Palm Cay’s $100M One Marina Comes to Market
Palm Cay, the fast-growing beachfront community on New Providence’s southeast shore that combines a resort feel with residential living, announced today it is releasing its most ambitious project to date – a $100 million luxury condominiums and penthouse complex with panoramic views overlooking the popular marina and ocean.
Named One Marina after its location adjacent to the award-winning marina, the newest addition to the sprawling residential community was 40% sold before being released to the general market, according to Myles Newell, the recently-appointed Director of Sales and Marketing.
“The pre-release response was really encouraging,” said Newell. “When we shared the design and site plan with owners and new clients prior to going to market, expression of interest was almost instant.” That interest, said Newell, was divided between those who wanted to own a second residence at Palm Cay for family or investment, and those who plan to move into the new complex and sell their existing unit.
Newell credited two factors for the positive response.
“Palm Cay has a strong track record with property values appreciating consistently,” he noted. “The resort-style development has already had approximately 160 properties purchased since opening. Developers have already put $65 million in the ground and you can see it in the quality of the infrastructure, construction and amenities that are unparalleled for a residential community of homes that fall mostly under $1 million. In addition, the economic picture is brighter as confidence continues to rebuild. A decade has passed since the recession that frightened a lot of people off and the pent-up appetite for investment in real estate is strong.”
Given that double drive, the Palm Cay representative said developers are expanding marketing efforts with a multi-channel campaign focused on North America.
The first newly designed, Palm Cay high-end real estate offering to come to the market in almost a decade features 84, two and three-bedroom residences.
Two-bedroom units range in size from 1,780 to 1,940 square feet and will sell for between $750,000 and $800,000. Three-bedroom units are selling from $1.5M to $1.9M, ranging in size from 2,751 to 4,228 square feet. All residences will feature modern interior design, storm-rated glass, high ceilings and high-end finishing touches. The community enjoys 24-hour security.
The 69-acre enclave consists of beachfront, ocean view townhomes, condominiums, marina cottages and single-family home sites situated around more than 1,200 linear feet of sandy beaches.
One Marina compliments Palm Cay’s existing residential offerings featuring spectacular finishes and lavish details: one and two-story condos at The Anchorage and Starfish Isle’s richly-appointed town homes. Owners can opt to place their unit in a rental programme.
There are also slips available at the full-service Palm Cay Marina – a deep-water facility covering eight acres and for the fourth year in a row voted best marina in The Bahamas by the equivalent of TripAdvisor for marinas.
Developers recently invested $2 million in upgrading its resort style amenities. Palm Cay offers a members’ fitness centre, spa services, tennis courts, recreation areas, dockside café, a beach bar and grill, half-size Olympic swimming pool and a beachscape including private cabanas and a deck area with sun-loungers.
Activities for owners include boat tours to the Exuma Cays, non-motorized watersports including kayaks and paddleboards, bike trails, and a variety of events and activities ranging from wine tastings to family movie nights hosted by the members-only club.
“Palm Cay’s quality of construction, design features, size of these residences and its amenities have helped to sell out previous phases in the development in a short space of time,” said Newell. “This time around is expected to be no exception.”