Central Bank report outlines projects on three islands, totaling $121.5M

Construction and foreign investment projects are providing much needed foreign exchange inflows and employment, as the tourism sector continues to take much longer than anticipated to restart, Governor of The Central Bank of The Bahamas (CBOB) John Rolle said yesterday.

The CBOB’s Quarterly Economic and Financial Developments (QEFD) report for September 2020, which was released yesterday, outlines three new foreign investment projects on three islands, totaling $121.5 million.

The CBOB highlighted a $65 million hotel property on Exuma by Millwood International that will feature 102 bedrooms and 58 suites in multiple three-storey and four-storey hotel room blocks, with a total of 102 bedrooms and 58 suites.

“Facilities will feature three three-bedroom, single level family villas and a two-storey, four-

bedroom family villa,” the CBOB document states.

“Public amenities will include two pool bars, three swimming pools, two restaurants, a spa and gym, a 24-slip marina at Roker’s Point and a 7,500 square foot events building, as well as reception and back-of-house building retail space.”

On Inagua, Almost Paradise Resort Limited LLC, a wholly owned subsidiary of Barron Petroleum, is building a $53.5 million eco-resort, according to the CBOB report. The resort’s $21 million first phase will include private residences, ten units of one to four bedrooms villas, an administration building, kitchen, event garden, solar farm, water treatment plant, fuel storage and four boardwalks. The development will employ 62 workers.

“In phase two ($20 million) the construction of 10 units with one to five bedrooms, four hilltop villas, a farm, boardwalk and spa/gym will commence,” the report states.

“Phase three ($12 million) will complete the two-storey hotel, solar farm, water plant and fuel storage.” 

A $6 million development by Viking Hill One Limited on New Providence, called Viking Hill One condo hotel, is expected to employ 20 workers in the construction phase and 10 to carry out the development’s operations when construction is completed.

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source https://thenassauguardian.com/central-bank-report-outlines-projects-on-three-islands-totaling-121-5m/