Palm Cay announced it has opened reservations for Phase 2 of its much anticipated luxury condominiums, The Anchorage.
The popularity of the 50-unit, 5-phase project that is the first condo offering in the community situated on 69 acres sprawled along New Providence’s calm southeastern shore has surprised even the developers who are bracing for a flood of new applicants.
“The Palm Cay community started with townhomes and single family lots, planning to add other residential options later,” said Palm Cay Director of Sales & Marketing Zack Bonczek. “But we had so many requests for single level condominiums with an open floor plan and affordable price tag that we advanced the plans and launched Phase 1 of The Anchorage ahead of schedule. It was oversubscribed almost immediately.”
Bonczek believes the product led to sales exceeding expectation and hopes Phase 2 follows suit. Phase 1 reservations were oversubscribed with 15 prospective buyers vying for 12 residences. Construction is now fully underway on those units. Phase 2 will consist of eight single level units.
“The product is unique – a 3-bedroom, 2-bath, 1,476 square foot residence, including terrace, in a secure waterfront community with marina, restaurant, tennis courts, pools, and more for $359,000 pre-construction. I don’t think there is anything that can compare to it in New Providence.” Palm Cay Marina is the closest to Exuma and with 194 slips, is the largest in New Providence in terms of capacity. The community’s restaurant, Billfish Grill, is set to open in March with indoor and al fresco dining.
Phase 2 is being sold as the first phase was – on a reservations basis with a reservation call event after the publication of the offer. Reservations accompanied by a fully refundable $5,000 deposit are processed on a first-come, first-served system.
“Our biggest problem now is one we’re glad to have – being able to meet demand,” said Bonczek.
While The Anchorage is the latest in Palm Cay’s offerings, its success mirrors other facets of the community’s sales. Developers reported that more than 80 per cent of the single family residential lots have been sold and garden and beachfront townhomes are drawing substantial interest with garden townhomes appealing largely to a local market and the luxurious Starfish Isle townhomes directly on the beach drawing a cross-section of local and second home buyers.
The high-end Palm Cay development boasts over 1,200 feet of white sand beaches and features a variety of residential options in the secure, family-oriented community.
Cuaron won out of a group that included Steve McQueen, a son of Grenadians in the United Kingdom.
Diane Phillips and Associates
Caption: Phase 2 – With Phase 1 of The Anchorage under construction and on schedule at Palm Cay, developers announced that reservations are open for the second phase of the community’s first condominium offering. Demand outpaced supply in Phase 1. (Photo by Derek Smith, Jr. , DPA)
