In a remarkable display of excellence and strategic foresight, Landscope Mauritius had clinched three prestigious accolades last year at the inaugural Real Estate Awards in Mauritius, showcasing their indomitable presence in the property development sector. We caught up with Sandee Teeroovengadum, Head of Marketing and Communications at Landscope Mauritius and he tells us about the factors that led them to this award and the exciting plan for this year’s growth and development.
- Congratulations on winning three accolades at the first-ever Real Estate Awards in Mauritius! What are the key success factors, to your mind, that have led to this hat-trick comprising the two wins for Côte d’Or Technopole and the one for Iremia Residential Morcellement?
Thank you very much! Winning three accolades at the inaugural Real Estate Awards in Mauritius was truly an honour and a testament to the hard work and dedication of our entire team.
There are several key factors that have contributed to this remarkable achievement:
Our talented and experienced team, who are not only passionate about what they do but also deeply committed to delivering quality projects have played a major role in the success we’ve achieved.
For Côte d’Or Technopole, the project’s success can also be attributed to a few specific factors. We’ve focused on delivering a project that aligns with the expectations of sub-developers, ensuring that their vision becomes a reality within the precinct. Quality infrastructure has been a cornerstone, providing a solid foundation for sustainable development. Additionally, we’ve prioritized creating an environment that encourages walking and cycling while discouraging the excessive use of motor vehicles. This approach aligns with our commitment to sustainable development, where we encourage sub-developers to create buildings that are not only aesthetically appealing but also functional to meet the diverse needs of a multi-generational workforce.
With regards to Iremia Residential Morcellement, the key factor behind its success is undoubtedly its prime location coupled with the amenities such as Jogging track, common kiosk and picnic area favouring a community living anchored around the Wellbeing. Residential opportunities in the Côte d’Or region are limited in supply, and the latest developments within Côte d’Or Technopole, along with upcoming projects within the smart city, have significantly fuelled demand for Iremia. All this has allowed us to offer a unique and highly desirable living experience.
- We note that Landscope has typically engaged in commercial real estate development, with 13 industrial parks in strategic locations around the island besides various office and retail buildings. What led to your decision to diversify your focus from commercial to residential real estate, and how did you apply your success factors so seamlessly from corporate to residential property development?
After Covid, where commercial and retail developments suffered the most, we felt the need to diversify our offering. Recognizing the evolving market dynamics, we saw a golden opportunity to expand our expertise into the residential sector, particularly with the requirements of a smart city development.
Our move was strategic, fuelled by growing trends in demand within a smart city’s ecosystem. We believe in balanced development, where office spaces, retail outlets, residential areas, and other facilities harmoniously coexist. This balance is crucial for the sustainable growth of any smart city, and careful planning of the development timeline of each component is key to our strategy.
Our success in commercial development has hinged on our qualified and capable development team, whose diverse experience has been our cornerstone. We draw insights from various departments; for example, our marketing team provides invaluable perspectives on market acceptance and appetite, which in turn shapes our projects. By staying attuned to market demand and leveraging our cross-functional expertise, we ensure that our residential projects are not only visionary but also grounded in practicality and desirability.
The transition from commercial to residential development has been seamless, thanks to our adaptive success factors and integrated approach. We remain committed to innovation and excellence in all our endeavours, and we are excited to bring our trademark quality to the residential market.
- Are there any key differences between commercial and residential real estate, from a property developer perspective, that you would like to highlight? In particular were there any challenges that you would like to share, together with the ways in which you surmounted these difficulties to achieve a successful outcome?
Indeed, commercial and residential real estate are distinct property types, each with its unique set of development criteria and market dynamics. When we talk about commercial real estate, the focus is on maximizing the utility and profitability of the space. It’s about creating environments that facilitate business activities, which means considering factors like location visibility, access to transportation, and suitability for the businesses that will operate there.
On the other hand, residential real estate development has a mix of purposes, whether for personal living or as investor buyer. This involves a greater emphasis on comfort, community, and aesthetics, alongside the functional aspects such as location and accessibility.
Transitioning between these sectors presented its challenges. For instance, more permits are required for residential morcellements leading to lengthy procedures and delays in project implementation.
To overcome this challenge, we engaged closely with local authorities and communities to align our developments with both local authoritiy requirements and the expectations of future homeowners.
Another challenge was the shift in market analysis and consumer behaviour. The commercial market is driven by business needs, which tend to be more straightforward. The residential market, however, is influenced by a broader range of factors, including emotional appeal and lifestyle aspirations. To address this, we expanded our market research efforts to gain a deeper insight into what homeowners truly value in their living spaces.
Through these efforts, we’ve successfully delivered residential projects that not only meet market demands but also embody the quality and innovation that Landscope is known for. It’s been a learning curve, but the journey has undoubtedly enriched our expertise and broadened our portfolio.
- We note that the vision behind Landscope was to create an organisation with strategically located assets that Government can use as a tool to attract investors for economic development and growth and create jobs for the use of Mauritius. How has the organisation fared on this parameter, keeping in mind that the Cote d’Or Technopole alone is expected to attract investment of more than Rs 25 billion when all the projects are completed?
I think that Landscope Mauritius has, without a doubt, successfully transformed this vision into reality.
When you look at the amount of investment and the number of jobs that our business and industrial parks, including the Ebene Cybercity, La Tour Koenig, Riche Terre, Rose Belle Business Park and Cote d’Or Technopole have generated, it is clear that we have been an important driver of economic development.
- We see an enduring theme of sustainability, whether in the Côte d’Or Technopole where all buildings need to comply with high ecological standards to optimise energy efficiency, water use and waste recycling – or in Iremia Residential Morcellement where the stated vision is to build and nurture a sustainable community of people living in balance with nature and the surrounding environment. Could you comment on this focus and how do you see sustainability playing out as an overarching theme in the real estate space in general, especially in an island economy like Mauritius that is also a SIDS?
Sustainability is not just a theme but a cornerstone of our ethos at Landscope Mauritius, especially given the unique challenges and responsibilities that come with being situated in an island economy such as Mauritius, which is also a Small Island Developing State. Our commitment to sustainability reflects our acknowledgment of the built environment’s impact on carbon emissions. With over 35 percent of gross annual carbon emissions attributed to construction, according to the United Nations Environment Program, we understand the urgency and the need for action.
At Landscope Mauritius, we’re taking significant strides towards reducing our ecological footprint. For instance, we are working towards making our main building in Ebene net zero carbon, through the development of a 10MW Solar PV farm.
Moreover, we’re seeing a growing demand, especially from international and Grade A tenants, for green certified work premises. They are not just seeking office spaces; they are seeking partners who share their vision for a sustainable future. This has prompted us to adopt stringent ecological standards across our developments, ensuring that all buildings optimize energy efficiency, water use, and waste recycling.
The vision we hold for Iremia Residential Morcellement is to create a sustainable community that lives in harmony with nature. This aligns with our broader goal to influence the real estate space positively, showing that development and environmental stewardship can go hand in hand, especially in SIDS where the balance between growth and ecological preservation is critical.
In essence, sustainability for us is about shaping a legacy that future generations can look back on with pride. It’s about building a future where economic development, environmental health, and community well-being are in sync, creating resilient and sustainable spaces that set a benchmark not just for Mauritius but for island economies around the globe.
- What are your key projects in the pipeline for 2024? In particular, following in the footsteps of the Iremia Residential Morcellement, are there any further residential development projects in the offing?
Landscope Mauritius is gearing up for an exciting period of growth and development. Among the key projects on our agenda is the development of the new Revenue House for the Mauritius Revenue Authority at Côte d’Or Technopole, which is set to become a landmark project. Alongside that, we are making significant headway with our Solar PV Farm, underscoring our commitment to sustainable development and clean energy.
Building on the successful model of the Iremia Residential Morcellement, we are also pleased to announce that we have two additional residential morcellements slated for launch in February 2024. These projects are a continuation of our endeavour to provide high-quality, sustainable living spaces that cater to the growing demand for residential property in Mauritius.
Each of these morcellements is designed with the aim of creating cohesive communities that are integrated with their natural surroundings, promoting a lifestyle that is in harmony with the environment. They will embody the same principles of sustainability and quality that have become synonymous with the Landscope Mauritius vision.
Our pipeline for 2024 reflects our ongoing strategy to strengthen our portfolio while contributing positively to the economic and social fabric of Mauritius. We are excited about the opportunities these projects will bring to our company and to our stakeholders.
7. Considering that you have presence across various sub-sectors of the real estate industry – office, retail, industrial and now residential as well – could you tell us about key trends in the market and which sub-sectors are expected to fare the best in 2024?
Landscope Mauritius is observing and indeed participating in some exciting trends across the real estate spectrum. The residential sector will remain buoyant, fuelled by the various incentives given by the Government of Mauritius to attract foreigners.
We believe the retail sector will also fare well with the introduction of the new minimum wage.
The office sector will struggle due to excess supply and more office space coming onto the market this year.
- How would you describe your experience of being part of the first edition of the Mauritius Real Estate Awards?
This was a truly gratifying experience. Such events are important as they not only celebrate achievement but also set new benchmarks for quality and innovation in the industry. This kind of recognition serves as a catalyst for elevating the entire sector, spurring us to achieve greater heights.
We would like to congratulate Property Cloud for taking the initiative to organise this event and turn it into a resounding success.It was an opportunity for the main players of the Mauritian real estate sector to reflect on our shared accomplishments and also to foster a spirit of healthy competition that can only drive the industry forward.
About Landscope Mauritius:
Landscope (Mauritius) Ltd stands as a testament to the visionary amalgamation of five state-owned companies in December 2016, under the aegis of the Government of Mauritius. As a public company, Landscope Mauritius owns and manages an impressive portfolio of prime property assets across the office, retail, and industrial sectors, including the development and management of business and industrial parks. Driven by a dynamic and capable team, Landscope Mauritius is committed to infusing excellence, innovation, and sustainability into every facet of its operations, making a significant impact on the Mauritian real estate sector and beyond.
