By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Balmoral’s principal said yesterday that he expected to break ground on a eight unit commercial office space development in four weeks, telling Tribune Business that to-date five of the units had been sold.

Jason Kinsale, principal of the Sanford Drive-based project, told Tribune Business: “We are moving ahead. We intend to break ground on those in about in about four weeks. Out of the initial six units, five are taken, with one remaining. There are eight units in total. We have sold five of them so we are going to get those going.”
 The Balmoral is offering two products, four 1,455 square foot, second and third floor, units priced at $439,000, and the same number of 873 square foot, ground floor properties pegged at $299,000. These price points represent 44.8 per cent and 62.4 per cent reductions, respectively, over The Balmoral’s initial price points for units in the $3 million development.

Mr Kinsale said that he was still awaiting clarification on the post-Budget Stamp Act amendments before he determines whether to proceed with a $4 million-plus upscale 16-unit condo project on West Ridge, just south of Super Value.
“I’m still awaiting clarification on the Act. I have been told that it is being modified but until I see that in writing I can’t go forward with the project,” said Mr Kinsale.

Speaking on the Balmoral’s open house which was held this past weekend Mr Kinsale said: “This is a much slower time with everyone travelling but it was still worthwhile. It’s a numbers game. If you get 20 or 30 people then it’s a successful day. There were some people I believe will hopefully buy over the next month or so.”