The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A western New Providence gated community is 50 percent sold out ahead of its first home owner move in by June 2021, its developer said yesterday.

Randy Hart, president of Villanova, which is located off West Bay Street, told Tribune Business the project is “coming to life right now” after completing the first phase’s 20 units. Reservations and deposits are now being taken for phase two.

“We had our open house over the weekend, which was mostly locals, but we did have many foreign purchasers as well,” Mr Hart said. “I think because of our location, and the fact that we are in walking distance to the beaches, as Saunders Beach is very close as well as Cable Beach, that appeals to the international market.

“International purchasers can buy brand new contemporary designs and new construction with amenities in a gated community for under $500,000. I think the price points are quite appealing in the market and, based on the demand, we think the offers are a great value proposition at those price pints.”

Villanova boasts a fitness centre; pool; back-up generator for all units as well as security and surveillance systems. Mr Hart said he is also investing in upgrading the surrounding areas outside the community, repairing the roads and working with the Ministry of Works to install a proper drainage system.

Describing the project as an “ideal choice” for young Bahamian professionals working in the downtown Nassau or West Bay Street areas, Mr Hart said: “We now are approximately 50 percent sold out.

“We’re just beginning to reach out to all of the persons who expressed interest in reserving units, but I would say we’re at least 50 percent sold out of the entire project and possibly higher.” The minimum price for a studio apartment starts at $195,000, going up to $380,000 for a three-bedroom unit.

Mr Hart added: “We have developed a very exciting project with good quality, and well-designed and contemporary buildings that appeal to the professionals and people looking for investment properties.

“They’re ideally suited for rentals as well. We are certainly looking forward to getting it completed. The first person is going to move in in June. That’s when the first person is going to walk inside of their home in Villanova. We will have a big ribbon cutting and the media will be invited to come out.

“It has come a long way. It’s hard to tell because we have finished the inside first, which is a bit unorthodox, but once you come through the gates you will get a good sense of what we have done and how much work we have put into this.”