This FAQ provides quick answers to common questions about the design, development, construction, and property management of The Enclaves at Nacascolo Bay. Should you have other questions, please do not hesitate to reach out to your residential advisor at +(506) 2696-2126 or email email@example.com.
Frequently asked questions
How do the two floor plans differ in terms of interior architecture?
The only differences from an interior architecture standpoint are i) the configuration of the kitchen island, and ii) the location of electrical outlets and light switches in the bedroom/flex space on the main level. Both plans have the same floor area and are identical in all other respects.
Are furnishings included in the purchase price?
No. Furnishings are not included but may be purchased separately. Two optional furnishing packages will be offered by the Seller.
Plan A – $567,000
Plan B – $548,000
Alternatively, homeowners can do their own thing. For example, you could engage the services of Modus Operandi, the interior designer of The Enclaves, to modify one of the packages or they can create an entirely custom design for you with tailored pieces.
Can I mix floor plans and interior design schemes?
Yes. For example, you could select the Plan A floor plan and the Plan B interior design.
May I make alterations to the interior plans and specifications?
Yes. Purchasers may, at their sole cost, modify the interior plans and specifications. Certain restrictions apply. Change orders must be finalized before June 15, 2023, to avoid additional fees and delays. Please get in touch with your sales representative for information regarding the change order process.
Are changes to the outside of the buildings permitted?
No. Changes to the outside of the buildings are not permitted.
Who is the developer?
The Enclaves at Nacascolo Bay is a development of Ecodesarrollo Papagayo, Limitada, the master developer of Peninsula Papagayo, which is a co-venture of Gencom and Mohari Hospitality.
Gencom is a U.S.-based investment firm that owns, operates, and develops prized real estate around the world, with an emphasis on luxury hotels, resorts, and branded residential properties; and is also an active owner and investor in hospitality operating platforms. In addition to its investment in the Four Seasons and Andaz resorts, a Gencom-affiliate also owns Hacienda AltaGracia, an Auberge Resort in southern Costa Rica. Gencom’s current portfolio is comprised of some of the world’s most iconic hotels, resorts, and destinations which are amongst the leading properties in the industry with key operating partners such as Marriott, Ritz-Carlton, Rosewood, Fairmont, and St. Regis.
Mohari Hospitality, founded in 2017 by entrepreneurial investor Mark Scheinberg, is a global investment company that engages in a broad range of real estate investment activities, focusing on luxury hospitality in prime urban and resort markets. Mohari’s investments include equity and debt in both development and operating assets, and Mohari invests both independently and with partners. Mohari’s existing investments include the 1,400-acre Peninsula Papagayo in Costa Rica, which is anchored by a Four Seasons luxury resort; The Ritz-Carlton Yacht Collection; Centro Canalejas in Madrid, which features the first Four Seasons branded hotel in Spain; the Waldorf Astoria Hotel and Residences Miami; 1 Hotel Toronto; Riviera Dining Group, the parent company of high-end Florida restaurants MILA and AVA MediterrAegean; Homewood Mountain Resort in Lake Tahoe; Mint House, the leading tech-enabled residential hospitality company; and Omnam Group, a global real estate development, and investment firm headquartered in London. Mohari seeks to protect the cultural heritage and natural environments of all areas related to its projects and is committed to identifying and contributing to philanthropic projects in each location where it does business.
Who is the Design Architect and Architect of Record?
The design architect and architect of record (AOR) is Ronald Zürcher, Zürcher Arquitectos S.A., a renowned architect in Costa Rica with many international projects throughout the Caribbean, Mexico, South America and Central America.
As AOR, Zürcher’s office coordinates the design work and prepares the Construction Documents (CD) for each residence, ensuring compliance with applicable regulations and building codes. The CD package for each home is the legal basis for construction. Drawings in this set include architectural, civil, structural, mechanical, plumbing, electrical, interior design and landscaping sheets, which are coordinated by the AOR and updated regularly with new information that arises during the construction process. Any change orders agreed to by the Purchaser and Seller must be reflected in an updated CD package. The final CD package submitted to Costa Rican authorities will become the legal drawings under which the cadastral plans will be granted. Please contact your sales representative to request the latest drawings.
Who is the interior designer?
The interior designer is Francisco Jove, Modus Operandi Design Inc. Based in Fort Lauderdale, Modus Operandi is an architectural and interior design studio specializing in hotels and luxury residences, noted for offering personalized service and attention to detail that can only be found in a boutique design studio.
Who is the construction manager and general project manager?
DDP Dirección de Proyectos S.A. is the general project manager overseeing the overall planning, design, permitting, and construction from start to finish. As the project spearhead, DDP chairs weekly project meetings with consultants and internal partners to ensure all aspects of the project are appropriately coordinated and communicated to stakeholders. Based in Guanacaste, DPP possesses a wide range of market-specific knowledge and capabilities, including expertise in the processes and procedures of local government institutions. The core team members of DDP have managed and directed a wide variety of luxury hospitality, residential and infrastructure projects valued at over US$1 billion, both locally and internationally.
Who is the General Contractor?
The construction RFP is well advanced and the developer is in ongoing discussions with two potential contractors. Both firms on the short list have deep capabilities in luxury construction, excellent credentials, and proven track records of building at Peninsula Papagayo. The successful bidder will be selected in the coming weeks once the revised proposals from each company are thoroughly evaluated.
What is the high-level development timeline?
The current development schedule is as follows:
Start construction: July 2023
Complete construction: December 2024-March 2025
What are the deposit milestones?
The purchase price is divided into six payments based on certain construction milestones defined in the Purchase and Sale Agreement.
First Deposit (10%) – Due Diligence Expiry:
Second Deposit (10%) – Condominium Infrastructure Commencement
Third Deposit (20%) – Residence Foundation Completion
Fourth Deposit (20%) – Residence Concrete Shell
Fifth Deposit (20%) – Building Lockup
Final Payment (20%) – Closing
What are some of the benefits of a horizontal condominium?
A horizontal condominium structure protects the integrity of a neighborhood while facilitating a carefree and maintenance-free lifestyle. While each of the ten estate homes is independently owned, the condominium governs all Improvements. It is responsible for maintaining the common areas, as well as the exterior components of each of the private residences. From streetscape to the building envelope to landscape and pool maintenance, homeowners can have confidence that each element of Ronald Zurcher’s vision will be meticulously maintained to the highest standards in perpetuity.
What is the estimated condominium fee?
The estimated condo fee is $4,928 per month, which includes $2,771 per month for common areas and $2,157 for private areas (exteriors only).
What does the condominium fee cover?
The condominium fee covers the following services:
- The administration and management of the condominium
- The utilities, insurance, taxes, cleaning, maintenance, and repair of the condominium’s common areas
- The cleaning, maintenance, and repair of the exterior building components of each residence, including pools and balconies.
How does insurance work in a horizontal condominium?
Under the bylaws, each homeowner is required to obtain fire and casualty insurance for the total replacement value of his or her residence, which is entirely Private Area. The condominium fee covers insurance on the Common Area only.
What are the estimated annual carrying costs?
Annual operating costs include the following items:
Condominium Fee (The Enclaves): ≈$59,135 per annum (2022)
Common Assessment (Master Association): ≈$8,165 per annum (2022)
Property taxes: ≈$10,000-$15,000 per annum depending on the registered value
Insurance: ≈$7,000 per annum depending on furnishings
Water and electricity: ≈$18,000-$24,000 per annum depending on usage
Is the Club at Peninsula Papagayo currently accepting membership applications?
Yes. The Club is currently offering Golf Memberships and Sports Memberships exclusively to owners of residences on Peninsula Papagayo.
The joining fee is $100,000, which is refundable minus a 20% transfer fee when the member resigns.
2023 dues are $19,500 for Social Members and $24,900 for Golf Members. Click here for more information about the Club.
Who is the manager of The Enclaves Condominium?
The Master Developer, Ecodesarrollo Papagayo, Limitada will manage The Enclaves Condominium pursuant to a management services agreement that will be entered into between the Condominium and Master Developer.
Scheduled to launch in the second half of 2023, Peninsula Papagayo’s new property management group will provide an elevated level of care and tailored management solutions for the condominium and individual property owners, thus ensuring that each element of Ronald Zürcher’s vision will be meticulously maintained to the highest standards in perpetuity.
Will there be a rental program?
Yes. One of the many features of ownership will include the opportunity to place your residence in the master developer’s future rental program — an optional, voluntary arrangement in which Golf Member’s may rent their residence to third party guests while they are not occupying their residence. Golf Members will enjoy all the pleasures of being a homeowner along with the added benefit of generating rental income through the resort’s proprietary distribution channels. It is the very best of both worlds — in one extraordinary location.
What are the closing costs?
Customary closing costs are estimated at ≈2%, including:
PPGY Master Association Real Estate Transfer Assessment (RETA): 1.5%
PPGY Closing Office Administrative Services Fee: $12,500
ICT Transfer & Renewal Fees: ≈$16,000
Costa Rica Sales Tax (IVA): 13% on professional services
Please refer to your preliminary closing statement (Exhibit E of your Purchase and Sale Agreement) for more detail.
Ecodesarrollo Papagayo, SRL (the “Developer”) is solely responsible for the development, marketing, and sale of The Enclaves at Nacascolo Bay. This is neither an offer to sell nor a solicitation to buy to residents in jurisdictions in which registration requirements have not been fulfilled — void where prohibited by law. Renderings, floor plans, and other images presented in marketing materials are for illustrative purposes only, may not be to scale, and should not be relied upon as a basis for purchasing. Dimensions and square footage are approximate and may vary with actual construction. The Developer reserves the right to make modifications or substitutions, should they be necessary. Prices subject to change without notice. Furnishings not included.