Construction on the first phase of villas began in February 2023, and are scheduled to be complete in June 2024. This first phase will include 3 – Two Bedroom Villas, 9 – One Bedroom Villas, the river deck bar and restaurant area, and the community pool.
Each the Two Bedroom Villas currently under construction are now sold. If a buyer is interested in purchasing a Two Bedroom Villa, they would have to go through the whole construction process, and the total construction time would be 18 months.
There are still One Bedroom Villas currently under construction which are available for purchase.
One Bedroom Courtyard Villa (Valley View) – US$289,000
Two Bedroom Courtyard Villa (Valley View) – US$429,000
Two Bedroom Courtyard Villa (Riverfront) – US$479,000
The price includes the villa, lot, furniture, and appliances. A complete turnkey property.
The villa construction is broken up into 5 phases. Upon completion of each construction phase, a deposit equalling roughly one fifth of the total cost would be paid. Upon signing the Sales Agreement a preconstruction deposit would be due, and the first phase of construction would be completed and proven to the buyer. Then the next deposit for second phase of construction would then be paid, and then the second phase would be completed. This process would continue for 3 more phases until the end of construction when the Final Inspection deposit would be due. Each of these deposits would be non-refundable.
13 Two Bedroom Courtyard Villas
21 One Bedroom Courtyard Villas
Yes, seller financing is available. Buyers can finance up to 40% of the total cost at 7% interest for 3-year term, with a 15-year amortization. Mortgage payments would begin after construction of the villa. A balloon payment would be due at the end of the 3-year term.
Closing cost would be 4% (of the total property cost). This is for share issuance, Central Bank approval, preparation of mortgage (if any), and Stamp Duty on mortgage filing.
The initial monthly HOA dues will be set at US$200.00 per month for the first two years after completion of the villa, for those units that are participating in the rental pool. For buyer’s not participating in the rental program, the HOA dues will be set at US$400.00 per month. After the first two years the HOA will be set annually thereafter based on a budget established by the Directors of The Banks at Sleeping Giant Limited.
HOA fees are to cover all common expenses such as security, concierge service, the maintenance of the common areas within The Banks such as the road right of way and gardens, the swimming pool and surroundings, and the river deck, but not any costs associated with the operation, maintenance or repair of the individual Units.
There is a Resort Fee component of the monthly HOA dues of US$50.00 to ensure property owners of The Banks have access to neighboring resort facilities of Sleeping Giant Rainforest Lodge and amenities at Sleeping Giant Rainforest Estates through a separate agreement.
Annual property taxes are low and anticipated to be US$15-US$30 annually.
Rental of the villas is 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 units independently from our operation as we want to maintain consistency of our product offering in terms of product quality, packages offered, and pricing. There is a legal restriction as well, the Belize Tourism Board will only give out one hotel license per property, so all 34 villas on this property must operate under the same hotel license.
The split is 70% (owner)/ 30% (resort) on all generated rental revenue, net of third-party commissions.
No. Owners have the option to enter and exit the rental pool as they please.
There are no blackout dates for owner usage, and no restrictions as to how many days an owner can use their unit or participate in the rental pool. 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. We cannot kick booked guests or cancel existing reservations for the owner’s use.
Based on the historical rental performance of comparable unit categories at Sleeping Giant Rainforest Lodge, for the One Bedroom Villas we anticipate US$18,000 – US$20,000 a year in net cash flow after all expenses. For the Two Bedroom Villas, we anticipate US$30,000 – US$33,000 a year in net cash flow after all expenses. Depending on your villa of choice, your ROI on the property will run around 6% – 8%. The annual occupancy rate for the current Sleeping Giant Rainforest Lodge hotel units’ averages about 70% – 75%.
This typically includes about a month of owner usage. Often our owners use the property off-peak times so the impact on rental income is not really that significant. If for instance, an owner came during Christmas and the month of March, two prime periods, they would adversely affect revenues.
Proformas for each villa type can be provided upon request.
Yes, the Two Bedroom Villas are designed for maximum occupancy and have the flexibility to be rented as a single room and one bedroom suite w/ pool and kitchen, or a two-bedroom villa w/ pool and kitchen.
Owners would become a member of The Belize Collection Owners Club, which would entitle them to a discount of 20% off the best available rate at any Belize Collection Resort, and 10% discount on food, beverage, tours, and private transfers.