An upscale condominium development aimed at affluent investors is on the cards for Coco Reef next year.Hotel owner John Jefferis yesterday stated his plans to break ground on a 3,500 sq ft model condo unit with its own pool, terraces and gym.His announcement followed Tourism Minister Wayne Furbert’s news that owners of hotel residences in Bermuda would be given the right to stay year-round.Owners of units were previously only allowed to stay on the Island for 90 days at a time.Mr Jefferis, currently in London for the World Travel Market, said: “The change in regulations for residency opens the door to future growth in Bermuda’s tourism market.“This new policy is important because clearly other jurisdictions are getting their residency tourism product up and going. I think it will provide a much-needed boost to Bermuda’s economy.”He was hopeful that his condominium development would break ground early in the New Year.The hotel already has a special development order allowing 148,000 sq ft of development on its eastern side.“We have the building permit already in place, in effect we have a lot of potential buyers lined up as well,” said Mr Jefferis.“This is really good news because the Minister’s announcement opens the door for residential tourism in Bermuda, which is the fastest growing market in tourism.”Pending talks with developers, 66 units could soon be in place at Coco Reef, he added.Said Mr Furbert: “This restriction has proven to be an obstacle for the sourcing of development financing and as been a significant factor in stymieing hotel development.“The change in policy will permit owners of freehold and leasehold tourism-zoned units to reside in Bermuda provided they retain ownership of the unit. To be clear, as long as they own the unit, they will be able to reside in Bermuda.”The move forms part of Government’s National Tourism Plan.According to the Minister more policies will be introduced to “create an attractive environment in order to increase investment” in Bermuda’s tourism infrastructure.The Tourism Development Act, announced as part of last week’s Throne Speech, will further promote development, Mr Furbert said.He stressed the need to “continually reinvest” in Bermuda’s tourism product “to encourage and reinvigorate the industry”. The Ministry also plans to zero in on the affluent market to boost tourism returns.With that in mind, Mr Furbert said there will be a push for “mixed-use hotel development products” that include condo hotel units, residence clubs and hotel villas.“There is a market of wealthy individuals who invest in this type of product,” said Mr Furbert. “Many of them are baby boomers and wealthy young people with affluent lifestyles.“This policy will not only assist in strengthening our appeal as a great place for tourism-related investments, but also lends significant support to our goal of becoming a vibrant year-round tourism destination.”Just back from the World Travel Market, Mr Furbert said tourism bookings are up from January through to March with April bookings expected to climb.He admitted, however, that it is hard to measure just how much new business has been generated by the new tourism campaign.“All I can say is when you look at the statistics, when we implemented the plan in February we saw an upward pace. Our staff is working harder to build better relationships to generate business.”