Six weeks after buyers turned reservations into purchases at Palm Cay’s first condominium offering, construction work is well underway with infrastructure and site preparation slightly ahead of schedule.
“The Christmas season is upon us, and while a lot of projects are beginning to slow down, the work here at Palm Cay is going full steam ahead, putting us just slightly ahead of our target for the prep site work for The Anchorage,” said the director of sales and marketing for the $200 million development, Zack Bonczek. “It’s very exciting to see it taking shape.”
The 50 units at The Anchorage project will be built in four phases, with the first 12 expected to be completed by January 2015. The two-bedroom residences start at $319,000, a price point, designed to be attractive for young couples, second homeowners or Bahamians who want to downsize during retirement.
“As Palm Cay evolved from development to community with a host of new activities, including happy hours on Friday evenings, sports events, charity art show, we began seeing more people who were interested in condominium living,” Mr Bonczek explained, when plans for The Anchorage were announced in August.
“They love the active outdoor lifestyle, marina, now with the new tennis courts, swimming pools, the $1.6 million refurbished beach and they want to enjoy all those amenities in a hassle-free lifestyle with someone else worrying about mowing the lawn.”
The Anchorage was sold through a reservations process with prospective buyers making a fully refundable $5,000 commitment to show interest in ownership.
Less than two months later, leaving time to secure financing for those who chose to do so, Palm Cay hosted an event packed with suspense and goodwill as buyers found out which unit they would soon call home.
While The Anchorage is the latest in Palm Cay’s offerings, developers have reported that more than 70 per cent of the single family residential lots have been sold.
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