(Seychelles News Agency) - Developers of an award-winning luxury beach-front apartments project have completed phase one of their venture and are ready to welcome the first residents by the end of November.

Vincent and Georgia Van Heyste, the husband-wife developer team of the project, told SNA that they have received their partial occupation certificate from the local planning authorities for Block A.

“I am furnishing a few of the apartments and by the end of November, it should be done, at which point the buyers can start moving in,” Georgia, told SNA.

Georgia has worked with two renowned property development companies - Candy & Candy in London, and Kondylis Design in New York - as interior designers.  Together with her husband, they own Panosco Properties that was established by Panos Papakokinos, Georgia’s father.

Block A was part of phase one of the construction of the luxury apartments dubbed Pangia Beach, located in Providence.During the first stage of construction, the developers also completed some of the amenities that will be on site - a clubhouse with an infinity pool, a gym, parking areas and garages.

A view of block A completed in phase one of the project. (Pangia Beach) Photo License: All Rights Reserved

With the completion of phase one, Vincent said that “the pace of sale has dramatically picked up.”

“People now see one complete building and the others also going up. That, along with knowing the end date of the project, gives them comfort,” said Vincent.

Pangia Beach was originally planned to have 33 units, varying from one- to three- bedroom apartments and penthouses, spread over four blocks. At the moment, only ten apartments and three penthouses are still up for grabs. The lowest price for a one-bedroom apartment is $460,000 and the highest $2.65 million for a penthouse. 

In June this year, Panosco Properties opened a stylish four-bedroom show apartment, which provided buyers with the opportunity to experience what Pangia Beach has to offer.

The apartment, just like the others, offers breathtaking views of both the ocean and the mountainscape of Seychelles. To provide the highest quality of comfort to the buyers all apartments, just like the show apartment, are fitted with modern and state-of-the-art finishes and appliances.

A view of the bedroom, living room and kitchen of the Pangia apartments. (Pangia Beach) Photo License: All Rights Reserved

Will new property tax dampen business?

The government of the 115-island archipelago in the western Indian Ocean will be introducing a tax on foreign-owned properties in Seychelles next July.

Since most of the buyers of Pangia Beach are foreigners, Vincent said that the tax might have an impact on buyers' decisions. However, he felt that 0.25 percent tax on the value of the property is reasonable.

“When you deal with clients, honesty and transparency are important, so we explained upfront the cost that will come [with the purchase] and as a result, the buyers are in a better position to make calculations,” said Vincent.

Pangia Beach as an investment

The name ‘Pangia’ represents the first three letters in Panos and the last three in Georgia. Talking about the large investment, the developers said that they never doubted the feasibility of the project.

“Very early on, we got the confirmation that we were on the right track as we won the Best Residential Development in Africa," said Vincent.

The project was designed by a South African architectural firm, SAOTA, and built by Laxmanbhai, a construction company with over 37 years of experience.

“Splitting the project into more phases will not be helpful to the buyer because they will live too close to construction. We obviously are not finished yet, but I think that we are definitely on track for this to be a successful project,” Vincent.

The Heyste’s also own an apartment at Pangia Beach. “It gives our buyers a lot of confidence given the fact that we will be living here ourselves and that our apartment will be no different in terms of finishes or look,” said Georgia.