Developers of luxury beachfront community, Palm Cay yesterday unveiled plans for a 50- unit condominium complex for young professionals.

Phase one, which features 12 units, is set to break ground in early September.

Within 12 months from groundbreaking, prospective owners can move into their new homes.

“In the past, we have focused on single family home sites and town homes, but what we have heard more and more is that there is a demand for single and two storey condos, especially for young, professional Bahamians who want to enjoy luxurious beach front living and amenities offered within the Palm Cay development,” Palm Cay’s Sales and Marketing Director Zack Bonczek said.

“As a result, we have designed our next phase with the single and two-storey condominiums starting at the very appealing price point of $319,000 for 1,200 square foot, one-storey unit and ranging up to $329,000 for a 1,400 square foot, double level residence.”

Despite being open for four years, Palm Cay executives are confident the project will do well.

“We are very excited about adding single-storey and two-storey condos to the collection of single family home sites and town homes that are generating increasing attention every month,” Mr. Bonczek said during Monday’s unveiling.

“Our sales strategy is a little bit unique. What we’re doing is allowing our buyers – in the order in which they arrive with their reservation deposits – to have the opportunity to purchase at the Anchorage and come the day of the event they will then get first pick of a unit.”

Reservation deposits are completely refundable.

However, the $5,000 reservation limit has been set to two as the process could encourage activity Palm Cay does not wish to promote.

“There are many people who have the money to make five reservations and then try to sell them on their own. However, the process encourages fair play,” Mr. Bonczek further explained.

Aside from its luxury living Palm Cay touts its family oriented setting.

“With all the new activity, the catering by Chives at Palm Cay on Saturdays, the paddle-boarding, kayaking, kids sailing, recent boat shows, family fishing contests, and yoga classes we are achieving what we set out to do,” he said.

“We are building a secure community where life is fun and it’s great to be outside with your friends and neighbours.”

Depending on the market, Boutique Condo Hotels are in the works within the next three to four years.

Meantime, the 50 unit development is slated for completion within 24 months.