This 2BR home with 2BA offers a great opportunity for rental revenue in one of the most beautiful resorts in Cayo. These units are fully equipped for a quick visit or full-time living with a full kitchen and washer/dryer. This model includes a pool and can be located right on the banks of the Sibun River if you so desire. Best of all, there are no limits on how much you can use the home yourself. The lock-off design of this bungalow allows it to be rented as either a 1BR or 2BR unit, keeping your occupancy levels at the maximum.
The Banks
This is a 4.5 acre subdivision within the Sleeping Giant Rainforest Estates with 50 by 90 foot lots and 50 by 45 foot lots. Homes here will have more tightly designed housing plan which features seamless indoor/outdoor living spaces, beautiful landscaping, light-filled indoor spaces, and private courtyards with plunge pools.
This resort residence community will consist of 24 homes. The homes would qualify to be part of a rental program marketed directly as part of Sleeping Giant Resort. This resort extension will also have a common area with lobby/concierge, restaurant/bar, swimming pool, river access & toys, and dining palapa on the riverbank.
In the Sleeping Giant Rainforest Estate, The Banks will be located on lots 3,4, 5, 6, 7, and 8 along the Sibun River. Lot 66 across the street will also be a part of this.
Pricing:
For the first phase of this project, homes start at US$343,400 for a two-bedroom with full kitchen and laundry and pool. A riverside location runs $383,400 for the same home.
Owners Club:
Buyers will become a part of the Owners Club, which gives owner’s the benefit of access to other resorts in The Belize Collection at a 20% discount on the best available rate along with a 10% discount on food, drinks, and tours.
Construction:
Construction has already started on the amenities, beginning with the river deck, dining area, and bar. This will be followed by the construction of the pool and lobby. Once amenities are complete, we’ll move on to the construction of the one bedroom units, followed by the two bedroom units
Total construction time will be a year and a half.
Property/Rental Management:
Rental of these units will be available through our management company The Belize Collection. The onsite management is provided by Sleeping Giant Rainforest Lodge. It is not possible to rent the homes independently from our operation as we want to maintain consistency of our product offering in terms of product quality, packages offered, and pricing.
Owners have the right to enter their units into the rental program or use the units for themselves, their friends, and family. There are no restrictions as to how many days an owner can use their unit and they can participate in the rental pool as much as they wish. Entering and leaving the rental pool is as easy as blocking off room nights with our reservation’s office. One stipulation is that any unblocked room nights that are booked need to be honored by the owners. We cannot kick booked guests or cancel existing reservations for the owner’s use.
Rental Split:
The management agreement has a split of room net room revenue 70% to the owner and 30% to the resort. The net revenue is net of sales commissions.
Expected Income:
The Belize Collection hotels have a long history of well-run resorts achieving high occupancy rates at good average daily rental rates. The projections for the rental of the homes are based on similar room styles at Sleeping Giant and the rental history of those rooms. From that historical data, we expect a ROI of 11-12% at stabilization (when the room rates and occupancies of new rooms stabilize). Proformas of the two home styles are available at your request.
Financing:
Financing is available up to 40% of the purchase price at 7% annual interest on a 15 year amortization and a 3 year term.
HOA Fees:
There is a US$200 monthly HOA fee to cover common area costs around the buildings such as exterior grounds/gardens, exterior maintenance like pathways on the property, the roof, and exterior painting of the buildings.
