PI developer gains nearly $50m sales

A Canadian-based developer is seeking other opportunities in The Bahamas after generating close to $50m in sales from its ten-storey Paradise Island development.

Replay Destinations, which acquired One Ocean from the bank in 2016 after its original developer ran into financial difficulties, said it is entering the final sales phase for the 79-residence property.

“When we first looked at acquiring the building, its one-of- a-kind location and the attributes it had that differentiated it from anything else in the market immediately caught our attention,” said Greg Ashley, Replay’s chief strategy officer.

“The tallest residential building on Paradise Island, on Nassau Harbour, adjacent to Ocean Club, across from Four Seasons and just down the road from Atlantis. It couldn’t get any better. Secondly, the large residences with expansive indoor-outdoor living spaces created much more livable residences compared to what else was being developed in the marketplace.

“From a design standpoint we believed transforming One Ocean into a modern building with state-of-the-art infrastructure and contemporary finishes would be more appealing to what the buyer is looking for today. The sales to-date have reinforced our belief.”

One Ocean has undergone an extensive repositioning, redesign and renovation since the Vancouver-based company acquired. Replay currently has more than $2bn in destination real estate undergoing planning and development throughout the US, Hawaii, Mexico, the Caribbean, and at One Ocean on Paradise Island

The development has attracted buyers from around the world, including the US and Canada, South America, Europe and The Bahamas. Replay said 90 percent of sales have come through Bahamian real estate brokers.

Mr Ashley believes buyers have chosen One Ocean because it is more of a home with a sense of community than a typical resort property can offer. “People who visit The Bahamas regularly or choose to live here permanently are seeking more space and more of a community versus the transient nature of a typical resort condominium,” he said.

“From a buyer’s perspective, the appeal of One Ocean is that the residences are built and complete. There is security and confidence gained from walking through the building and the residences knowing exactly what you are buying. From our condominium residences to our Penthouse Collection, our homes are move-in ready and our goal is to sell out our final phase of residences in the upcoming season.”


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