The Tribune

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net A MAJOR western New Providence real estate development has sold about 60 per cent of its 400 first phase lots, an executive telling Tribune Business yesterday that the sales pace has increased. Tracy Barone, manager of the property owners association at Serenity, a private residential development near Lyford Cay and Albany that opened in 2010, told Tribune Business there had been a "positive level of interest" in the development. "There has been a very positive level of interest. I would say the first phase is about 60 per cent sold out. We have approximately 400 lots in the first phase," she said. "We have residents living in the community now, and it's already started looking like a neighbourhood. The security house is fully functional with security staff, manning and patrolling the area. All utilities have been in, all roads have been paved in the first phase and lot sales have increased." Ms Barone expressed optimism that that the remaining lots in the Kings Realty development would be sold. With regards to phase II of the development, she said: "That all depends really on the sales of the first phase. They have already started laying down the infrastructure for the second phase in preparation for that opening up, but I don't have any information on the timeline." Speaking to the attraction of Serenity, Ms Barone said: "I think when a buyer is looking at the investment and the quality of what the developer has delivered on the amenities, it makes buying into that gated community more attractive. "There has been a certain standard that the developers have put in for this community, which will be the signature community that the developers have developed so far." According to the developers, amenities will include a club house, gated entries, adult and children's pools, tennis courts, basketball courts, numerous parks, recreation centre, nurseries, library and 24-hour security. Single-family lots start at $80,000 and duplex lots at $100,000, with lot sizes ranging from 6,000 to 25,000 square feet. As for the home owners association, Ms Barone said: "Right now we have already had our audit for our first year. The association was formed in 2011. That's quite an accomplishment for a new development, because many times an association isn't even formed, and we have gone through the process of having an audit in the first year of forming the association. The property owners have a very structured community and guidelines in place for their association."