In the news this month.
Port St George marina and golf resort. Stella Maris, Long Island, Bahamas.
The Port St George leisure development not affected by global "credit crunch"
A report by Neil Hartnell, Nassau Tribune business editor.
A fully approved Long Island project is targeting mid 2009 as the best estimate for when it will break ground, with the developers saying that the global financial crisis was "minimal by comparison with the devastation being caused to other projects".
Ian Moorcroft, one of the principals behind the Port St George and Caribbean Heights projects, said that because the development had to date been financed from their own resources. "We have not been affected at all by the situation" in the global credit/debt markets other than a delay to the projects actual construction start.
While the final master planning session for the Port St George community had been put back until the 2009 first quarter, the absence of any debt financing to date meant the developers were under no pressure from any financial institution.
In addition, they had "cash resources on deposit sufficient" to continue developing Port St George, which is projected to create more than 300 permanent jobs when fully built and operational, plus employ 875 workers at the construction peak.
Meanwhile, Mr Moorcroft confirmed that talks with the likely joint venture partner, the investment arm of The BDO Stoy Hayward accounting firm, remained "on course".
He said, "the proposed partners are BDO Stoy Hayward Investment Management Ltd of London. The purpose of the joint venture is to allow BDO to bring the required finance to the project."
An October 22, 2008 letter from BDO Stoy Hayward Investment Management to Mr Moorcroft and his partners said, "we have been working on this project with you now for over a year, and we remain as committed to its success as were at the start. Tremendous progress has been made, which will ultimately make for a more successful project to the benefit of all concerned."
The letter added that while the current financial system and stock market chaos "will inevitably cause some delay" to Port St George and Caribbean Heights' progress, the long term future for both was "not in doubt. In fact, there may be a positive effect because previously busy designers, architects, consultants etc are now actively looking for work," Mr Moorcroft added.
The developers are projecting that there Founders Programme, which will allow prospective purchasers to buy real estate at Port St George during a 60 day window, will begin in the 2009 third quarter.
"We are projecting 380 or so sales as a result of the Founders Programme," Mr Moorcroft said, although sales would not begin until full subdivision approval was received and a performance bond for the infrastructure build out was lodged.
Negotiations are also underway with potential brand management partners for the 11 hectare, 200 room hotel at Port St George. The proposed yacht club and golf club and country house, according to the latest master plan, will also provide 12 rooms each at the development, which will be constructed on land adjacent to the existing Stella Maris resort.
Overall, Port St George is projected to consist of 224 hotel rooms, 1217 resort residential units and 640 marina and boat slips. Other facilities include a beach club, nursery, golf course, tennis club, marina, lakes, fuel and ships stores, and a harbour master's office, complete with customs and immigrations post.
When asked when construction would begin, Mr Moorcroft replied, "We estimate mid 2009. The Caribbean Heights project has always been dependent upon the Port St George project and this was stated in the application to government. Full approval has also been received for Caribbean Heights and it is still intended to proceed with that project."
Caribbean Heights, which is separate from Port St George, is a 188 unit condo hotel and spa that will be located on an 18.8 acre site in phase 3 section 2 of the Stella Maris subdivision.
Long Island, the most beautiful of all the Bahamas out islands.
Long Island has two totally different coastlines making this island one of the most scenic of all out island destinations. The west coast (known locally as "the Caribbean side") has soft, white powder beaches, the eastern side has dramatic rocky cliffs which dive dramatically into the Atlantic ocean, private coves with hidden shell beaches. Not more than 4 miles wide, Long Island lives up to its name, the Queen Highway runs for around 75 miles, through some 35 settlements and quaint little towns. The scenery on the road changes from old buildings surrounded by stone walls and shallow bays on the west coast to rugged headlands that drop off suddenly to the sea on the east coast.
The northern end of the island has sea cliffs unique to The Bahamas. Columbus named the island's northern tip Cape Santa Maria. This area has truly stunning beaches in fact the Cape Santa Maria resort is home to one of the worlds top ten beaches. Columbus Point, located 1/2 mile north of the primary beach resort in Cape Santa Maria, offers a tremendous view of the naturally protected harbour. Stella Maris, is the primary resort area on Long Island, and only 12 miles south of Cape Santa Maria. Visitors headed to either Cape Santa Maria or Stella Maris can fly into the Stella Maris International Airport.
New luxury marina and golf development for Long Island.
Click the dive flag below learn more about property at Port St George.
Links to other Long Island and Bahamas real estate and luxury property sites below.
New marina and golf resort on Long Island, Bahamas.
Port St George real estate, northern Long Island, Bahamas
Photos of Long Island and other tropical islands in the Bahamas
House building costs in the family islands of the Bahamas.
Bahamian property construction prices.
Bahamas Long Island.
Property and real estate investments abroad, prices, locations and building costs, Caribbean and the Bahamas.