News

• Utilities: We are required to liase with the utility companies to ensure that our requirements for new supplies can be met. Even before receiving Approval in Principle we had already held meetings with the utility companies and both a new reverse osmosis water plant and an upgrade to the electricity generating capacity on Long Island are now planned, both backed by the Government.
•  Funding: We must provide the Bahamas Government with “conclusive proof of funding” for the development in order that they can be assured that we have the necessary finance to complete the project. At Monday’s meeting we introduced the proposed joint venture funding partner that we have been in discussions with for the past 6 months. Robert Walters, Investment Director of BDO Stoy Hayward Investment Management Limited made a presentation to the Update Meeting. He explained the credentials of his company and the part they propose to take in the Port St. George development going forward.
• Town Meeting: The required Town Meeting was held on Long Island in November to allow the local community to be presented with the development proposals and to air their concerns and comments. Full details of the meeting and the subsequent press release can be found on our web site news page under the title December Update. We have now satisfied this condition in full.
• Environmental Impact Assessment: A full EIA was presented to the Bahamas Government on 15th January 2008 and this is currently under review by the BEST Commission whose role is to advise the Government on such matters. A more detailed summary can be found on our web site news page also on the December update.

A revised land-use Master Plan has been produced to take into account the matters arising from the EIA, which posed several challenges. But, the revisions required no loss of inventory or amenity from the project and the environmental findings also gave rise to a number of opportunities, the most pleasing of which is the opportunity to create a long, new beach on the Caribbean shoreline of the development.  This has facilitated the re-location of the hotel site which will now be adjacent to the new beach on a peninsula which will be surrounded by water on all sides, Adderley’s Bay to the North East, Exuma Sound to the South East and the new marina to the West. The new hotel site will be far more attractive to major operators and we expect to be able to attract a top name hotelier to Port St. George. We have appointed Jones Lang LaSalle in the USA to open negotiations with hotel operators on our behalf.

Overall we have benefited considerably from the discoveries which were made during the site work for the EIA and the new Master Plan has been universally heralded as a great improvement on the previous version. As a result of the re-positioning of the hotel site, the land that was originally allocated for that purpose on the Atlantic coast has been vacated and this has allowed us to accommodate golf course holes going down to, along, and back up from, the Atlantic shoreline. This provides for the creation of what should prove to be an amazing “signature coastline hole”. The golfers amongst you will understand how impressive this addition to the course can be.

Over the past few months discussions have taken place with a number of golf course designers and architects and we are happy to report that we have been able to attract some of the top companies in the world to put forward their proposals for the Port St. George course. We believe that this is in no small part due to the stunning site which is now available for the course. We also have a number of professional golfers who are more than happy to endorse the course and their proposals are also under consideration.

The marina is attracting attention from high quality companies and a number have submitted their proposals for the management contract. We have also had proposals from some of the world’s finest project management teams for the task of overseeing the construction operation.

We remain hopeful that we shall have full consents for the project by April 2008. EDSA, our Master Planners, have recommended that we wait until we have Government approval of the EIA before we move further forward towards the drafting of plot level drawings. This approach will allow any comments made by the BEST commission to be taken into consideration in the drafting of the final Master Plan. It will also allow time for golf course designers and architects, project managers, golf course managers, hotel operators, marina operators and construction project managers to be appointed. As a result, they too will be able to have their input at the crucial stage of final Master Planning.

This approach will ensure that the final layout of Port St. George is of the highest quality, but it will result in a further delay to the opening of the “Right to Buy” window. The estimated time frame for this is now the last quarter of 2008, some four to five months later than we had been predicting. For those people hoping to sell on a RTB this should be good news, as the new schedule allows for some six months between our gaining full consents and the RTB window opening. This will obviously be the period during which the Right to Buy agreements are likely to have the highest value. If you are a Right to Buy holder who is keen to move ahead with a plot purchase as soon as possible then we understand that the delay may be irritating. However, we assure you that we are as keen as you are to see things progress as quickly as possible. We have accepted EDSA’s suggestion because we see that it will bring significant benefits to Port St. George as a whole in the longer term.

For any of you that wish to visit Long Island we would advise you to let us know so that we can put you in touch with people on the ground there who can not only help you with internal flights and accommodation bookings, but also give you a guided tour around the Port St. George site and also the existing Stella Maris estate. The couple who introduced Stella Maris to us have a home there and also vast knowledge of the area and indeed the whole of Long Island. Their input has been invaluable to those who have already made the trip and will also help to ensure that you get the best from any visit you may make.

A promotional film of Port St. George and North Long Island has been produced and this was shown publicly for the first time at the Update Meeting. This will be available soon right here on the web site along with the new land-use plan.

Finally on an administration front we have to advise you that the new Government have insisted on all financial references having an original signature on them. Some people who bought plots during 2007 will be receiving their financial references back with a request that a signature be added to it. All new purchasers, please be advised that this will be needed on your financial reference.