The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A high-rise Cable Beach development was yesterday branded "white hot" with 85 percent of its first-phase units already sold even though its construction will only be completed in 2024.

Matt Marco, director of marketing at Bond Bahamas, told Tribune Business that Aristo Development's Aqualina project is attracting new buyers and related inquiries every day. “It’s white hot right now,” he said. "We’ve been selling units for a year-and-a-half. We’re 85 percent sold and the building will be finished next year. It’s going absolutely incredible.”

The Aqualina site will feature two buildings. The first is the property that is 85 percent sold out and, while construction on the second has not started yet, it will be “launched in the next few weeks".

Mr Marco said: “Things are going really well at Aqualina. We’re experiencing incredible business. Typically with previous projects we had an offseason in summer, September and October, but with tourism record-breaking I think we’re going to have another record-breaking winter.

“With people coming down they’re realising what The Bahamas has to offer between the ease of access and the residency programme and the tax-free benefits. We're getting more and more interest than ever before. Things are going great and selling at prices that were unheard of before.”

“We’re still half the price of what South Florida is. So if someone is looking for a serious place on the beach that’s three to four bedrooms and very high-end finishes, they are spending up to $3,000 per square foot in Florida whereas in The Bahamas they are only spending a maximum $1,500. I would rather be in The Bahamas any day over Florida.”

Bond Bahamas still has the listing for a $40m Old Fort Bay residence that has been described as the “most expensive home in New Providence”. Agents will head to Canada within the next two weeks to speak to potential buyers with the ambition of sealing a sales agreement by November.

“I’m getting a lot of interest from Europe and Canada. I'm actually on the way to Canada next week to meet with some prospects and also have an event there, too. So everything's going well. I'm very bullish on the on the country in general,” Mr Marco said.

“We listed the property back in June. So, it’s the summer season and all of the people at that level are away in Europe, but I am confident that it will sell this winter. All it takes is just one guy to come and realise the benefits of that house. To have a house on the beach.... With one side you have the beach, and the other side the marina, at 15,000 square feet, is incredible. In South Florida a property like that would go for $100m, so we are half the price.”