A twin to a new multimillion dollar block of apartments is set to rise on Pitts Bay Road in Pembroke.

Harrichand Sukdeo, chief financial officer for property investment firm West Hamilton Holdings, said that the success of the new Belvedere Apartments, due to have a roof-wetting ceremony this week, had convinced the firm to develop another of its sites, currently operated as a car park.

Mr Sukdeo said: “Most of the commercial/residential development in the last few years has been in this area.

“Because of the success of this project we have plans — and already have planning approval — to construct a sister building right next door.”

He added: “The demand for parking has been very, very strong and we have applied and been given permission to construct two additional levels of parking on the site.”

The luxury apartment block features a gym, including a squash court, and a penthouse office space that will be occupied by Qatar Re. The reinsurer is an existing tenant of West Hamilton Holdings in its Belvedere Building.

The Belvedere Apartments block is already 80 per cent occupied. Mr Sukdeo said: “There has been very strong interest expressed in the remaining 20 per cent.”

He added: “It’s a high-end development and has internal features that aren’t average. The entire design, the fittings and furnishings and appliances, they are all very high-quality products.”

Mr Sukdeo said the building represented a vote of confidence in Bermuda and the Pitts Bay Road area, which has been transformed by major developments in recent years.

He added: “A year-and-a-half ago, when we decided to move forward with this project, the real estate market was in a downturn or almost flattened out.

“It was not as robust — but there were indications that the market would recover or has potential to recover.

“We also took advantage of the fact that many contractors needed work at the time.”

The Belvedere Apartments complex features eight two-bedroom apartments and a spacious penthouse area. It will get the traditional roof-wetting on Wednesday.

All the apartments feature floor to ceiling windows, extensive balcony space and views across Bacardi, Hamilton Harbour and the Great Sound.

Michael Dunkley, the Premier, and Bob Richards, the Finance Minister, will be in attendance at the roof-wetting, as well as representatives of the international business sector and those involved in the construction project.

Its sister building will be a near copy, although it will not feature commercial space on the ground floor as tenants and owners there will be able to use the facilities in the Belvedere Apartments next door.

Mr Sukdeo said: “We are very proud of this development — it’s something that has been planned for very many years and it has been completed within budget and on time.”