Baha Mar Unveils Elite Residences

Fri, Sep 2nd 2011, 11:32 AM

Baha Mar has revealed the plans behind 313 luxurious apartments and villas that will be offered to international investors in January - a move that could be a game-changer in the Bahamian property market. The properties, located in the five-star Grand Hyatt, Rosewood, Mondrian and Casino Hotels, will include everything from a $1.2 million one-bedroom apartment to a $6 million, four-bedroom villa on the beach.

But according to Richard English, the Senior Vice President in charge of Sales of Marketing at Baha Mar, exclusivity and luxury aren't what make this offering special.  Instead, Baha Mar will cater to foreigners like never before.  "We have created the Baha Mar Collection,"  English told the Guardian Business.  "As an owner of the property, you'll have the option to put up to 30 days towards alternate locations around the world - for free.  This is a unique investment product - nobody else is doing this."

From the Fairmont in Mecca, to the Mandarin in Hong Kong, the concept is bred from the notion that Baha Mar can redefine property for the global investor. To accomplish this goal, the mega resort is currently appointing sales agents around the world, including China, Indonesia, Russia, South Africa, Brazil, Qatar, the US and Canada.  Together with the Ministry of Tourism, an aggressive sales and advertising campaign has begun to bring foreign, high-net-worth individuals to our shores.

Baha Mar, the multi-billion-dollar endeavor, first started construction earlier this year. The project has been internationally focused form the start.  The Export-Import Bank of China is financing the $2.6 billion resort.  The China State Construction Engineering Corporation is building the resort, and this time next year, more than 4,000 Chinese workers will be living in a Man Camp on Cable Beach. It includes thousands of hotel rooms, a 100,000 square-foot casino, 3,000 square-feet of beachfront, convention facility, water park, Jack Nicklaus signature golf course and chief-branded restaurants.

The resort is the biggest project of its kind in the western hemisphere. English said executives are expecting a strong foreign demand. "The object is to sell them as investments, so they can have rental income, access to Baha Mar and access to destinations around the world," English added.

"However, at the same time, these are upscale homes for full-time residents."
The key, English said, is flexibility.

Although owners can expect "an extremely up-scale" residential experience, he understands some investors won't be residing in The Bahamas all the time.
Raffles in Singapore, the Nusa Dua in Bali or the Jumeirah Group of hotels in the United Arab Emirates are just a few of those included in the expanding Baha Mar Collection.

Meanwhile, the credits can also be put towards travel experiences.  Baha Mar has partnered with Abercrombie& Kent, the luxury travel company, to provide everything from African safaris to expeditions in Antarctica. The upcoming resort has enlisted four rental companies based in the U.S. and the UK to rent the properties - one for each hotel.

An office and sales center for the residences will be established at the Commonwealth Bank, once the institution shifts their operations. The properties are available to international buyers in January, and local investors won't have access until the summer of 2012, English said, with occupancy expected when the resort is completed in December 2014.  Patti Birch, the President of the Bahamas Real Estate Association, said the Baha Mar Collection is a "good idea", chiefly because there are so few properties.

"There aren't 700 lots in Baker's Bay, and there aren't 900 in Albany," Birch said.
"When you look at high-end developments here, there aren't a large portion of them on the market."

However, she noted that it might encounter a more limited market, as many high-end buyers often want to live on a larger property, rather than on a resort or a hotel-orientated environment.  There are also a lot of competitive properties around the world, she said, so consumers are often spoiled for choice. That said, Birch believes the injection of high-end real estate into Cable Beach could cap off a "gentrification" of the area, causing property values at both Baha Mar and the surrounding area to rise. In other words, the offerings may have a very positive snow-ball affect for the west-end of the island.

"Definitely when you put properties right down the road like these, other areas are going to upgrade and become more valuable," she added.  "I think you'll see that in the whole area."

Birch agreed it all starts with the international market - and gearing the Baha Mar Collection to this group is a smart move. "If you look at the high-end properties around The Bahamas, there are few people who can afford a $1.2 million to $6 million property," she said.  "That has to go to an international market."

Depending in which hotel you buy, the apartment will be quite different, according to Richard English, the Senior Vice President in charge of Marketing and Sales at Baha Mar.

The Rosewood, for example, will have an elegant feel much like the Four Seasons or Ritz Carelton, whereas buyers at Mondrian can expect a sleek, modern and lifestyle experience.  The Grand Hyatt attracts a luxury, convention, business-like crowd.  Finally, the Casino Hotel caters to an adult, Vegas feel.

All apartments and villas come with fully-equipped kitchens and 5-star furnishings.  Residents have access to the amenities

in their chosen hotel.

Junior one bedroom
Size: 715 - 780 square feet
Price: $1.2m - $1.3m

Large one bedroom
Size: 1,100 - 1,500 square feet
Price: $1.9m - $2.8m

Two bedroom
Size: 1,680 - 2,000 square feet
Price: $2.7m - $3.7m

Three bedroom
Size: 2,100 - 2,900 square feet
Price: $3.4m - 5.5m

Four-bedroom villas (five available)
Size: 2,500 square feet
Price: $6m

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