NASSAU, BAHAMAS – With completion still about two years away, the high-end residential and resort development on Cable Beach known as GoldWynn hit the $50 million mark in sales under contract last week with interest exceeding expectation – an indication, said one executive, of a “continuing love of The Bahamas as well as an appreciation for the product.”
Matthew Marco, Executive Director of Sales, revealed the positive sales report in an internal document December 6.
“We just reached the $50 million mark which represents just under 40% sold, fantastic for a building in The Bahamas so early in construction,” Marco told developers. Prime Minister Dr. Hubert Minnis presided over the groundbreaking declaring that GoldWynn —located directly across from his office on West Bay Street – would be part of a “second home market that will experience significant growth over the next many years.” Underground infrastructural work was completed this summer and with some 150 construction workers on site and massive cranes dotting the skyline, the $200 million project – now up to the second of six stories – has been a boost to the construction sector and the local economy.
The buzz of construction is matched, says Marco, by the buzz the boutique property – and The Bahamas as a whole – are garnering, especially in western Europe, South America, the US and Canada.
“I just returned from Europe and I have never seen so much interest in The Bahamas,” said Marco. “The high-end second home market and the rental market are on fire. When you compare The Bahamas with other jurisdictions and you look at stability of governments, personal safety, asset security, taxes and lifestyle, all arrows point to turquoise.”
According to Marco, the country’s desirability continues to grow, especially in high net worth circles as more stringent compliance measures lead to a ‘cleaner’ environment discouraging the less scrupulous while providing an increased level of comfort for those who invest because of lifestyle, access to first class financial services and stability.
Randy Hart, Wynn Vice President, who re-affirmed the company’s commitment to cooperate with local real estate professionals, said developers were also pleased to see the level of interest in digital asset payment solutions and clients’ appreciation for all The Bahamas stands for.
“There is something magical about this project which further enhances the desirability of The Bahamas as a whole. By being on the cutting edge of design and using advanced construction material, we are one step further toward reinforcing The Bahamas as the number one choice in the Western Hemisphere for those could live anywhere,” said Hart, who oversees the development on a day-to-day basis.
Hart and Marco agreed sales would not be where they were without the cooperation and “enthusiasm” of the local real estate community.
“Our largest sales have come through BREA (Bahamas Real Estate Association),” said Hart. “Their enthusiasm about this project has been amazing and we are absolutely committed to cooperating with BREA-licensed agents and brokers.”
What buyers are investing in whether through traditional currency or digital is a multi-storey beachfront development overlooking the Atlantic Ocean with the western wing designed as a condo hotel and the eastern wing reserved exclusively for private residential occupancy.
Suites in the hotel component range from $500,000 for a studio to $2.4 million for a luxurious 3-bedroom with nearly 3,000 square feet of living space including terrace. The Private Residences start at $675,000 for a studio and range up to just under $4 million for a penthouse with over 4,000 square feet of indoor and outdoor living space. While both wings will have access to seaside dining, large theatre, spa, health club, recreational facilities and more, only owners of the private residences will have access to their rooftop pool and to their wing.
Condo hotel owners will be entitled to occupy their unit for up to 90 days a year and when those units are not owner occupied, they will be part of a rental pool, earning robust revenue for the owner and management company, Small Luxury Hotels.
GoldWynn Resort and Residences is the brainchild of Paul Wynn, one of three Canadian brothers who now call The Bahamas their home and form The Wynn Group of Companies. In addition to properties in The Bahamas, the group has a presence in the Dominican Republic, U.S. and Israel, with plans to expand to Mexico and Jamaica. Wynn Development Ltd. is the project contractor, and work is being carried out by the veteran team that completed some of the top communities on the island with Mosko United Construction responsible for the structure and concrete work currently in progress.
Once completed, the development is expected to generate approximately 50 full-time jobs. Estimated completion date is late 2021.