TOBAGO, WEST INDIES
Questions & Answers
September 2011
Table of Contents
Section 1 - The Development
Page 3
Section 2 - Development Financing
Page 6
Section 3 – Payment Options
Page 7
Section 1 - The Development
What is the history of Hope Estate?
Throughout the 1950s, the majority of the lands of Hope Estate were utilised
primarily as a large coconut plantation of approximately 607ha (1,500acres) in area.
Hope Estate also accommodated a longstanding residential/resort development
that thrived on the picturesque breezy plateaus that overlooked Hillborough Bay.
The majority of Hope Estate was sold to the State, save a 19.56ha parcel, which has
been retained by the family of the original owner, Mr. John Daly.
The development existed on two parcels prior to 1963 and proudly included:
 The Greensands Cottages Hotel
 The Estate House
 Agricultural Land
 A community of residences
 Beach and bath house
The family has now made a decision to restore the historical heritage of the lands by
reverting to the original land usage.
Who are the Developers?
Sebastien Paddington B.Sc., M.U.P., P.M.C.I.P, M.T.T.S.P.: Mr. Paddington heads
International Project Initiatives Limited (IPI Ltd.) which acts on behalf of the
landowners of Hope Estate (Hope Bay Limited and Tobago Land Holdings Limited)
and is the development company responsible for the development of the Hope
Estate Integrated Development.
Mr. Paddington is Vice President of GENIVAR TT, which is a Caribbean leader in
architecture, engineering and project management, delivering local solutions based
on a global approach to projects. He is also a former vice-president of the Trinidad
and Tobago Society of Planners. He advocates the integrated development of land
and supporting networks, which are aesthetically pleasing and promote human wellbeing and environmental harmony. With over ten years of experience in the
development of land and buildings, Mr. Paddington has been involved in a large
variety of projects producing innovative technical, sociological and economic
mechanisms for integrated land use planning and layout designs in Canada, the
U.S.A. and the Caribbean.
Colin Laird CMG, Hon FAIA, RIBA, Dip Arch, FTTIA: Mr. Laird provides core
architectual support to the project. With over sixty years of experience in the field of
architecture, urban design and planning, he is regarded as one of Trinidad and
Tobago’s foremost contemporary architects and has been listed as one of the top
300 architects in the world.
Mr. Laird is an Honorary Fellow American Institute of Architects, a Fellow Trinidad
and Tobago Institute of Architects and was recently awarded the Chaconia Gold
Medal by the Government of the Republic of Trinidad and Tobago for outstanding
service to the country.
William Agard DLc, Bsc, F.A.P.E., Reg Eng.: Mr. Agard provides core engineering
support to the project. Mr. Agard graduated from Loughborough University in 1960
as a Civil Engineer and worked with Howard Humphrey’s and Sons -Consulting
Engineers, UK until 1968. He joined David Key and Partners in 1968 (Later CEP Ltd)
and retired as the Senior Partner from CEP Ltd in 1999. He is a registered Engineer
with the Board of Engineering and a Fellow of the Association of Professional
Engineers of T&T (F.A.P.E.).
GSAL Designs Limited: GSAL Designs Ltd. provides core architectural support to the
project. Founded in 2006 by its principal Gregory Salandy, GSAL Designs Ltd. has
become one of the top architecture firms based in Trinidad and Tobago’s capital city
of Port of Spain. They offer professional services in commercial, residential,
governmental, institutional, tourism related architecture, landscape architecture,
urban planning and urban design.
Talma Mill Studios: Talma Mill Studios provides core landscape architectural support
to the project. Talma Mill Studios is a leading Caribbean landscape architectural firm.
Since 1991 the firm has been at the forefront of developing Caribbean landscape
architecture with a global relevance. The firm has experience in all aspects of
Landscape Design, Urban Design, Environmental, Development and Tourism
Planning. The goal of the studio is to make a positive impact on the built and natural
environment and contribute to their client’s success and happiness.
J.B. Kelshall & Co.: J.B. Kelshall & Co. provides core legal support to the project. J. B.
Kelshall & Co. is one of Trinidad and Tobago’s leading legal firms. Mr. Lee Kelshall is
the principal lawyer and offers a wide range of legal expertise and advice related to
land and building developments, with extensive experience in Tobago. It should be
noted that J.B. Kelshall & Co have had a long standing relationship with Hope Estate
dating back to the 1950s when Mr. Lee Kelshall’s father was the company’s principal
lawyer, thereby providing Lee Kelshall with a comprehensive understanding of the
past, present and future of Hope Estate.
What experience does the development team have with this type of project?
Mr. Paddington has overseen the Planning and Project Management of some of the
most significant multi-million dollar projects in the recent history of Trinidad and
Tobago and many which have permanently changed the landscape of its major cities.
He has played key roles as Senior Land Use Planner and Project Manager for the
Development of Draft Spatial Plans for Princes Town, Penal/Debe, the Urban Master
Plan Revitalization of Scarborough, the Port of Port of Spain Redevelopment Project
and the Urban Master Plan Revitalization of Central Port of Spain.
Mr. Laird has over 60 years experience in Trinidad and Tobago and the wider
Caribbean. Some of his past projects in Trinidad and Tobago include Queens Hall, the
Hasely Crawford Stadium and Jean Pierre Complex, the Brian Lara Promenade and
the National Library.
Mr. Agard has been designing and supervising civil works in Trinidad and Tobago,
Grenada, Barbados and Dominica for several years. These large infrastructural
projects include road, drainage and sewerage works designed for the Mt Irvine and
Bacolet Developments in Tobago, the Fort Jeudy Developments in Grenada and the
Pax Vale and El Guamal Developments in Santa Cruz and the Darwill Developments,
in Arima, Trinidad and Tobago.
Where is the company/companies registered?
The Republic of Trinidad and Tobago
Who are the main shareholders?
Hope Bay Limited and Tobago Land Holdings Limited are the main shareholders.
Each company owns 50% of the estate.
How large is the entire development?
50 acres
How many parcels are for sale?
The entire Hope Estate Integrated Development consists of 111 lots. Phase I of the
development has placed 46 lots for sale on the market with the remaining lots to be
sold in subsequent phases.
What state approvals have been obtained for the dissection and sale of the
property?
All approvals have been obtained inclusive of T&CPD, WASA, Drainage, Health and
EMA.
Is the land considered leasehold or freehold?
The land is being sold as leasehold under a 999-year lease.
What is the permitted use of the land?
Every Property Owner is responsible for the development of one single-family dwelling the residence, on each lot and/or Parcel in his possession. (Multiple family dwellings will
be permitted under special circumstances and conditions).
Will pets be allowed in the development?
A limited number of selected domestic pets and animals may be kept on individual
properties for the noncommercial use of the Property Owner.
Are there are any height restriction in terms of building on the land?
The building covenants restrict the building heights of all houses to a maximum of
two storeys (approx 8.5m).
Does construction have to commence within a certain time period?
No, you are free to build at your own pace.
Does the developer have any recommended housing designs and an existing
architect that I can work with?
Yes, the main architect for the project, Mr. Gregory Salandy has prepared several
options of housing design that can be utlised by the buyers.
What is the time frame for the development?
The project will commence in the dry season of 2012 and completion will be 8
months thereafter (before the end of 2012).
What will the infrastructure consist of?
 Gated Community with privacy and security
 Landscaped green spaces for active and passive recreational purposes
 Beach access and facilities including restaurant and bar, showers and
benches.
 A communal multi-purpose centre, inclusive of gym facilities, meeting rooms,
and restaurant and bar (linked to the beach restaurant and bar)
 Underground utilities
Does the development have access to a beach and what is it like?
The development sits adjacent to the Hope Beach, which is over a mile long. Hope
Estate owns this beach from the high water mark to the edge of the road reserve.
All beaches in Tobago require public access.
There are comprehensive plans to upgrade the beach facilities inclusive of regular
cleaning, landscaping and construction of an eco-friendly beach bar/grill, benches,
showers, etc.
A feasibility exercise is also being undertaken to ascertain the possibility of
constructing shore protection features in the near future for additional shelter for
boat anchorage, snorkelers, swimmers, etc.
Will there be an owners association and how will this be set up?
Yes. These details can be found within the Deed of Lease, which is available on the
Hope Estate website.
Will there be rental opportunities and will this be managed centrally?
Yes there will be a property management company established for Hope Estate.
Section 2 - Development Financing
How is the project being financed?
All project costs to date i.e. detailed designs, statutory approvals, tendering, road
cutting and clearing, lots clearing, surveys, maintenance, advertising, professional
fees (accounting, legal, project management), etc, have been borne by developers.
The sale of pre-developed lots will provide the additional cash input necessary to
finance the completion of all infrastructural works required for obtaining a
completion certificate.
Several banks (RBL/Scotia/RBC), however, have offered financing should it be
required.
How will the contractor be paid?
The contractor will only be paid upon full delivery and careful inspection and
certification by the project team.
Section 3 – Payment Options & Costs
What are the various payment options?
There are 4 main payment options with varying associated degrees of discount.
These are as follows:
Option 1 - 10% off the sales price:
10% due on signing of Commitment Letter, 15% due on signing of the Sale
Agreement and the balance of 75% of the purchase price payable due in 90 days.
Option 2 - 7.5% off the sales price:
10% due on signing of Commitment Letter, 15% due on signing of the Sale
Agreement, 72.5% due 90 days from the date of the Agreement and the balance of
2.5% of the purchase price payable on the Vendor obtaining the completion
certificate from the Local Health Authority
Option 3 - 5% off the price:
The original terms of payment as per the Sale Agreement, 10% due on signing of
Commitment Letter, 30% due on signing of the Sale Agreement, 25% due after
completion of basic earthworks, 25% due after all infrastructure and utilities are
completed and the management certificate presented and the balance of 10% of the
purchase price payable on the Vendor obtaining the completion certificate from the
Local Health Authority
Option 4 - no discount:
10% due on signing of Commitment Letter, 15% due on signing of the Sale
Agreement and the balance of 75% of the purchase price payable once the
completion certificate is given to the purchaser
Is the down payment held in escrow and how is it released?
Deposits paid are held in escrow until the number of lots required to be sold to
guarantee completion of the project are sold. Once this is achieved the contractor
will then immediately mobilize under the direction of Mr. Bill Agard (Project
Engineer) and the prospective purchasers will concurrently sign the Sale Agreement
with Mr. Lee Kelshall (Project Lawyer). The 10% deposit is then released from escrow
and the additional 15% is paid. Thereafter, all subsequent payments depend on the
purchase option chosen.
What are the expected closing costs?
Upon the decision to purchase a home site, a lawyer must be hired to convey the
property and to do the necessary searches for the property in order to ensure that
the property is being sold free of all encumbrances and with vacant possession.
An Example of Conveyance Charges & Costs are as follows:
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Legal Fees (TT$4,5000-TT$7,000)
Search Fees (TT$1,000.00)
Registration Fee (VAT exempt) (TT$100.00)
Oath/Copies (TT$150.00)
Valuation (on a dwelling) (1/2 of 1% of property value)
Stamp Duty
VAT (15%) is charged on all expenses with the exception of the Registration
Fee, the Stamp Duty and the Search Fee
Stamp Duty on Residential Land (Land Only)
The consideration must be greater than TT$450,000.00 and is calculated as follows:
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When the purchase price is below TT$450,000.00 - 0%
Between TT$450,001.00 and TT$650,000.00 - 2% on every dollar in excess of
TT$450,000.00
Between TT$650,001 and TT$850,000.00 - 5% on every dollar in excess of
TT$650,000.00
When the purchase price is over TT$850,000.00 - 7% on every dollar in excess
of TT$850,000.00
Can non-Trinidad and Tobago resident purchase property in Tobago?
Foreigners are allowed to purchase property in Tobago but they must apply for a
license before doing so.
Application guidelines and an Application form can be found on the Trinidad &
Tobago Ministry of Finance website: www.finance.gov.tt
(Application guidelines: www.finance.gov.ttdocuments/news/mrEC0CBD.pdf and
Application form: www.finance.gov.tt/documents/129.pdf)
Are the various contracts available for viewing?
Yes, all the legal contracts are available for viewing as well as download on the Hope
Estate website which can be found at www.hopeestatetobago.com.