The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Paradise Island condo complex’s developer said yesterday that just two of the 15 units it initially made available for sale remain, with 100 persons now employed on-site for its construction.

    Greg Ulmer, Replay Destination Bahamas’ director of sales and marketing, told Tribune Business that $2 million was being invested in common area improvements at the former Ocean Place property.

“We have gotten all of the materials for the common area improvements; they are now on-site,” he said. “I have about 100 workers moving about to complete all of the common area work.

“I have about 75 persons doing that, and about 25 working on the interior model units. We anticipate that we will have all of the exterior common areas done by the end of May, and then we will continue to work on the interior model units, which should be done by the first of June.”

Mr Ulmer said “90 per cent of the first phase” at the renamed One Ocean development is now sold.

He added: “I have about two units left. There were a limited number we could sell. Since we closed on the development last July we’ve had about 13 sales, and we had 15 units to sell.

“We are anticipating going into our second release.

We will have three models, and we anticipate those being done June 1. Then we will kick-off the next phase. We are only going to release 10-15 units in the second phase in the next few months, but we will have 30 to sell eventually.

“Those will be different, with a little bit different design, because it’s a more contemporary build and more modern design. We’re  also finalising designs on the penthouse units. We have eight penthouse units. We plan to start taking reservations on those now. We have a lot of interest in those and we will be releasing those in the coming months also. The total sell-out of the building is going to be close to $100 million.”

Replay Destination Bahamas, a subsidiary of Vancouver-based Replay Resorts, closed on 52 of the 79 total units at Ocean Place in July 2015, after purchasing the unfinished properties from CIBC FirstCaribbean International Bank (Bahamas) and its KPMG receivers.