The One Bermuda Alliance yesterday criticised the Grand Atlantic housing development after it was revealed that one unit has sold to date.Government said this summer that five people had been approved financing to purchase units at the Warwick site, and another 15 were being evaluated, but a spokesman confirmed yesterday that one unit has actually sold.OBA Senator Michael Fahy said the news demonstrated that the project was based on the Government's 2007 election agenda rather than market realities.“It is threatening to become a white elephant,” Sen Fahy said. “The project's failure to sell tells us that people cannot afford the Government's version of affordable housing.“What people really need, and what we've proposed before, is the construction of a purpose-built facility for people who have nothing. This is the gap in the market that must be met.“If Government is going to get into the housing business, its plan must be driven by people's needs, not its political needs.”The project, announced in 2010, was said to include a total of 125 housing units, with the first 78 units being immediately purchased by the Bermuda Housing Corporation to be sold at affordable rates.The first 24 units at the site were completed in late 2011. In February this year, it was announced that Butterfield Bank was offering 100 percent financing for buyers.Since then, realtors have said the average cost of condominiums has fallen. Buddy Rego, President of Sotheby's International Realty, said recently that the price of condominiums has fallen by 29 percent this year.“The choice of condominiums has never been greater and as such buyers have gained the upper hand in the market,” he told The Royal Gazette.The Bermuda Housing Corporation have declined the option to purchase the final batch of units, but developer Gilbert Lopes has said he intends to continue work on the site, building and selling the final units himself.In addition to the housing units, the project as announced was to include the construction of a 100-room hotel on the South Shore site that used to house the Golden Hind resort.