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$30 million development features ‘unique’ construction methods

Ground broken on Venetian West development near Old Fort Bay Town Center
  • A computer-generated image of some of the proposed homes at Venetian West.

SCIESKA ADDERLEY
Guardian Business Reporter
scieska@nasguard.com

Published: Oct 17, 2013

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The $30 million Venetian West development, located in the Old Fort Bay area, is the newest gated community that plans to offer a collection of condominiums and townhouses.

Nestled in western New Providence, the 42-acre residential project, being developed by the Quantas Investment Group, is located just steps away from the Old Fort Bay Town Center.

The company’s President Jeffery Kerr said he believes that potential homeowners have been looking for a concept like the Venetian West, and he is confident about the development’s prospects in the market.

“The beauty about the Venetian West is that it has been designed in such a unique way. We feel that the market is ready for the Venetian West concept because I believe that potential homeowners are more interested in gated communities. But more so, I believe that Bahamians are buying into condominiums and townhouse styles because it’s a concept that has caught on well. Now we are more susceptible to that type of living space in comparison to the early days,” he said.

Ryan Knowles, a real estate agent at H.G. Christie Limited, said he is very excited to see the launch of the Venetian West as it continues the trend of development in the west.

“The Venetian West is a very exciting project. It continues a trend of development in the west. It’s another piece to the puzzle if you will. When you’re adding that many bodies and families to the area, it’s only going to boost the area. You have got the new town center and the Meridian School that’s coming, so it’s really starting to come together as a community. H.G. Christie is opening a new office in the town center. So for us, it’s a validation that it’s the direction that everyone is heading in,” he told Guardian Business.

“We’re very excited to see the launch of Venetian West, market it and offer it to our clients. Especially with our new office next door, we feel we are well positioned to represent the area.”

Phase One of the project includes a medley of 211 condominiums and town homes. The Venetian West development will reportedly be completely built out of light-gauge steel (LGS) technology.

Constructing homes with the LGS technology is said to not only be faster but more cost effective and energy efficient. It has been estimated it can take 45 days to construct a 1,500-square-foot turnkey home as opposed to a conventionally built one that can take anywhere from nine to 12 months to construct.

Knowles said the construction methods alone makes Venetian West “unique”.

“Light-gauge steel (LGS) technology is very energy efficient. Other materials that they are using, something called the Hebel Board (HB). One of its major qualities is insulation. It insulates for heat and is also very strong. In terms of the construction alone, their methods that they are using are very unique. It’s very new for The Bahamas,” he said.

In the Venetian West, buyers have four options to choose from: a two-bed, two-bath condo; a three-bed, two-bath condo; a three-bed, two-bath townhouse; and a three-bed, two-bath townhouse with a garage. Properties start at $239,000.

Amenities include a clubhouse with a gym and community pool, 24-hour security, tennis court, playground, walking trails and “lush” landscaping throughout the community.

For a limited time, developers are also offering in-house financing, where buyers can reserve a unit with just five percent down and pay 5.95 percent interest in the first year, increasing in the second year. Kerr confirmed this was done to assist potential homeowners with financing.

“We have a lease to own program to assist the market to some extent with this development. We’re hoping that bank financing will carry the rest,” Kerr added.

Ground has already been broken on the project with occupancy slated for March 2014.


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Last Updated on Thursday, 17 October 2013 14:50
 
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