Interest in the development just across the street from the Office of the Prime Minister is booming, boasting $50 million in sales under contract, as the high-end residential and resort development Goldwynn begins to come out of the ground.
While the completion of the mixed-use property is still two years away, “interest is exceeding expectation”, which one executive said indicates a “continuing love of The Bahamas as well as an appreciation for the product”, according to a press statement from the company.
Executive Director of Sales for Goldwynn Matthew Marco revealed the positive sales report last week.
“We just reached the $50 million mark, which represents just under 40 percent sold, fantastic for a building in The Bahamas so early in construction,” Marco said.
He added that the “buzz” about the property has reached as far as western Europe, South America, the United States and Canada.
“I just returned from Europe and I have never seen so much interest in The Bahamas,” said Marco.
“The high-end second home market and the rental market are on fire. When you compare The Bahamas with other jurisdictions and you look at stability of governments, personal safety, asset security, taxes and lifestyle, all arrows point to turquoise.”
Marco contends that The Bahamas continues to be a desirable market for high-net-worth individuals, “as more stringent compliance measures lead to a ‘cleaner’ environment discouraging the less scrupulous, while providing an increased level of comfort for those who invest because of lifestyle, access to first-class financial services and stability”.
Wynn Development Limited Vice President Randy Hart said Goldwynn’s biggest sales to date have come through the Bahamas Real Estate Association (BREA).
“Their enthusiasm about this project has been amazing and we are absolutely committed to cooperating with BREA-licensed agents and brokers,” said Hart.
Goldwynn is expected to have condo/hotel-component suites ranging from $500,000 for a studio to $2.4 million for a luxurious 3-bedroom; private residences starting at $675,000 for a studio and ranging up to almost $4 million for a penthouse with more than 4,000 square feet of indoor and outdoor living space; and seaside dining, a large theater, spa, health club and recreational facilities, among other things.
“Condo hotel owners will be entitled to occupy their unit for up to 90 days a year and when those units are not owner occupied, they will be part of a rental pool, earning robust revenue for the owner and management company, Small Luxury Hotels,” the statement said.
“Once completed, the development is expected to generate approximately 50 full-time jobs.”