Construction of the $6 million Devonshire Place development, located in western New Providence, is expected to be completed by year's end.
Devonshire Place, which is just down the street from the upcoming $3.5 billion Baha Mar, is marketed to young professionals as there continues to be limited options for this demographic.
The 20-unit development will consist of two and three-bedroom units starting at $239,000, making Devonshire Place Nassau's newest affordable gated community.
Ryan Knowles, a real estate agent at H.G. Christie Limited, revealed to Guardian Business that the response to the development from potential buyers has been "totally incredible". He believes its success so far speaks to the developer's reputation and the demand in the market.
"It's very rare in The Bahamas that a development is able to get pre-sales before any work has begun on construction activity. Bahamians usually want to see, touch and feel before they make a decision, sign a contract or make a deposit," Knowles pointed out.
"We have been able to sell out nearly half of the development before work even hit the ground, so I think that's pretty remarkable."
He confirmed that the land has been cleared at Devonshire Place and developers are preparing to break ground soon. Knowles called the development "exciting".
"It's midway between the old City Market and current Super Value location on Cable Beach. It is tucked away, three streets away from the main road. Obviously, it's close enough to the beach, shopping, restaurants, the clinic, and the gas station in Sandyport. In a year-and-a-half, you will have the excitement of Baha Mar so this development is really in the heart of the action," he noted.
In addition to all 20 units being end units, all will be outfitted with LED lighting.
"Every unit is an end unit, which gives every unit lots of light and additional windows. One special feature is that you have LED lighting throughout. With LED lighting, obviously it's going to be very energy efficient because it does not pull a lot of power and has the ability to keep the place really cool," according to Knowles.
I think that's pretty trendsetting, especially for a product in this price point. You normally see LED lighting in higher-end homes. To be able to achieve that at a $239,000 price point, that's really commendable."
Meantime, the company's vice president John Christie shared with Guardian Business he believes the western New Providence development will have a positive impact on the real estate market.
"Especially with Baha Mar coming, the timing is right. I think they should be able to sell fairly well. Once Baha Mar gets going, the value of property will increase over the next few years. Over the years, the prices have come down so it's a good time to buy as we move out of the recession," he added.

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