PRIME Minister Philip Davis and members of Cabinet toured the construction site of Aqualina on Cable Beach yesterday to view the progress of the 11-storey skyrise.
Jason Kinsale, president of Aristo, said he believes the development signals a dramatic change in high-end property.
“The greatest change in the luxury real estate market in The Bahamas may not be visible to the naked eye, but the experiences that accompany the physical assets,” says Kinsale, whose latest development is adjacent to Aristo’s ONE Cable Beach on the strip of much sought-after prime waterfront within walking distance of Baha Mar Resort.
“What we want to offer at Aqualina is a total lifestyle package where you can revel in the pleasure of your home or get away for a day at an island you always wanted to visit.
“The decision to move in this direction was based on our research that showed a demand for the highest quality of construction, overall size and comfort, attention to detail and unique lifestyle features.”
Expectations, he said, especially to a high-end market, have changed since he began building multi-family developments over 15 years ago. Though every project his company has completed has been a sell-out, client expectations have increased.
“It used to be enough to offer a waterfront view, storm-rated doors and windows, high ceilings and highest quality kitchen cabinets, but today’s standards are even more demanding,” he said. “Now, that’s just a starting point and you ask yourself, where do we go from here?”
Aristo marketing director Matthew Marco agrees.
“So when we were designing Aqualina, we asked ourselves, ‘What can we offer that makes this property so special, so desirable that a potential buyer anywhere in the world, from Switzerland to North America to the deepest border of South Africa, will look at the brochure or video and say, that’s it. ‘That’s where I want to be.’ We wanted to create more than a luxurious residence. We wanted to create magic.”
From the sheer size – residences range from 3,200 to 5,100 square feet with the penthouse coming in at 7600 square feet, each of the 27 residences in the 11-storey building is accessed by a private elevator. The lobby and welcome area is staffed 24/7 with a concierge and has three private beach villas overlooking the infinity pool, vast deck and generous hot spa pool.
But the ‘magic’ Marco mentioned may just be in something that takes owners off the property – the Aqualina Boat Club.
“We know that most people who will live at Aqualina will want a boating experience without the hassle of owning and maintaining their own vessel year-round, so we created a membership club for boating and some 12 different experiences which will continue to evolve,” said Marco. “Whether a couple wants a private beach picnic day or they want to take guests to Exuma to swim with the pigs, there will be a boat and a trip available.”
Asked if he was surprised that only eight of 27 residences remain with completion still more than a year away, Kinsale answered without hesitation. “Not at all, there’s never been anything like Aqualina on Cable Beach, the market is steaming hot for the finest in luxury and given that we want to be the leaders in ease of doing business.”
Following his tour of the property, the prime minister noted that Aqualina’s economic impact is expected to be significant.
“They will be employing at least 100 persons or more through this project, and then thereafter, there would be at least 60 permanent employees or more,” Mr Davis said.
“What we see is a win-win situation for The Bahamas.”
Noting that the majority of the units in Aqualina have already been sold, Mr Davis continued, “It’s already having its impact.
“As you have heard, 60 percent of the condos have already been sold.
“What does that mean? It means that we were getting our VAT on those sales.
“We hope to see those purchasers visiting and putting heads in beds here.”
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