The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A West Bay Street development is “sold out” and will totally finish construction by next year April, one of its principals disclosed yesterday.

Randy Hart, Villanova's president, told Tribune Business that the project's units had sold out two months ago as the development readies to complete its final phase.

“It's been a few months now that we’ve been sold out. So, let's say since June of this year, every single unit is under contract, and so when people call me to buy something, the answer is that we're sold out, unfortunately," he said.

The $14m Villanova development has been built over three phases. The first was completed last year, while the second is now finished with tenants already moving in. The developer is now “in the process of completing the third building, which is about 65 percent done".

The minimum price for a studio unit starts at $195,000, scaling upwards to $380,000 for a three-bedroom unit. It is designed to appeal to foreign investors “looking for an affordable luxury option under $500,000".

“We love the location, but the initial issue in that area was that the road was a bit low and there was no drainage," Mr Hart explained. "So we fixed the road with the Government, and we had a deal with the Government. We put in the drainage and now there’s less water and flooding than most parts of New Providence. We solved the problem and we have the perfect location close to West Bay Street and all of the major points of interest.”

Villanova features a 50/50 split between local and international buyers. “I’m mostly looking forward to finishing the construction and then, once it’s all completed, it will enhance the valued for the existing owners,” Mr Hart said. “By next year April everything should be finished at the Villanova. By next year, I will be on the beach.”