Clear Water Residences, Saipan

With one of the best view overlooking Managaha Island and unparallel endless view of the Pacific Ocean, Clear Water Residences is ideally located in a commanding part of Capitol Hill in Saipan, well located for travelling executives and/or residents offering proximity to various government departments and agencies including the Governor’s Office, Commonwealth of the Northern Mariana Islands Legislature Building, US Post Office and the Northern Mariana Islands Council for Arts and Culture.

This long-term private residential property was bought by Euro Properties in 2017 and was fully modernised from a sleepy 1990s residential building to be tastefully upgraded as a fully furnished executive apartment building. Upgrades include all new air-conditioning system, all new kitchen electrical appliances, new furniture, new security systems complete with camera surveillance. Since the renovation, the apartment has been fully leased out and has become one of the island’s premier executive apartment building.

Details:

Property type: Residential, Executive apartment

Site acquired: 2017

Site status: Repositioned

Lot size Approx. 1,249 sq. m.

Number of units 8 apartments

Location Capitol Hill

Investment Highlights:

· One of the prime residential building in Saipan with additional value creation

· Saipan and Guam are the closest United States territory to Asia; 5 hours flight from Shanghai, Hong Kong, Beijing, Seoul, Tokyo and Taipei

· Saipan visa free program and introduction of casino created exponential tourism growth during recent years (particularly from China)

· Double digits yield

· Renovation works to reposition the building to become the premier apartment block in Saipan