Sales of residential properties at the $250 million, 200-acre Tucker?s Point Club development have been so good that there are now only seven unsold units available.

Contrary to a report earlier this week in which stated that sales at Tucker?s Point had been sluggish through the first quarter of 2004, buyers have been snapping up the luxury estate homes, townhouses and villas, which are currently under construction.

?This is a fabulous success story,? said Cris Valdez Dapena, managing director of The Property Group which has the sole listing for residential sales for the development. ?All 13 of the estate homes on Ship?s Hill have been sold, and similarly all 16 of the town houses put on the market so far, which have an average selling price of $2 million, are gone as well. We have practically nothing left to sell.?

Ms Valdez Dapena added that half of the 11 estate homes on Shell Point have also been sold, three of which were priced between $4 million and $5 million.

And she said local residents are taking the opportunity to purchase a variety of units at Tucker?s Point, in addition to overseas buyers.

This is consistent with recent comments made by Brian Madeiros of Coldwell Banker JW Bermuda Realty on his analysis of real estate sales for the first half of 2004 in Bermuda?s luxury residential market.

?We?re certainly selling to Bermudians; for example, at least six of the Ship?s Hill town houses were bought by Bermudians,? she said. ?They?re interested in buying the units as an investment, or to live in them or also to rent them to others. Perhaps about half of the sales to locals are for investment purposes, while the other half are for rental or re-sale. A greater proportion of Bermudian buyers have been well-heeled individuals, I?d say about 80 percent, and we?ve had corporate foundation type acquisitions as well.?

Construction at the development continues and Ms Valdez Dapena said that it should be totally completed by 2007.