The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

BAHA MAR has seen “positive interest” in its 307 luxury residences offering thus far, a senior executive said yesterday.

Robert Sands, its senior vice-president of government and external affairs, said: “It’s difficult to put a number on actual sales but interest has been positive.

“Interest and reservations for a number of them have been confirmed, an encouraging amount of reservations. They are at different levels of completion. The interest for them has been very positive.”

Baha Mar earlier this month announced the launch of its luxury residences in New Providence, following launches in London and Asia. It has selected five Bahamian real estate firms to represent it in its recent launch.

“We’re still in the training stages, training the travel agents, real estate agents etc. Having just identified the agents locally, a part of our responsibility is to train them on the product and that is about completed. Basically ,what we have been doing is the broker training kits and giving them all the product  information they need to adequately sell those in the marketplace,” said Mr Sands.

A total of 307 private, freehold residences are available for sale and located within each of Baha Mar’s hotels.

Prices for the residences start around $1.2 million and go up to $10 million. Buyers have the option of year-round personal use of their residence or they can take part in Baha Mar’s rental programme, which allows for up to 90 days of personal use per year.

All property owners enjoy tax-free capital gains on resale. In addition, the rental programme allows owners to convert a portion of their personal usage for credits that can be redeemed for accommodationat more than 300 luxury hotels and resorts. All Baha Mar owners are eligible to apply for permanent resident status in the Bahamas.

Baha Mar launched its residences at theHarrods department store in London’s upscale Knightsbridge district in June. Scheduled for opening in late 2014, Baha Mar will boast a total of 2,200 hotel rooms, spread across four major hotel brands including Rosewood Hotels & Resorts, Mondrian, a Morgans Hotel Group property, Hyatt Hotels and Resorts, as well as the centerpiece of Baha Mar, The Baha Mar Casino & Hotel.