If you have US$95 million (HK$745.3 million) to spare, would you rather buy an 8,000 square feet luxury mansion at the billionaire’s row on The Peak or a 700-acre private island in the Bahamas that has its own jet landing strip and gives you permanent residency?
It’s a difficult choice. But Blue Island in the Exuma Cays, famed for their sapphire-blue waters and ultra-exclusive resorts, is on the market, making it one of the most expensive privately owned islands in the world. It is also the largest private island available in the Bahamas.
“I think some rich mainland Chinese will be interested in this island,” said Thomas Lam, head of valuation and advisory at property consultancy Knight Frank, adding that the freehold land and permanent residency in the Caribbean country are an added bonus.
It also comes with nearly 5km of white sandy beaches, a main house, a boat ramp and dock, a terrace with outdoor space, guest house, gardens and an outdoor pool.
Buying the island certainly makes one eligible for residency in Bahamas as buyers of property worth at least US$1.5 million are granted the privilege. And apart from the right to vote, permanent residents can avail of all the privileges enjoyed by Bahamians.
“Owning a private island like Blue Island appeals to high net worth individuals whether from China, Hong Kong or elsewhere,” said George Damianos, chief executive at the Damianos Sotheby’s International Realty, the agency selling the island. “Owning a private island is a very exclusive pursuit.”
For many buyers of private islands, the main appeal is leisure, but they also hope that the island will be a good investment and they will be able to recover the investment or make a small profit at some point, according to Damianos, whose agency has sold private islands to celebrities including Pirates of the Caribbean star Johnny Depp.
Blue Island, according to its listing details, could be developed into a luxury hotel resort, as it is accessible via a private or chartered jet from the US or Europe. Customs and immigration are available on the island for a hassle-free arrival and departure.
Besides shelling out the asking price, a buyer must also be aware that island’s maintenance could cost up to US$200,000 a year, depending on length of stay of owner or if it’s developed into a resort.
Knight Frank’s Lam said that for US$95 million, one can buy a mansion on The Peak, one of the most exclusive neighbourhoods in Hong Kong, where billionaires such as Alibaba founder Jack Ma and Macau casino heiress Pansy Ho own homes. Alibaba owns the South China Morning Post.
