The majority of the 15 condos opening under the first phase of the St Regis hotel are already under agreement for sale.

Laura Purroy, general manager of Hotelco Bermuda Holdings, told The Royal Gazette there was also already intense interest in purchase of condos in the second phase due to open in 2022.

Ms Purroy said: “The first phase is doing very well with most under agreement and we are starting pre-sale of the second phase.

“The main interest comes from the east coast of the US and there is also interest from Canada and the UK. It is from people who know the brand and understand the luxury standard of service we offer, being in Bermuda offers the perfect combination for this type of resort.

"We have plenty of interest in the second phase and some are close to signing reservation agreements. We believe when the hotel opens sales will sky rocket.“

The hotel, along with its Five Forts Golf Course and Iridium Spa, is due to open its doors on May 22 while the first phase of condos will be ready for buyers to move in on July 1.

The first phase includes nine three-bedroom units and six two-bedroom units. All have plenty of outdoor space while the penthouses include the island’s first rooftop swimming pools.

The second group of units will also have rooftop terraces for the penthouses that include private swimming pools and the prices range from $1.6 million to $3.9 million.

Ms Purroy said that the resident’s certificate allowing high investing foreigners to live and work in Bermuda for five years making them eligible to apply for the right to reside in Bermuda indefinitely.

She said: “There is a massive interest in the economic investment certificate, it is an innovative policy for international buyers who want to spend more time in Bermuda.

“It is a very welcoming embrace for international buyers and it means money for Bermuda.”

St Regis was recently featured in an article on www.yahoo.com’s lifestyle section.

It reported: “One new benefit to purchasing a luxury home in Bermuda just came on the books in March 2021—the option for a resident’s certificate, allowing foreigners to establish Bermuda as their permanent home.

“Previously, this could be achieved only through complicated measures, including proof you were working for the same company on the island for 10 years. With the new regulations, if you invest $2.5 million in real estate in Bermuda and hold the residence for five years, you’ll be eligible to apply for the coveted status.”