Abaco's Serenity Point targeting $75- $100m build out value

An upscale Abaco real estate development is targeting a $75-$100 million total value when its 46 home sites are fully built out, telling Tribune Business yesterday that the project expects to kick into high gear in the New Year after completing its first sales last month.

Gustaf Hernqvist, Serenity Point's project manager, said increased construction activity at the adjacent Schooner Bay development in south Abaco was helping to create a critical mass that encouraged potential buyers both projects were for real.

Telling Tribune Business that construction on Serenity Point's clubhouse was set to begin imminently, and that the first homeowner was anticipated to start building within the next six months, Mr Hernqvist said that reducing the project's real estate prices by up to 35 per cent - in response to market conditions - had also helped to stimulate buyer interest.

"We've found Schooner Bay has switched into a new gear, completing the harbour," Mr Hernqvist explained. "Over the last four-five months the pace has been incredible, with all the construction. The construction of the hotel is underway, a restaurant is coming soon, and a harbourmaster's office is open.

"These are all considerations for owners at Serenity Point; to be able to get into a golf cart and go to places next door. The difference between us and Schooner Bay is that we're a gated community."

Access to Schooner Bay's amenities and facilities is a key selling point for Serenity Point, which is being created as a boutique, upmarket real estate development featuring its own clubhouse, affinity pool, tennis courts and 24-hour security.

To make Serenity Point even more attractive and stimulate buyer activity, Mr Hernqvist said the developers had cut their lot prices by up to 35-37 per cent, dropping a beachfront location from an initial $850,000 to $535,000. Beachfront, and hillside sites, start at $300,000 for a half-acre lot.

"Since all these activities at Schooner Bay have been taking off, we've had a lot of inquiries," Mr Hernqvist told Tribune Business. "As of last month, we sold two beachfront lots. Another beachfront lot was reserved, and two ridge lots have been reserved with deposits.

"We are actually now just in the process of commencing construction for a clubhouse. Our projection is that this is going to be completed in a about a year."

Click here to view and read this entire article on RE/MAX Bahamas Paradise Realty.