Eastern New Providence’s Palm Cay development is poised for a strong 2015 “exponential” increase in demand and plans for the rollout of several new products, according to a Palm Cay representative.
Palm Cay Lifestyle Manager Garry Godfrey yesterday told Guardian Business the success of the development is part of a “regeneration of the east” as it launches the next phase of its Anchorage condominium complex.
“In 2015 we’ve got The Anchorage phase three that we’re looking into right now and hope to start very soon. Phases one and two have been incredibly successful and have basically sold out. We’re also looking to start building Mariner’s Cove very soon.
"At the moment we have the most exciting product to hit the market in some time, which are the townhouses. It’s an amazing investment property,” he said, adding that the development’s flagship beachfront houses had seen a rapid increase in value since going on the market.
Palm Cay opened up reservations for the third phase of its Anchorage condominium complex ahead of schedule last month after higher than expected demand. The developers sold 90 percent of the two earlier phases prior to completion and will ultimately rollout 50 condominiums across five phases.
"Palm Cay is extremely exciting right now. It’s found a great niche in the market and it’s redefining the east. The developer is very keen to proceed with an enormous investment. They have some very exciting new products in the pipeline,” he said.
Palm Cay’s developers have invested approximately $50 million into the nearly 70-acre development to date, with another $100 million investment planned for the near future, and a total projected investment in excess of $250 million. Godfrey also noted that Palm Cay is currently about 25 percent built out. Palm Cay ultimately plans to include approximately 350 single-family homes, townhouses, and condominiums by late 2017.
"The demand is growing day by day. The growth is just exponential. I think The Bahamas has suddenly become the hot ticket and people are very focused on wanting this beach and waterfront lifestyle, and when you look around Nassau there is nothing in comparison,” said Godfrey.
He added that Palm Cay currently has a number of “exciting provisions” going into the marina in the near future, including a store, café and other facilities, while the Billfish Grill continues to perform well.
Additional Palm Cay products include the low-impact condominium complex Galleon Bay and Mariner’s Cove, which Godfrey said is of particular interest for Eastern Road residents looking to downsize. Fisherman’s Village, a series of marina-front properties, is also expected to launch in the future.
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