By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Realtors yesterday predicted residential sales at a south-western New Providence development will “explode” once roads and other infrastructure are completed with a further $27m in gross income forecast.

Ryan Knowles, founder and chief executive of Maison Bahamas, told Tribune Business following the latest weekend open house for Windsor Lakes that buyer demand seems likely to largely withstand the Trump tariff uncertainty with the community’s first three homes set to break ground on vertical construction shortly.

Estimating that around 50 percent of the 173 available lots have now been sold, or are under contract, he voiced optimism that the entire development could be purchased by year-end 2025 as - once all infrastructure and amenities are completed - buyers will be able to see the reality rather than simply a vision relayed to them.

The developers, well-known Bahamian businessman Robert Myers and his partner, Michael Huttman, are also still planning to develop a “small scale commercial village”, featuring retail, offices and even a restaurant component, to complement Windsor Lakes but that is thought to be “at least a couple of years out”.

“The community is essentially about 75 percent complete in terms of the infrastructure, layout and all of the amenities,” Mr Knowles told this newspaper. “The utilities are all completed. Road paving is going to start in the next four weeks; the paving of all the roads. The guardhouse at the entrance is nearing completion, and that will be done in the next few weeks.

“The first three homes are breaking ground as we speak. In the next 45 days there will be at least ten homes under construction, and those are expected to be completed by November/December. It’s going to ramp up pretty quickly. We’ll have three homes going vertical in the next few weeks. Some of the first purchasers are going ahead and building, and they’ll be the first residents in Windsor Lakes by the end of the year. It’s about 50 percent sold.”

Mr Knowles added that lot prices, which currently stand at $250,000 for an entry-level site and go up to $325,000 for a lakefront location, will probably see further staged increases in a bid to drive buyer demand and create a ‘purchase now’ impulse. These will likely be triggered once all roads are completed and, again, once amenities such as the club house, pool, fitness centre, parks and sporting facilities are finished.

“Those are anticipated to be completed by the end of this year or first quarter of next year,” the Maison Bahamas chief disclosed. “Once the roads go in we think the sales are going to explode. It’s quite possible that the remainder of the lots will be sold by the end of this year or shortly thereafter.

“I believe the number [targeted for remaining sales revenues] is somewhere around $27m. That’s just the lots. If a number of people, even 25 percent of those purchasers, decide to build with the developer each of those homes is about $1m.”

To attract purchasers seeking investment properties, he added that Windsor Lakes is still offering multi-family lots where buyers can live in one unit and rent the others out to tenants. “That’s a unique proposition not a lot of gated communities offer,” Mr Knowles said. He added that buyers also have the option to use their own architects, contractors and engineers, and are not just restricted to those linked to the developers.

As for the potential impact from global economic uncertainty, the Maison Bahamas chief said: “I think there’s going to be some people on the fringes who kind of watch these things and take a wait and see approach, but if you are somebody actively looking and buying because you have built up some funds over the years looking for an investment property or purchasing a home, you are not going to be deterred too much by tariffs and this uncertainty. These things tend to work themselves out. “

With lots in the mid-market and upper mid-market price range targeted by Windsor Lakes in relatively short supply, Mr Knowles added: :”Anyone looking at it from that vantage point might realise the the tariffs are relatively inconsequential in the grand scheme of things and that real estate is almost as solid an investment as you can make.”

Confirming that Windsor Lakes’ ambitions still extend beyond the residential, he added that its first warehouse storage building has been completed with just one unit left for purchase and lease respectively.

“There’s definitely plans for a small-scale commercial village,” Mr Knowles said, “very high standard, upscale to complement the residential community. It’s probably a couple of years away. The plan will be to have retail, office and maybe a restaurant to support the community. It’s still on the drawing board and is at least a couple of years out for sure.”