The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

An eastern New Providence real estate project is aiming to develop a ‘condo/marina slip’ package worth less than $450,000 to accommodate a “significant uptick” in inquiries from the Florida boating market, having invested a further $10-12 million in its development this year to-date.

Richard Browning, chief executive of the 400-unit Palm Cay project, which is sandwiched between the Port New Providence and Treasure Cove developments, told Tribune Business yesterday that it was receiving “a lot of inquiries from offshore investors” - prompting him to intensify marketing efforts in Florida and Canada.

“We’re getting a lot of inquiries from the Florida market wanting to move their boats here,” Mr Browning disclosed. “We’re concentrating on the Florida market because there’s been a significant uptick in Florida interest - boating-related interest.”

Palm Cay’s position on the eastern end of New Providence made it a natural “gateway” to the rest of the Bahamas, particularly the Exumas, and the Caribbean for boaters wanting to travel through the islands, Mr Browning said.

Rather than have to travel across from Florida, then clear Customs and Immigration in the Bahamas, the Palm Cay chief said they could instead moor their boats at his development and take a short plane trip to Nassau instead.

This would allow them to spend a whole weekend in boating-related activities in Bahamian waters, saving them time on the crossing from Florida, hence his development’s attraction.

And, with Palm Cay possessing 196 boat slips, Mr Browning said boaters based there could create a significant economic ‘trickle down’ effect as they moved through the Family Islands, generating extra business for marinas, boat and tackle shops there.

Palm Cay’s current inventory stock was priced from $500,000 up to just under $1 million, and Mr Browning added: “We are going to introduce a smaller condo-type product, tied together with a marina slip.

“That’s the response from the Florida market. They want the accommodation plus the boat slip. They want the package, and we have to target that under $450,000. That’s our thinking - a condo product with a boat slip, and getting in under $450,000.”

With Palm Cay already attracting several Canadian buyers, Mr Browning added that he planned to establish “a presence” in that market, focusing on Toronto first via real estate brokers there.

On the domestic front, he said there was “a lot of activity” in terms of walk-in traffic “coming in the door” to see what Palm Cay had to offer.

“We’re due to complete the 30-unit oceanfront townhomes at the beginning of August, and the buyers will take possession then,” Mr Browning told Tribune Business. “We’ll put our showroom in there when they’re completed, and sales office in one of them.”

Five of the 30 oceanfront units have been acquired by buyers to-date, and Mr Browning said the development was “still ticking over” at the rate of one-two property transaction closings per month.

“They tell me it’s a quite season in the summer,” he added, “but we’ve seen significantly more interest in the last month than we’ve had for a few months.”

Some 58 lots out of Palm Cay’s total 400-strong inventory have been sold to-date, with 15 townhomes - including the five on the oceanfront - also purchased.

“We’ve probably put in $10-$12 million this year,” Mr Browning told Tribune Business of the developers’ investment in Palm Cay to-date. “We’re putting a lot of money into marketing.

“We’re well-positioned. It’s just a matter of moving it further forward. It’s all about product and responding to what the market’s telling you. We’re comfortable. We’d obviously like it to be better. Everyone wants that.”