An ultra-luxe condominium and penthouse complex currently under construction at Palm Cay in south-eastern New Providence is expected to inject millions of dollars into the country’s economy and will provide 155 jobs for Bahamians, according to Rob Batchelor, the CEO of Palm Cay.
The new addition called, “One Marina,” will feature 84 two and three-bedroom residences with ocean and marina views.
“Our local contractor, HNR Construction, has assured us that phase one will be completed in the first quarter of 2020,” Batchelor said.
“Seven of the 10 units in block one, phase one, have already been sold. The development combines stylish, modern living with top of the line finishes, doorstop access to the marina and beach with resort-style amenities.”
With a price point of $800,000 dollars and up, the project was hailed as a welcome injection into the country’s economy, according to Minister of Public Works Desmond Bannister.
“They’re going to be investing a tremendous amount of money and it is going to be important for our economy to show the type of continuing investment that goes on in The Bahamas,” he noted.
“I am also pleased to see the large number of local affiliated professions; realtors, architects, engineers are benefiting from this investment and they also have a number of Bahamians employed; this is the kind of investment that the government continues to seek.”
Bannister suggested that the price point at the new development is attractive for Bahamians to own a piece of the pie.
“This is not some place where Bahamians will not be welcomed,” Bannister said.
“It is a high-end development and there will only be persons with a certain level of income that will be able to live here; but this will definitely be an investment where Bahamians will benefit, and they will also have a number of Bahamians employed here.”
The One Marina development sits adjacent to the marina in Palm Cay.
Palm Cay is a $65million dollar development which is comprised of an assortment of beachfront and ocean view townhomes, condominiums, marina cottages and single-family home sites.
The entire development sits on a 69-acre enclave.