October 19, 2011
A $20 million residential development has recently broken ground along Cable Beach, Guardian Business can reveal, which will result in 24 luxurious homes through a joint partnership between Canadian and Bahamian developers.
Ocean Cliff Villas, located across from Sandy Port, has just razed a house on the original site and started construction on the wall.
Leon Blaiweiss, president of Seaside Development Company, said the development - due for completion around August 2012 - seeks to tap the rising potential of the area and appeal to international investors.
"People want to be in the Cable Beach location," he told Guardian Business from China, where the developer is researching construction materials at the annual Canton Fair.
"In the future you can walk to Baha Mar just a half-mile down the road. It's on the water and the homes are quite high end. We've done a market study and believe this will sell."
Early indications show the developer may be correct.
According to Blaiweiss, the firm is working on a deal right now with a Canadian entity to buy an entire building. There are three buildings included in Ocean Cliff Villas.
On top of that, several units have already been sold.
Ryan Knowles, a realtor with Mario Carey Realty, said part of the appeal of this multi-million-dollar development is both the quality and more reasonable price range.
Starting at $599,000, the three-bedroom seafront properties are quite reasonable in the overall New Providence scene.
"The price point they feel is the best for water-front living," he explained.
"They are looking to make it a bit more affordable. It's a very clean unit. The work is top-notch and great for investment."
Knowles said that one of the trends in the past year or so has been a consistent demand for mid-range property in Nassau. Young professionals, he felt, have few options when it comes to a "starter home".
The Vizcaya development, for example, located near City Market in Cable Beach, has completely sold out, according to Knowles.
With owners moving in this week, the 16 units were priced very competitively at around $300,000.
Although Ocean Cliff Villas is along the coast and more high end, he felt it was still a more accessible way to purchase quality property in Nassau, and in particular, the Cable Beach area.
A Bahamian contractor has received the work for the development and will employ "a few dozen" Bahamian workers, Knowles added.
This latest residential complex is the third venture for Seaside Development Company.
Blaiweiss compared the interior of this Ocean Cliff Villas to their last development, Columbus Cove, pointing out it has 10-foot high ceilings, stainless steel appliances, granite counters and spacious balconies.
Although local buyers are expected, the developer said he was keen to market to foreigners, particularly in Canada.
"The way the dollar has been these days it makes sense," he said.
"There have never been a better time to invest in The Bahamas. It's great as a retirement spot or an investment as a rental property."
Buyers are expected to put 10 percent down upon signing the contract.
A further 20 percent must be paid once the buildings officially break ground, with the remaining balance paid upon completion of the development.
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