June 27, 2008

Ginn sur Mer Update

First Villas to Be Released in 60-90 Days

Joel Greene here from Condo Hotel Center. A while back you registered to receive updates on Ginn sur Mer, the mega-resort being developed on Grand Bahama Island.
I have some exciting news to give you about an upcoming release. I’ll also give you an update on the status of the construction.

Ginn sur Mer will do a small release of their first turnkey properties, villa homes, within the next 60-90 days with a larger release slated for the end of 2008. They are currently doing the engineering plans and getting the plats recorded. The actual release of these properties will depend on how quickly they can get this process completed.

The release will consist of fully-furnished villas with a rental component. In other words, use your home when you want and place it in the resort’s rental program when you’re not there. The rent revenue your villa generates will offset your costs of ownership.

The location of the villas to be released soon is in the top left of the site plan directly
below the letters “DEVE” in the word "DEVELOPMENT” written above the picture.

The villas will be two-story, two- and three-bedroom furnished homes located on the northwest shore of the community. They are approximately 2.5 miles from the main hotel, restaurants and what will be the Caribbean’s largest casino. Owners will enjoy the privacy but will have easy access to all the resort’s amenities via water taxis and electric cars.

There will be a total of approximately 500 of these stand-alone villas, but only 50-75 units will be part of this first release. The interior second row ocean properties will likely sell between $850,000-950,000. The canal with dock units will likely fall between the $1.2-$1.5 range. The oceanfront villas are expected to be in the $1.8-$2 million range.

The first turnkey properties at Ginn sur Mer, furnished villas, will be released shortly.

As you might expect, the first release will feature the best selection, prices and incentives. So if you are interested in one of these villas, do let me know ASAP so that I can be sure you are given priority treatment.

Construction Progress
While I know it’s been a while since I gave you an update on Ginn sur Mer, don’t think that that means no progress has been made. Back in late 2007, Ginn secured $160 million in credit to ensure completion of the resort’s infrastructure and certain amenities.

Construction is proceeding rapidly through all aspects of the resort.

With over $90 million worth of equipment being used daily on the site, they move 13,000 cubic yards of earth each day. Construction is progressing at a rapid pace. Here’s the latest:

Canal System - The elaborate canal system that will wind through the resort is nearly complete. It measures over two miles including the marina site and resort core, which measures 300 feet across. The focus now is on creating the harbor, which will ultimately be the largest man-made harbor in the Bahamas.

Ginn sur Mer’s elaborate canal system will wind through the entire resort.

Homes - Construction on the first model home begins in July. In a few months you’ll be able to visit them and get a real feeling for what it’d be like to live on the island in one of these awesome residences.

The majority of the homesites that were sold will begin construction in mid-2009. Of the 270 homesites, 250 have been sold. Approximately 73% of the entire oceanfront inventory is sold and prices continue to increase.

Arnold Palmer Signature Golf Course –The course is being sculpted hole by hole. Seven holes have already been shaped and three have even been landscaped. The reverse osmosis system is now under construction in order to water the course. Once that is complete, the construction team will begin to place the grass down.

The course should be playable in 12 months. Over $36 million has been committed to its construction.

The PGA has announced that the Ginn sur Mer inaugural PGA Tournament is scheduled for Oct. 2009. As you can imagine, this event will bring tremendous visibility to the resort.

Contact Me if You Are Interested in the Villa Release
If you have any questions or wish to discuss homesites or the upcoming villa release, please give me a call at (305) 944-3090. I am happy to answer any of your questions and also to put you in touch with our onsite Ginn sur Mer representative who can give you up-to-the-minute reports on the construction.

Contact us at info@CondoHotelsBahamas.com