The Tribune

A high-rise Paradise Island condominium complex has now sold almost 70 percent of its inventory after finding buyers for its two most expensive units - 10th floor penthouses.

One Ocean, located at Paradise Island’s eastern end, continues to benefit from the multi-million dollar investment by Canadian-headquartered Replay Destinations Bahamas since it acquired the remaining 52 units in the once-troubled property.

The developer, known for its turnarounds on Hawaii, Antigua, Mexico and Utah residential and resort properties, has invested in infrastructural and cosmetic upgrades, increased amenities, transformed public spaces and residential accommodations, and revitalised marketing. Major capital expenditures included new chillers and elevators, which are all on site now for installation, and a total makeover of the pool deck.

Tracey Barone, a One Ocean sales broker, said: “The completion of sales of two penthouse units at One Ocean in a relatively short space of time speaks volumes for both the desirability of the offerings, and for the continuing appeal of Paradise Island.

“Paradise Island remains a destination like none other. Buyers enjoy the proximity of an almost fantasy-like existence, year-round warmth, a top-rated golf course at their back door, Nassau harbour at their front and all the attractions - dining, leisure and entertainment experiences of Atlantis and other hotels - nearby. Add to that the security of a building like One Ocean with amenities including underground covered parking and 24-hour concierge service, and it is easy to see why there is so much interest.”

Replay assumed ownership of 52 unsold, unfinished units at the 10-storey building in 2015. Since then, the company has sold 35 residences, or some 70 percent, with only 17 units remaining.

Replay’s Jeff Barrett said: “We are moving as fast as we can without cutting any corners. When we decided to take the bold step of lifting off the roof and going upward, extending the height of the top floor to create nine penthouse residences reaching skyward, we knew we had to make it spectacular.

“It was going to be stunning or it wasn’t going to be. And we did it; sheer walls of glass opening to views of the greens and fairways of the Ocean Club golf course set against the backdrop of blues of the Atlantic on one side and the boats in Nassau harbour on the other.”

The two penthouses that closed recently featured four bedrooms each and average over 5,000 square feet, one coming in at 4,690 square feet and the other at 5,820.

“When you take the best lifestyle location, Paradise Island, and you pair it with the ultimate in luxury at a fair price, add in extras like security, 24-hour concierge service, two covered parking spaces per residence, a fitness centre, social calendar and more, you have a winner,” said Ms Barone. “Right now, it’s pretty hard to beat One Ocean and I think it will be for some time to come. I suspect we will sell out before demand runs out.”

There are 11 two-bedroom residences, one three-bedroom residence and five four-bedroom penthouses remaining with completion date by year-end. Units range in price from $995,000 to just under $5m.