While high net worth individuals are flocking to the islands to invest in luxury residences on Seven Mile Beach, residents too are rushing to get on the property ladder – or invest in second, income-generating properties – while there is inventory available. For Davenport Development, whose focus has always been building affordable homes for residents, the unprecedented demand has seen the resale value of their homes skyrocket.
Founded by Ken Thompson and Paul Pearson in the aftermath of Hurricane Ivan, Davenport Development was born from a desire to offer well designed, solidly built residential communities aimed at first time buyers.
With each successive project, the developers have honed their vision and product to the point that their developments regularly sell out pre-construction. Their winning formula? To consistently deliver on four fronts: convenient location, innovative design, quality construction and exceptional amenities.
Davenport Development doesn’t just build condos, Pearson says. They build homes and create communities. In the latest phase of Vela, the vast majority of the buyers were families, he says, attracted by the safe, child-friendly nature of the amenities and gardens. And at Arvia, where the first residents have now moved in, the pool has quickly become the social heart of the development, with residents gathering there to relax after work and at weekends.
A Sound Investment
Davenport Development’s reputation is well known on island, and locals appreciate not only the quality and excellent service the company provides but also the exceptional return on investment their properties represent. So much so, Pearson says, that many clients who purchase a home in one of their developments go on to buy a second unit as a rental and a long term investment.
Return on Investment of Past Developments
To date, every one of the six residential communities Davenport Development has constructed represents an exceptional return on investment. Examples of the initial purchase price compared to the current market price are illustrated below.
Davenport’s first development was the 33-unit apartment complex, Valencia Heights on Crewe Road. Offering ‘Seven Mile style’ – with a large pool, landscaped gardens and children’s play area – the affordable location, with easy access to George Town, initially kept prices low.
2-bed unit • 2007 listed at $189,000 • 2021 listed at $375,000
Located in Old Prospect, Lantern Point offers a more Mediterranean flavour with tiled roofs, spacious patios and balconies, three pools, a tennis court, gym and secluded tropical gardens, only minutes from Grand Harbour.
2-bed unit • 2009 listed at $199,000 • 2021 listed at $479,000
Built around a spectacular central pool, San Sebastian is a secure, family-friendly gated community in South Sound. Townhouses and apartments include courtyards, roof terraces and immaculately finished interiors, all within easy reach of schools and George Town offices.
4-bed unit • 2009 listed at $395,000 • 2021 listed at $825,000
Sleek and sophisticated, Vela brings a South Beach aesthetic to South Sound, with clean lines, flat roofs and ample outdoor space. One- to four-bedroom townhomes are arranged around a 50-metre pool, and residents enjoy exceptional amenities, including two gyms, two tennis courts, a clubhouse, a yoga room and more.
4-bed unit • 2015 listed at $465,000 • 2021 listed at $1.07 million
This single-phase development of contemporary canal front condos at Grand Harbour gives owners the option of renting or owning a dock space. The two- and three-bedroom units, with access to an Olympic-size pool, gym, tennis court, and clubhouse, have proven particularly popular with couples and young professionals.
3-bed unit • 2018 listed at $625,000 • 2021 listed at $1.2 million
Still under construction but already sold out, Bahia is ideally located on the quiet shores of South Sound. Bright, contemporary one- to three-bedroom homes featuring clean, stylish interiors and plenty of outdoor space surround two large pools, and residents have access to all the signature Davenport amenities.
3-bed unit • 2019 listed at $725,000 • 2021 listed at $975,000
Recognising that loyalty works both ways, Davenport Development offers their existing clients special pre-sale discounts on new developments before being released to the public.
The developers have several other projects in the concept and planning stages, including a mixed-use development on Crewe Road and two parcels of land in East End, one of which they plan to build cottages on, the other which they hope will be developed into a resort.
For more information contact:
Davenport Development Ltd,