At a time when so much real estate news is bad, tourism officials in the Dominican Republic are having good things to talk about.
This summer, then-tourism minister Felix Jimenez announced a billion-dollar government infrastructure investment that includes a new cruise ship marina and road upgrades for his island nation. Then, last month, his successor, Francisco Javier García, announced that private investors have begun an additional $9 billion in developments.
The announcements included especially good news for visitors headed to the hot spot of Punta Cana, a peninsula on the easternmost coast of the Dominican Republic that has long been the home of all-inclusive resorts and, more recently, several large residential developments.
An international airport already serves the area, but the new infrastructure investment will add high-speed ferry service between Punta Cana and Samaná, another popular tourism peninsula on the northeast coast. It also will build a new highway that will reduce travel time to the capital of Santo Domingo from four hours to about an hour and a half. Both projects are scheduled for completion before 2012.
Punta Cana's main attraction is more than 20 miles of powdery white beaches. About 30 beach resorts, casinos and second-home options occupy this stretch. Several of the larger residential developments, including Roco Ki and the Punta Cana Resort & Club, offer complimentary mini-vacations for prospective buyers.
Housing prices in the upscale developments generally begin in the $400,000-$600,000 range and go upward into the millions. For buyers willing to look outside those developments and forgo resort-style amenities, prices can be much lower. Three-bedroom houses start at $250,000. One-bedroom condos begin at under $120,000, and many one- and two-bedroom condos are in the $150,000-$200,000 range.
Affordability, however, is not the Dominican Republic's sole appeal. For second-home buyers, the nation also offers a stable democratic government, ease of doing business in a region otherwise infamous for red tape, easy air access, a vibrant community of other foreign home buyers and a top-notch portfolio of golf courses with layouts by the likes of Tom Fazio, Jack Nicklaus, Pete Dye and Nick Faldo.
A look at three Punta Cana neighborhoods:
•Cap Cana. This huge development (capcana.com) spans 29,000 acres and includes nearly 3½ miles of beach. The master plan calls for 5,000 residences, as well as hotels, golf courses, shops and restaurants, some of which are already open. There are 26 residential communities now, ranging from six to 474 units. Home sites begin in the $400,000 range, bungalows start at $480,000, and single-family houses start at $895,000.
•Punta Cana Resort & Club. The latest phase of this upscale resort (puntacana.com), built on a stretch of beach and around a golf course, is The Estate, which encompasses three enclaves of single-family houses. Lots in the Arrecife and Hacienda enclaves start at $450,000, and the gated Corales enclave commands $1.8 million and up. The Estates are being co-developed by singer Julio Iglesias and designer Oscar de la Renta, both of whom have built homes in Corales.
•Roco Ki. This new development includes more than 3 miles of beaches and coastal cliffs, atop which sits a Nick Faldo golf course. For housing, choose from several residential communities and two resort hotels: the Westin and the Fairmont. The Fairmont, expected to be ready in 2010, will offer fractional ownership in a residence club. The Westin, scheduled for next spring, already is selling options that include high-rise condos, single-family houses and bungalows. Prices range from $475,000 for a condo to $2.75 million for a beachfront home.
Feb 20, 2011
Hard Rock and Palace Resorts "Change the Rules" with the Biggest and Most Spectacular Resort in the Dominican Republic
Hard Rock Hotel & Casino Punta Cana's expansive 121-acre property rests on Macao Beach, one of the most beautiful, palm tree-lined beaches in the Caribbean that overlooks perfectly clear blue waters on the easternmost tip of the Dominican Republic. The property will combine Hard Rock's signature "Rock Star" suites with Moon Palace Resort's signature all-inclusive luxury accommodations, including double Jacuzzis and double showers. The property will also feature an extensive collection of Hard Rock's authentic music memorabilia, highlighting both international and local artists, as well as incorporating diverse music genres throughout.
"We're eager to bring the Hard Rock Hotel & Casino brand to the Dominican Republic, and we look forward to establishing this property as a premier vacation and gaming destination in the Caribbean," said Hamish Dodds, president and CEO, Hard Rock International. "Our collaboration with Palace Resorts and their track record of creating the best all-inclusive resorts in the Americas, we are confident this project will be a success."
"Punta Cana is a world-class location and one of the Caribbean's top travel destinations, and Hard Rock Hotel & Casino Punta Cana is a perfect complement to the region," said Dominican Republic Minister of Tourism Francisco Javier Garcia. "I am confident that Hard Rock Hotel & Casino Punta Cana will have a significant economic impact on our country's growing tourism."
Hard Rock Hotels & Casinos are ideally situated in destinations with unique character and appeal, and cater to the evolving and distinctive needs of today's savvy traveler, who seeks a reprieve from traditional, predictable properties. Hard Rock properties offer stylish and contemporary design, unparalleled service and the thread that unites them all - music.
Hard Rock Hotel & Casino Punta Cana will feature one of the largest casinos in the Caribbean with more than 48,000 square feet of gaming space. The casino plans to offer a high-limit poker room, a VIP lounge and a Race and Sports Book, in addition to 457 slots and 40 tables, where guests can try their hand at traditional Las Vegas-style gaming, including Baccarat, Black Jack, Craps and Roulette.
"As one of the world's most successful gaming operators, we look forward to bringing the excitement of U.S.-style gaming and our industry expertise to the Dominican Republic," said Jim Allen, Chairman, Seminole Hard Rock Entertainment. "Hard Rock Hotel & Casino Punta Cana will quickly become the premier gaming destination in the Carribean."
The property will be fully equipped to handle the largest events, from full-sized rock 'n' roll performances, to small, intimate occasions. Hard Rock Hotel & Casino Punta Cana will feature more than 65,000 square feet of indoor and outdoor meeting and event space, equipped with state-of-the-art technology. For those looking to celebrate a rockin' romance, the hotel will have numerous eye-catching locations throughout the resort, including three floating wedding pavilions.
Guests will be able to enjoy 11 expansive pools, four swim-up bars, a dedicated kids pool and a lazy river. The 15,000 square-foot Body Rock fitness center, the Xtreme Center's rock climbing wall, two tennis courts, mini-golf, billiards, ping pong and various other table games will keep even the most active guests entertained. Hard Rock's smallest guests will also have the benefit of a dedicated Kids Club offering daily activities and childcare services. Hard Rock Hotel & Casino Punta Cana's guests will have access to an 18-hole Jack Nicklaus-designed golf course spread over 155 acres with 7,200 yards of amazing golf.
Retail outlets, including Hard Rock's signature Rock Shop, a 1,200-seat amphitheater and the Caribbean's most expansive spa, will round out the vacation experience. Hard Rock's signature "Rock Spa" is an incredible 60,000 square-foot facility with 48 spa suites, including 11 total indoor and outdoor couples' suites and two Golden VIP Suites, and one of the world's most complete hydrotherapy circuits. Additional services include a Beauty Salon with kids' salon services and a wedding suite.
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