The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHA MAR’S luxury residences have generated “positive interest” among international buyers, a senior executive expressing confidence that the resort would meet its sales goals.

Robert Sands, its senior vice-president of government and external affairs, said: “Interest has been positive amongst international customers. I think we are very confident that we will meet our goals in the sale of these condominiums. It is not tied specifically to the opening but I think the bottom line is we are very confident that the product offering and investment opportunities that we have in these condominiums will be picked up on the outside markets.” Mr Sands was unable to disclose how many of the residences had been sold to date.
A total of 307 private, freehold residences are available for sale and located within each of Baha Mar’s hotels. Prices for the residences start around $1.2 million and go up to $10 million. Buyers have the option of year-round personal use of their residence or they can take part in Baha Mar’s rental programme, which allows for up to 90 days of personal use per year. All property owners enjoy tax-free capital gains on resale. In addition, the rental programme allows owners to convert a portion of their personal usage for credits that can be redeemed for accommodations at more than 300 luxury hotels and resorts. All Baha Mar owners are eligible to apply for permanent resident status in the Bahamas. Baha Mar has launched its luxury residences in London, Asia and New Providence having selected five Bahamian real estate firms to represent it in its recent launch.

“We have had broad range participation with a number of real estate agents here in The Bahamas. They are very excited about having this product available as part of their portfolio. We’ve had multiple training sessions with all of the companies to equip them with the knowledge and the background information to be able to sell this product and they are very happy to have this collection of condominiums in their portfolio,” said Mr Sands. Scheduled for opening in late 2014, Baha Mar will boast a total of 2,200 hotel rooms, spread across four major hotel brands including Rosewood Hotels & Resorts, Mondrian, a Morgans Hotel Group property, Hyatt Hotels and Resorts, as well as the centerpiece of Baha Mar, The Baha Mar Casino & Hotel.