The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

ARAWAK Homes has seen a “phenomenal” response to its new home models line, its president telling Tribune Business that with five out of 16 lots already sold, the company was sifting through 300 applications for the remaining 11.
 In an interview with Tribune Business, Franon Wilson said the recent launch of Premier Estates, off Faith Avenue, had “exceeded our expectations”.

The developer is offering properties in the Premier Estates subdivision at price points representing a 12-year low, and Mr Wilson said: “The launch exceeded our expectations. This was something new and we were amazed at the amount of people that turned out.

“In this particular community we only have 16 homes, some of which were sold before the launch, and two sold at the launch.

“Over 300 people showed up. This week we will be working on a first come, first served basis to sell the remaining homes we have in there. We have about five homes sold right now out of 16, and to have that many sold up to the day of the launch is phenomenal. It has now caused us to go out and identify other pieces of property which we could use to deal with the volume of people that came out on Saturday.”
 Mr Wilson said the high turnout at the launch highlighted the fact that the demand for home ownership is “as strong as ever”.

“It really shows that people want a product they can afford and meets their standards,” he added. “They also want something new.

“When you look at all those indicators, given the fact that homes in there were at a price point we have not had in the past 12 years, it really shows that we have developed a product to meet the market needs of most Bahamians.”

Mr Wilson said: “I think location had a lot to do with it mainly. People want a safe area, an area where homes are kept to a particular standard and an area that has a future. The Carmichael area meets all these standards.”

Arawak Homes, in its newest line of home models, is offering residential homes with mortgage rates starting at $227 per week.