Developers of the $100 million Balmoral community are gearing up to launch its $15 million phase two component, with 100 percent of units already sold in the first stage. The project is now ready to welcome the first residents into their homes, following the almost two year construction period that employed around 150 workers daily.
"We're moving full steam ahead [and] right now we're just getting ready to close on the first phase of the townhomes and condominiums," said Jason Kinsale, one of the primary developers. "We're now getting ready to start our second phase in about 45 to 60 days."
"The club will be opening in the June time frame officially...tennis courts are complete and we're just getting ready to do landscape etcetera within the next month."
The project's success in getting units sold has everything to do with a present need for home ownership in The Bahamas, Jason said, with about 50 percent of the buyers for the completed phase falling into the first-time-owner category.
"One thing that's really happening is people can see it nearing its completion and we're moving away from relying on drawings of the site to the more tangible," Kinsale added. "A lot of people still need somewhere to live and the market that we're targeting - the young professionals [who are] 30 to 40 for the most part.
"These people are still in the position where they can make payments, so why not make mortgage payments rather than renting out every month?"
Kinsale is particularly pleased with the effect that the recession has had on construction costs; savings make the project a lot more attractive to the buyer.
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