An Abaco development has been reduced in price and packaged into two separate offerings in order to attract buyers.
Serenity Point in Great Exuma, along with a 100-acre area of land adjacent to it, will now be offered for $11 million and $8 million, respectively.
Updating Guardian Business on the latest developments with the property, which this newspaper revealed to be on the market on Monday, listing agent George Damianos said the hope is that the reduction of the overall price of the property - which was initially listed as one offering for $23 million - will bring in investors.
Serenity Point, a 40-acre beachfront gated community 25 miles south of Marsh Harbour, is adjacent to the Schooner Bay development.
The development was designed to be a boutique, up-market real estate development, featuring its own clubhouse, infinity pool, tennis courts and 24-hour security.
The property was being developed by Anco Lands, a company headed by Alexis Nihon II, whose family are long time Bahamas residents with extensive Abaco landholdings. Construction began in 2009 and lots started to be sold from March 2010.
In December 2011, Serenity Point developers said they were targeting a $75-$100 million total value with the construction of 46 home sites.
However, developments were frozen when Nihon II passed away following a battle with an illness earlier this year.
Alexis Nihon, Nihon II's son, said the decision to sell the property was "entirely based on [his] father's illness".
"A decision was made at the time of his diagnosis in the beginning of 2012 to put a freeze on any sales and adopt a wait-and-see approach.
This was done in recognition of the fact that his family should have as many options available to them as possible concerning the future of the development; with lots sold, things are invariably more complicated.
"Prior to this, while the market was certainly frustrating, we were gaining momentum and had two active offers on the table for beachfront lots, with a further three reservations all but secured. Part of the reason sales took so long to make was that my father set high prices for the lots despite the economy, absolutely believing in the value of the land.
"Rather than bending to the market, he had his eyes set on the turnaround we're now finally starting to see signs of. He had a lot of faith in what Orjan Lindroth was doing at neighboring Schooner Bay Village and simply adopted a longer-term approach to the development and the region," said Nihon.
The property had "several million" invested into it by Anco Lands prior to being placed on the market, said Nihon, who suggested that the property offers "incredible value here for the right investor with the right vision."
"I think the development is uniquely positioned for a sale in that it already has all infrastructure completed, all approvals granted and sits on one of the most beautiful beaches in The Bahamas. Further, it can fully capitalize on the tremendous investment made by the neighboring Schooner Bay Village development, which already has a completed marina and is growing a vibrant town center by the day.
"Last, of all the Family Islands, Abaco itself has the most to offer potential investors: The most infrastructure investment, by far the best airlift, with a brand new airport about to open, a skilled work force in the fastest growing economy other than Nassau's, and no saturation or crime problems to speak of."
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