Once prime livestock grazing land, Paradise Island is now home to some of the most exclusive real estate in the region
In 1698, Lords Proprietors of The Bahamas sold Paradise Island (then known as Hog Island) to Governor Nicholas Trott for £50. Consisting of prime grazing land, and strategically crucial to Nassau’s defence, the island was a valuable piece of property. More than three centuries later, Paradise Island is still sought-after real estate judging by a recent surge in development. Home to the sprawling Atlantis resort and the high-end One&Only Ocean Club, the island has a long history of luring big-name investors. However, in recent years Paradise Island has attracted a different sort of developer–those hoping to capture the high-end residential market.
Tapping into a brand
Replay isn’t the only investor to recognize the untapped potential in Paradise Island real estate. Aristo Development president Jason Kinsale (pictured, above), who developed The Balmoral residential community in western New Providence and is currently constructing One Cable Beach on New Providence, says Paradise Island is a key part of his company’s real estate portfolio. Aristo, in partnership with Sterling Financial Group, is spearheading Thirty Six, a 38 unit residential community on the eastern end of Paradise Island. The project broke ground in May this year and is scheduled for completion before spring 2018. The $23 million development has already piqued buyers’ interest with 18 units reserved before construction began. “We’d been building in the west and with Paradise Island we wanted to create this triangle and capture everyone’s interest,” says Kinsale. “Response was very strong. There has been nothing new on Paradise Island for so long.”
Thirty Six will include studios, one- and two-bedroom apartments and penthouses. Prices range from $495,000 to just over $1 million and the facility will include a fitness centre, infinity pool, covered parking and full-time property management. Aristo Development’s director of sales and marketing, Matthew Marco, describes the property’s design as clean, modern and fresh. “Our buyers want more of a boutique product. These are people who are very community-oriented; they want a lifestyle.”
Initial interest in the project has been high in Europe, according to Kinsale, who says most are buying to obtain permanent residency and are attracted not only by the country’s favourable tax regime, but also the climate and atmosphere. He also notes interest from locals, wanting to invest in a rental property. Marco believes real estate on Paradise Island will always be a safe investment, thanks to the island’s enduring popularity. “Paradise Island is the best of both worlds–you have the modern infrastructure, but you can still get on a boat and go somewhere where you won’t see a soul. It offers something you cannot find anywhere else,” he says. “It is a complete brand. People throughout the world know about Paradise Island; it has this image to it. There is so much wealth and high-end development that does not exist anywhere else in the world.”
Correction: The Thirty/Six Resort did not break ground in May 2016 as written. Rather, construction is scheduled to begin August 2016.