The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Caves Heights development has generated $5-$6 million from condo sales in January alone, its vice-president of sales and marketing yesterday telling Tribune Business the oceanfront development was aiming to double last year’s performance.

Gustaf Hernqvist said Caves Heights Oceanfront Condominiums, a gated community of two, three and four-bedroom penthouse condos, saw six of iunits sold last month.

He said: “We would be incredibly happy if we continue at this pace, but that might be a bit much to expect. However, it’s looking very promising.

“I believe we are going to be able to double our sales compared to last year. We sold 10 units last year, and that was approximately $10 million. The six units we have sold this year are about $5-$6 million.”

Mr Hernqvist credited the revitalisation of western New Providence as being a major factor behind the sales success. Caves Heights’ condominiums have a starting price of $695,000.

“It’s definitely exciting to see the results of this yea, especially considering the economy we have been going through. The destination of west Nassau is developing very quickly into a modern world destination.I think it has a lot to do with the fast development of Baha Mar,” said Mr Henrqvist.

“The number of high-end condominiums in the west are also limited, and so we end up in a good place. If you look at our price per square foot we are probably the lowest price per square foot for high-end ocean front condominiums that you will find in Nassau. I think that is playing a big role.

“Another contributing factor to our sales success is that we recently opened up Phase II. People typically know that the best views and units are going to be available from the start, and I think that has contributed a bit as well.”

Mr Hernqvist said the development was attracting a significant number of European and Canadian buyers.

“In Phase I we have about 45 condos that are 95 per cent sold. Phase II has about 42 units. So far we have sold four of those units, so we still have some great opportunities left, but we are definitely seeing it starting from the best units,” he added.