Paradise Is… expanding! The continuing Kerzner investments in the Atlantis Resort and Ocean Club Estates have focused international attention on Paradise Island as the place to be for a luxurious island lifestyle and a secure investment. Overall property values are certain to benefit from the ongoing development and improvements to the island.

Atlantis Phase III Expansion

With the Atlantis Phase III investment now increased to $1.075 billion, Kerzner International is leading the way to an exciting future for Paradise Island and the Bahamas.

This historical announcement was made by Bahamian Prime Minister Perry Christie just days before the December 2004 official groundbreaking for the Phase III expansion.

All part of a marketing strategy targeting a more affluent leisure and gaming customer, the Atlantis Phase III expansion will include the following components:

• a 600 room luxury all-suite hotel—completion in December 2006
• a 400 unit condo hotel with pre-sales starting in 1st quarter 2005—completion in 2007
• major expansion “of Disney proportions” to the water based attractions including a dolphin encounter programme and first-of-a-kind water rides.
• 100,000 square feet of additional group, meeting and convention facilities
• the Marina Village, retail and dining set in a colonial Bahamian village surrounding the Atlantis Marina—completion by Fall 2005
• Harborside Resort at Atlantis Timeshare Phase II expansion—completion by June 2005
• spectacular 18-hole links golf course on adjacent Athol Island with ferry access—construction starting no later than December 2005
• exciting new restaurants like Bobby Flay’s Mesa Grill, named New York’s 2004 best restaurant by New York Magazine; Nobu, a Japanese restaurant conceived and run by Chef Nobu Matsuhisa, and the return of legendary Café Martinique with Jean-Georges Vongerichten.

Ocean Club Residences and Marina

While not part of the Atlantis Phase III, the Ocean Club Residences and Marina are a Kerzner International development which will continue the legacy of elegance and sophistication established at the One&Only Ocean Club. Located within the gated enclave of Ocean Club Estates will be 80 luxurious 3 bedroom condominium residences and 8 exclusive 4 bedroom penthouses ranging from 3,000 to 7,200 square feet.

Residents will enjoy a private beach club, fitness center, family and adults-only pools, on-site marina, garage parking and 24-hour security. Ownership includes a Resort Social Membership at the One&Only Ocean Club with access to dining and spa amenities, access to all facilities at the Atlantis Resort and the option to secure a golf membership. Groundbreaking is scheduled for spring 2005 with completion in Spring 2007.

Ocean Place

Next door to Ocean Club Residences and Marina will be the luxurious Ocean Place on the Harbour. Groundbreaking for the 79 two and three bedroom condominiums with resort and marina amenities is in March 2005. This luxurious property will feature travertine floors, arches and columns, and open floor plans with harbour or golf course views.

Unique amenities include a concierge, room service, maid service, mail delivery, bill payment, fitness center, conference room, secretarial services, beach shuttle service, water taxi to downtown Nassau and Rose Island, airport transfers, boat rentals, tennis and much more. Use of the facilities at the Paradise Island Beach Club on world famous Cabbage Beach will include lounge chairs, beach umbrellas, beach attendants, pool bar, mini-mart, a private Ocean Place charge card and golf cart shuttle. Conveniently located on the property is the Columbus Tavern harbourside restaurant.

New Fire and Ambulance Station

Kerzner International’s commitment to improving Paradise Island extends to community projects. Contracts were awarded to Bahamian companies in December 2004 and completion of the new Fire and Ambulance station on Paradise Island is expected by the end of 2005.

The station will include emergency medical facilities and house over $1 million in equipment including a new ambulance and fire truck all purchased by Kerzner International. The response time will be reduced from 5 minutes to less than 2 minutes to any area on Paradise Island. This will be a major benefit for visitors, the 10,000 residents, and 6,000 Bahamians employed on Paradise Island. After construction is completed the facilities will be managed and operated by the government.

Variety

There is suddenly a wide variety of options available for a primary or second home on Paradise Island. Unprecedented luxury and amenities are included with the condominium developments planned along the harbour and the Ocean Club Estates lots. Not to be overlooked, many older properties are receiving facelifts as the pleasantly contagious “improvement bug” continues to spread. Spacious floor plans and recent upgrades make these units excellent value for money.

Market Upswing

As the Atlantis Phase III expansion gets underway, we have already seen a tremendous upturn in the rental market on Paradise Island. This is generally the first indicator of an improving market, with rental rate increases and property value increases following suit.

Investment Opportunity

Rental demand will continue to soar as the Atlantis expansion progresses; and with the rental inventory on Paradise Island limited, this is an opportune time for investors. At Paradise Sales and Rentals, we have long established ties with Kerzner International and the various contractors involved in the development of Paradise Island. Incoming employees are usually directed to our office for area rental properties.

“With the demand for rental properties already increasing, I advise anyone with the ability to invest in property on Paradise Island to do so now. Come into our office and we will help you find the right property, market it for the maximum return on your investment and even manage it,” says Andrea Brownrigg, President of Paradise Sales and Rentals.

Paradise Sales and Rentals maintains the largest portfolio of properties for sale and rent on Paradise Island.

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