The Tribune

Palm Cay yesterday announced it has opened reservations for Phase 2 of its much-anticipated luxury condominiums, The Anchorage.

The developers said demand for the 50-unit, five-phase project, which is the first condo offering in the 69 acre community, had exceeded expectations as they brace for new applicants.

“The Palm Cay community started with townhomes and single family lots, planning to add other residential options later,” said its director of sales and marketing, Zack Bonczek.

“But we had so many requests for single level condominiums with an open floor plan and affordable price tag that we advanced the plans and launched Phase 1 of The Anchorage ahead of schedule. It was oversubscribed almost immediately.”

Mr Bonczek believes product quality led to sales exceeding expectation, and hopes Phase 2 follows suit.

Phase 1 reservations were oversubscribed, with 15 prospective buyers vying for 12 residences. Construction is now fully underway on those units. Phase 2 will consist of eight single level units.

“The product is unique – a three-bedroom, two-bath, 1,476 square foot residence, including terrace, in a secure waterfront community with marina, restaurant, tennis courts, pools, and more for $359,000 pre-construction,:” Mr Bonczek said.

“I don’t think there is anything that can compare to it in New Providence.”

Phase 2 is being sold as the first phase was – on a reservations basis, with a reservation call event after the publication of the offer. Reservations accompanied by a fully refundable $5,000 deposit are processed on a first-come, first-served system.

“Our biggest problem now is one we’re glad to have, being able to meet demand,” said Mr Bonczek.

The developers said more than 80 per cent of Palm Cay’s single family residential lots have been sold, while garden and beachfront townhomes are drawing substantial interest.