purchaser for One Woodbrook Place

I was among those house hunters who didn’t make it to One Woodbrook Place, but I can’t say I was disappointed. Two years ago I submitted my name to HCL as a prospective buyer — this was a chance for this country girl to own a prime piece of the city’s plantation. That idea was razed when I read Fifi’s quotation of the prices of the units in an interview some months ago. I long recognised those prices were way out of my reach. One Woodbrook Place has become a dream gone awry for many people faced with the reality that trying to buy quality property close to the city, or anywhere else for that matter, is becoming more and more elusive. Fifi was quoted as saying the apartments were aimed at “the starter market, young professionals like doctors and lawyers,” ...and you know journalists are not in that big money league. He was confident that “we will sell it out” and noted “there is a lot of money around.”

I understood his language, and being well familiar with the saying “money talks”, I knew I was eliminated. So, when I received the call informing me of my appointment for One Woodbrook Place, I decided to keep my date with destiny and to be real about it. I went knowing the financial odds were stacked a few storeys high against me and presented myself out of pure “farseness,” really, than any false hope that I would indeed one day be a resident at One Woodbrook Place. “So what type of unit you are looking for?” the gentleman enquired. “Two bedrooms,” I said bold-faced, trying to sound like I really meant business. “Sorry, those are all gone,” he replied. “All we have remaining are 25 three-bedroom units.” He rattled of for the varying prices and descriptions. I told him I would not be able to afford those and asked about the studio apartments, if those were gone too. Yes. At $800,000 those were sold out. I pointed out that the price was supposed to be $600,000. That’s when he admitted that a lot of people were not expecting the prices to be so extreme and he had witnessed a lot of disappointed faces because of that.

What did the two bedrooms go for? Between $1.7 and $1.8 million, he replied, noting that the units were being sold at an attractive price as such types of housing accommodation were now commanding $3 million and above. Indeed. A furnished, two-bedroom apartment with a view of the ocean at the once-snubbed Bayside Towers on Western Main Road is now selling at $3 million. And, it’s going to get worse. For some new high-rise developments planned for the West, the starting prices could be double that of One Woodbrook Place. One developer, who plans to build 22 high-rise apartments at Shorelands, will reportedly begin selling at $4.5 to $5 million, so far. The upsurge in serious criminal activity has not deterred anyone from buying property and with the TT economy set to remain strong, no one in the real estate business is expecting the prices to drop any time soon. Exactly who made it thus far to One Woodbrook Place? They have been mainly business people, professionals and a few salaried people. The majority are TT citizens, while very few foreigners and some locals abroad who want to return home, have also exp-ressed interest in the project.

Those who got past the first interview must pay a ten percent down payment three days after, and a further ten percent in 14 days. Once they are over those hurdles, they will be expected to pay another 30 percent upon structural completion estimated to take about 12 to 18 months and the final 50 percent on hand over. My interviewer did not let me leave empty-handed, but offered me a choice of properties at Moka, which I declined for obvious reasons, or at another upcoming project in Arima — a long way from Woodbrook. The price of the Arima single housing unit is still undecided, but “might” begin at $500,000. Judging from the track record, by the time that is actually built, the price could be anywhere in the region of $750,000 or close to $1 million, effectively ruling me out again. So, move over HCL. Step aside One Woodbrook Place. NHA, here I come! Hello! Hello! Calling Keith Rowley, Andre Monteil, Noel Garcia. Somebody, anybody, please, please fast-forward my application. It looks like the only way I would be able to afford a gated-community home in TT, is when the NHA builds it or by a miracle from God Almighty.