Several projects totaling $130 million have been approved to begin development on the Family Islands, according to The Central Bank of The Bahamas’ Quarterly Economic and Financial Developments (QEFD) report.
The report reveals that HAL Properties Limited, the owner of Carnival Corporation, was approved to expand its beach entertainment facility on Half Moon Cay, with plans to construct more facilities including a cruise pier on the island. Carnival’s projects and renovations are expected to cost $80 million.
The CBOB report also reveals that Elm Hill Land Holdings Ltd. on Elbow Cay, Abaco, has been approved to own and operate hotel bungalows, vacation rental homes and a marina in Elbow Cay. That project is valued at $35 million.
The report further notes that Eleuthera By the Ocean Ltd. has been given permission to acquire 22.6 acres of land in Gregory Town, Eleuthera.
“The company plans to construct several facilities including a lobby, restaurant, spa, a 24-room hotel, 36 villas, a 42-unit condo building and an aquaculture and hydroponics farm,” the report states. “The project is expected to cost $15 million.”
The CBOB’s Monthly Economic and Financial Developments (MEFD) for June points out that various construction projects across the archipelago have been a buttress to improved economic conditions in the country.
“A number of varied-scale, foreign investment-related projects are projected to continue to buttress activity in the construction sector,” the MEFD notes.
“In this environment, employment conditions are forecasted to gradually improve, while consumer price inflation should remain relatively benign, as the effects of the increase in the VAT rate in prior periods tapers and energy prices stabilize.”
The QEFD also mentions finished and ongoing projects such as the redevelopment of Hurricane Hole Marina by Sterling Global Financial, The Residences at Goldwynn project across from the Office of the Prime Minister, and Royal Caribbean International’s Perfect Day at Coco Cay project.