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Danny
Grand Pooh-Bah of the Board
Posts: 297
Registered: Feb 2008
 
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 Posted February 3rd, 2008 01:47 PM IP   
Freeport News, Friday, February 1st:
Construction on the $4.9 billion Ginn sur Mer mega-mix resort on the western tip of the island is moving full speed ahead and President and CEO Bobby Ginn is certain that money is in place to see the project through.
"I would say we're on schedule, I think we're probably a little ahead of schedule in what we initially set out to do," he said, adding that two more phases were added to the project since they began.
Ginn and the government signed an agreement for the multi-billion dollar, 2,000-acre investment in West End back in December 2005 and the CEO boasted that he has enjoyed a great working relationship with government for the last year and half.
Cognizant of the negative publicity and uncertainty over the company's financial standing and what effect it could have on potential buyers, Ginn said they have taken all the steps to put those apprehensions to rest.
"We have escrowed all of the cash it will take to perform the amount of work that we currently have under construction – all the roads, the water, the sewer, the golf courses, the marina.
"We put up, I think about $160 million in cash that's sitting on an account to take any question out of the minds of people of how committed we are to that community," he said.
Ginn pointed out that as the project moves forward and the more the construction takes place that issue will evaporate.
"We didn't want to lose this time and have people worried about what the financial conditions of the company are. You just can't do any better, in my opinion, than to put up all the money," he noted.
The Ginn Company has been testing the market and despite a slow down period in the United States and United Kingdom markets, Ginn said the company was fulfilling their obligation to get the community built and the underpinning done first.
Ginn said things are moving forward and the momentum is continuing to grow.
Already, several hundred million dollars worth of property have been sold and in January alone 28 contracts for lots on the sur Mer site were sold.
"That's the highest month we've had in sales since we've started the project and February looks equally as good," he said.
"So even though the housing and the debt markets in the U.S. and U.K. have slip-ped, there is still a huge demand for The Bahamas and we feel like this project is just hitting the market that still wants ocean front and they want all of the other services that come along with it."
In that vein, The Bahamas, and West End, in particular, will be supplying a product that almost doesn't exist today in the United States.
After closing on the purchase of Old Bahama Bay and all of its assets last year, Ginn intends to drop one of the names over the next few months and come out with one name so that everybody will know it as one community.
Members of the media were given a tour of the site yesterday and an update on the construction which now consists of restoring flow ways, replacing wetlands back into the project, preparing the initial stages of the golf course, digging canals and filling the property back up to the required height of 10.5 feet.
The next phase is road, upgraded water and sewer system, a more reliable tower and installing the utilities for the properties.
Bids are set to begin today for the remainder of the roadwork and within the next few days, The Ginn Company is set to announce the first vertical product which consists of 375 units on either side of the main facility.
"That property, we'll start a pre-sale and construction will begin sometime during early summer of this year," the Ginn.
Within the next 60 days, Ginn sur Mer will be awarding contracts for the marina channel. There is also expected to be a dramatic rise in Bahamian labour, some 100 to 200 men before vertical construction begins.
The project is the largest single investment in the region and involves 870 single family residential home sites, two championship ocean-front golf courses and clubhouses, 4,400 condominium hotel units two large marinas, 130,000 square-foot casino, swimming pools and water park facilities, tennis complexes, beach clubs and spas and a private airport.
"We've done everything we can do to be sure that when we're talking with our customer that they've got the assurance that what they're buying is going to be developed with the quality and standards that our company is known for," Ginn assured.
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jgreeson1
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Posted February 6th, 2008 04:41 PM IP
Does anyone know if the Casino will be for owners only, or will it be open to all island guests?
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Danny
Grand Pooh-Bah of the Board
Posts: 297
Registered: Feb 2008
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Posted February 6th, 2008 06:48 PM IP
I don't know, but I would bet it would fail miserably without the entire island's guests having access.
Danny
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