Aristo Development has completed construction on the $30 million luxury residential THIRTY SIX development on Paradise Island with the first residents taking occupancy.
“We are very proud to announce 100 percent completion of THIRTY SIX and the immense satisfaction which our residents are reporting,” said Aristo President & CEO Jason Kinsale. “Everything about the building turned out as we projected with the attention to detail that says quality standards synonymous with Aristo Development. We have to thank all of our crew, our Bahamian team and all our partners who made this happen.”
At the height of construction, THIRTY SIX accounted for nearly 200 jobs. Bahamas-based Sterling Global Financial provided equity funding for the development with 38 residences, large pool and pool deck, state of the art fitness centre, 24-hour security and available concierge service.
According to Aristo Director of Sales & Marketing Matthew Marco, interest in THIRTY SIX was strong from the start with prices appreciating already.
“THIRTY SIX is the first new condominium development on Paradise Island in a decade so there was a sense of excitement and a lot of buzz from the start,” said Marco. “Prices have climbed more than 30 percent from pre-construction. We are 80 percent sold which is a very comfortable place to be. I was so confident from the start that I chose to be a homeowner in the building as well.”
Marco believes THIRTY SIX targeted an underserved market.
“There are Europeans, Americans, Canadians and Bahamians who want a lock and leave lifestyle with all the luxuries of a resort and the comfort of their own private home,” said Marco. “And they don’t want to pay millions for the privilege to live like the privileged. All units also qualify the purchaser for Bahamian Permanent Residency status which has made The Bahamas even more alluring for international buyers.”
Pricing of the final phase of two-bedroom residences ranges from the $800,000’s to over $1.4 million. All penthouse units feature panoramic views and private roof-top terraces. An in-house property management company handles both short and long-term rentals for owners who want to benefit from the robust demand for quality housing on the island.
Sterling Senior Executive Vice President Khaalis Rolle said the company partnered with Aristo Development for two reasons.
“We have been very impressed by Aristo’s track record of successes starting with its first project, Hampton Ridge, and continuing throughout everything they have touched, including Balmoral and most recently ONE Cable Beach,” said Rolle. “Aristo demonstrates the ability of Bahamian companies to perform at the highest standards.
“Secondly, the project, when proposed, met our objective at Sterling which is to contribute to the growth of the Bahamian economy through real estate and quality development.
“We want to help create a strong construction and development sector which we believe will add immeasurably to employment rates, national development, international reputation and individual quality of life.”