By NATARIO McKENZIE
Tribune Business Reporter
THE Balmoral’ development’s principal yesterday said he was gearing up for the launch of his latest luxury beachfront condominium project on Cable Beach, telling Tribune Business he was aiming to capitalise on strong demand from the international investors for high-end Bahamian real estate.
Jason Kinsale, Balmoral Development;’s president, said investment in the One Cable Beach high-rise condominium was now pegged at roughly $45 million, with its launch set for March 27.
“Right now we’re just getting a lot of the planning done, getting all of the pricing and documentation finalised. It’s a high rise condo building with 75 units,” he said.
“I think when you really look around there is a real shortage of beachfront in Cable Beach right now, and Nassau in general. Good beachfront property is extremely difficult to find. I think it’s an excellent location.”
The project is earmarked for land opposite Prime Minister Perry Christie’s home, and is roughly 600 feet from Baha Mar, which is scheduled to open at the end of this year.
Mr Kinsale said the development aimed to exploit signs of world economic revival and the strong demand from international buyers, particularly Europeans.
“We believe in the west. I’m hoping that the units move pretty quickly. The reality is that the international market is very strong. If you look at Miami, prices are increasing, the overall economy’s improving. There were four million homes that came out of negative equity last year in the US. Things are on the rise. We are seeing foreign investors come in and buy multiple units,” said Mr Kinsale.