Bahamas development being primed for global market
Baha Mar condos targeted toward the world’s rich.
NASSAU, Bahamas, Thursday June 7, 2012 – Next week will see the luxury Baha Mar resort development go to market with an official launch in London.
This June 12 launch follows a recent "soft launch" of its condo units in Beijing. Baha Mar executives established a physical presence in Hong Kong last October, and offices in China and the United Kingdom are scheduled to soon follow.
With 307 condominiums on offer, executives at the US$2.6 billion mega resort are reportedly expecting strong demand.
Prices for the units are said to start at US$1.1 million and Robert Sands, Baha Mar’s senior vice president of administration and external affairs, has publicly stated that the resort’s international sales team will be targeting wealthy investors.
"This event will attract high-net-worth individuals to purchase these residences as part of our project offering. We are marketing these residents in particular to Europe and Asia. That is the market we chose first. We consider ourselves to be an international company," Sands reportedly told the Nassau Guardian.
Sands suggested that the limited number of condominiums would make the owning a slice of the luxury resort even more coveted.
The 1,000-acre, resort, gaming and entertainment complex is slated to open in late 2014, and will boast some of the world's most famous hotel brands, including Rosewood Hotels and Resorts, Morgans Hotel Group and Hyatt Hotels and Resorts, as well as a Casino Hotel, creating 2,250 new rooms. Baha Mar's 100,000 square-foot casino will be the largest in the Caribbean, and developers are touting it as “the only true gaming experience outside Las Vegas”.
Baha Mar will also feature the largest convention centre in The Bahamas, with 200,000 square feet of space, which can also double as an entertainment venue and sports arena.
Other amenities will include a 50,000 square-foot retail village combining an upscale shopping experience with Bahamian arts and crafts, chef-branded restaurants and entertainment venues. A 20-acre Eco Water Park and pool experience, and three unique spas, including the largest spa in the Caribbean. The planned 18-hole Jack Nicklaus Signature Course is one of a select few such top-tier Nicklaus courses in the world, and will be the only true championship course in The Bahamas.
The structure of the condo plan is intended to further attract international investors, Richard English, the senior vice president in charge of sales and marketing, reportedly told the Nassau Guardian.
English said that the owners within the Baha Mar Collection could have the option to put up to 30 days towards alternate locations around the world, for free. Partners now working with the Baha Mar Collection include the Fairmont in Mecca, the Mandarin in Hong Kong and the Burj Al Arab in Dubai. He said the credits can also be used for travel experiences, and the resort has also partnered with Abercrombie & Kent, the luxury travel company, to provide everything from African safaris to expeditions in Antarctica.
For when investors are not staying at the condominiums, Baha Mar has also enlisted four rental companies based in the United States and the UK to market the property and earn the condominium owners rental income from their units.