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Palm Cay condo offering ‘over-subscribed’

May prompt advance in construction schedule

Published: Oct 02, 2013

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An eastern New Providence real estate development is considering pushing forward its construction schedule after seeing its latest condominium offering become oversubscribed within two months.

Palm Cay’s Sales and Marketing Director Zachary ‘Zack’ Bonczek yesterday said that 16 reservations have been received for the first phase of what will eventually be a 50 unit condominium offering at the 69-acre Palm Cay development.

“I think we hit the market just right – the right location, the right product and the right price at the right time,” Bonczek said yesterday.

Priced starting at $319,000 for a two-storey, 1,200 square foot residence complete with a master suite, balconies and granite kitchen counters.

The first phase of its “Anchorage” condominium , consisting of 12 two bedroom, 2.5 bath condominiums, were offered on a first-come-first served reservation basis two months ago and buyers will be confirmed at an October 17 event. Reservations could be secured through a $5,000 refundable deposit.

At this time, anyone who made a reservation but is not accommodated in the first phase, will be given the option to be among the first to select for Phase 2, with pre-construction prices for the next phase to be announced at the upcoming event.

“We initially built townhomes and offered single-family residential lots, both of which targeted a certain market with the townhomes being especially attractive to second home owners who wanted a place in The Bahamas,” he said. “As Palm Cay evolved from development to community with a host of new activities, including family fun Saturdays, happy hours on Friday evenings, sports events, charity art show, we began seeing more people who were interested in condominium living.

“They love the active outdoor lifestyle with marina close by, now with the new tennis courts, the swimming pools, the $1.6 million refurbished beach and they wanted to enjoy all those amenities in a hassle-free lifestyle with someone else worrying about mowing the lawn.”

The Anchorage, said Bonczek, filled that gap.

There will be 50 units in total to be built over five phases, including three different floor plans. Demand for phase one could prompt an escalated start-up date for phase two, originally planned for later this year.

Palm Cay will feature over 300 single family lots, townhomes and condominiums along with a 194-slip marina, clubhouse, two tennis courts, playground, swimming pools and a 1,200 foot long beach. Future plans include a fitness centre and full restaurant.

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