The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A $200 million New Providence real estate project is on pace to sell 24 units this year, its marketing head telling Tribune Business yesterday that the development had been a “huge success” within the Bahamian market.

Zachary Bonczek, director of sales and marketing aty Palm Cay, said 57 of its 88 single-family home sites - some 65 per cent - had been sold to-date, mostly to Bahamian buyers.

“For the Bahamian public it’s been a huge success,” he added. “For our Garden Town Home project, it’s primarily been purchased, except for one or two units, by the local Bahamian investors, and we are finding that a lot of the beach front properties are being taken up by the foreign investors just because it’s more of a second home-style product than a primary residence.

Speaking at a Pam Cay open house, lunch and development master plan presentation for Bahamian realtors, Mr Bonczek told Tribune Business: “We had done a projection of moving 24 total units this year, and we are on pace to match that.

“Inquiries are definitely up. We are getting a lot of walk-ins, and we have a lot of participation by the local brokerage community. We have negotiated several contracts this year. We’re seeing more inquiries, more solid buyers. The real estate market in general is seeing a bit of a comeback, particularly with the international investor for whatever reason.”

With regards to the development’s marketing strategy, Mr Bonczek said: “We knew that the first quarter of the year was going to be sort of the rebuilding process of our marketing campaign. We haven’t really pushed out into the market with out marketing campaign because we have been busy trying to get that sorted out.

“Now that we have a new marketing programme as well as a new team, the sky is the limit. As far as the marketing strategy is concerned we are looking at different markets and ways to ensure that we are delivering products that our customers really want.

“We have done so by diversifying the product mix with condominium-style products, and we are doing some standalone marina cottages that will provide homeowners with a free-standing home on a smaller lot with very close proximity to the marina, so that those that have boats can be very close and enjoy the view of the marina from their home.”

Mr Bonczek said the 350-400 unit project, which sits on 69-acres of oceanfront property, was being designed as a family community.

“This is a family community, a place where you can raise your kids and have them enjoy a good quality of life. It’s a special place,” said Mr Bonczek.