Palm Cay has banked more than $2 million in sales since its wildly successful open house-and more sales could be on the way.After hundreds of people circulated through the new development in eastern New Providence, four buyers signed on the dotted line, securing townhouses valued at $499,000. A fifth investor purchased a lot for $212,000, bringing the total proceeds from the day to around $2.2 million.
Richard Browning, the CEO of Palm Cay, said the event on March 17 has dramatically changed the project's visibility and prospects for the future.
"We've since had the possibility of another three sales,"he added."This was our first exposure. We have improved our branding and our visibility. We have carried on with construction, sold a few properties and reorganized ourselves. Now we are a player in the game."
Calling the open house"unprecedented and unpredicted", more than 400 people crowded the model home that day.
To sweeten the deal, Palm Cay threw in a slip worth an estimated $80,000 for anyone purchased a property that day. Browning toldGuardian Businessthe rationale behind the deal was to "say we have something special". He felt the slips demonstrate the lifestyle Palm Cay offers to investors and residents.
The development is now in the process of pouring $20 million into construction this year, as reported byGuardian Businessback in January. That figure is on top of the $40 million already spent.
This string of sales brings total sales at Palm Cay to six ocean front homes and 10 townhouses, with six residents already living on site.
Browning said Palm Cay is in final development of 60 beachfront lots.
"We're ploughing on," he reported.
"The ocean front block will be done by June, with the backlot being done in the middle of this year, perhaps August. We're looking to release further product towards the end of this year as well, such as small cottages."
However, the CEO pointed out that further work will be fueled by the interests of would-be investors. Management plans to gain as much feedback as possible from the 400-strong crowd that packed Palm Cay recently, with 280 of these individuals filling out "forms of interest".
"We want to make sure it's the product people want," he said.
Browning told Guardian Business that this recent success should be emulated by other developers on the island, in the sense that positive thinking and"broadcasting "the product does wonders for injecting confidence in the market.
Insisting that he doesn't have "competitors", the Palm Cay chief insisted there is still money out there for quality investors in property.
"The Bahamas has to be something everyone believes in. We can't be alone in the wilderness. We should all be shouting it," he explained. "We just need to create an excitement and pride in what we are doing."
The community currently employs 30 Bahamians, although he anticipates up to 200 jobs may be up for grabs in the coming years.
Palm Cay has a marina at its centerpiece, and a supermarket, tackle shop, clubhouse restaurant, children's playground and tennis courts will be completed by the end of this year.
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