The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE CAVES Heights development has already “matched” last year’s unit sales, its vice-president of sales and marketing telling Tribune Business that about $9 million had been generated from sales at the luxury ocean front condominium development so far this year.

Gustaf Hernqvist said that Caves Heights Oceanfront Condominiums, a gated community of two, three and four-bedroom penthouse condos, had already sold 10 units this year, matching last year’s overall unit sales. Mr Hernqvist said that the development which held an open house this past Saturday is looking to sell off the remaining five units in the development’s first phase. “We had an open house this past Saturday. It went really well. We have two reservations so far from it, so we have two units reserved in the $800,000 and $1 million range. We’re selling out some of the remaining inventory in phase I and also phase II is taking off really quickly, especially some of the most attractive units. In phase I we have a total of five units left, they are priced from $725,000, to $815,000 and they are all three bedrooms. We will complete construction of the second phase June 1,” Mr Hernqvist said. There are 48 units in phase I and 46 units in phase II according to Mr Hernqvist.

The Caves Heights development has generated $5-$6 million from condo sales in January alone, during which it sold six units. “We have already sold four more units for the year so we are up to 10 units sold in total. What I’m finding is that right now condominium living is becoming very popular in the market particularly in the western area. It’s just a certain level of convenience when it comes to hurricane safety. All the windows have hurricane proof glass, we have hurricane shutters, the buildings are elevated almost 30 feet from the ocean, we are set back from the ocean and we are one of the few condo developments of this size that can offer full power backup generators so when hurricane comes or when power goes out there is full power with air-conditioning and everything,” said Mr Hernqvist.

He added: “We are seeing the general growth for the area. Our inquires for rentals have drastically increased and we’re about to make some great expansion on Caves Village as well. At this pace we project to be sold out completely in phase I by this summer. We’re looking by end year to be abut 25 per cent sold out on phase II. I would say we have a lot to thank Baha Mar for because they have affected general growth in the area from making the government improve on the infrastructure, roads and airports and all of that. They are the main reason of the revitalisation of west Nassau. I think we are building this at the right time. We can offer modern and high end condominiums with spectacular ocean views not far from Baha Mar. Our timing for completion is quite ideal, because it’s just about when Baha Mar will come on track.”