The Tribune

The owner of the former Ocean Place condominium complex on Paradise Island yesterday said it plans to bring 32 units to market by March 2016, telling Tribune Business initial sales had been “better than anticipated”.

Replay Destination Bahamas, a subsidiary of Vancouver-based Replay Resorts, closed on 52 of the 79 total units at Ocean Place in July, after purchasing the unfinished properties from CIBC FirstCaribbean International Bank (Bahamas) and its KPMG receivers. 

Greg Ulmer, Replay’s director of sales and marketing, told Tribune Business yesterday that the company, along with the 22 current condo owners, will invest some $2 million to renovate the property’s common areas alone.

Mr Ulmer said Replay had essentially put the finishing touches to eight units which had almost been completed by the original developer, and released those on the market.

“We have eight of the units completed,” he added. “We released those kind of silently to the market. Right now, I have three left. Our  sales are projecting better than anticipated.

“We really didn’t think we would start selling anything until January. The response was overwhelming. We got a lot of people calling us, wanting to know what was going on. It forced our hand and about 45 days ago we started letting brokers come in to see what we are doing.

    “Of the remaining units, 32 of them are basically shells.  We want to make them as exciting as possible. There are also eight penthouses, which are like the final phase, and we will have more information on those early in the year,” Mr Ulmer continued.

“We’re going to a reservation system where people can come in and buy a reservation, non-binding, and if they decide that they want to purchase a unit when we release them, their deposit goes towards the purchase.”