The sales process for the South Ocean Golf & Beach Resort is "moving very well" and is set to conclude within the next two months, according to the company involved in developing a land-use master plan for the property.
Jeremy Seabridge, partner with Southern Cross Developments, the real estate development and investment company owned by Australian golfer Greg Norman, which announced it had completed the "repositioning" of the prime property in south west New Providence in September, said earlier this week that the company has "executed confidentiality agreements with quite a number of interested parties".
"I'm not in a position to disclose who they are (but) the sales process is moving very well (both domestically and internationally) and we expect this to continue for another 75 days or so," said Seabridge, clarifying that the company hopes to have finalized the sales process and identified the successful purchaser in that time.
Explaining why the company believes 75 days is a realistic time period, Seabridge added: "We need enough time to reach the international markets and then provide the interested parties with sufficient time to complete their due diligence.
"We also need to take into account business challenges and days lost around the various holiday periods (Thanksgiving, Hanukkah, Christmas, New Year, etc..). Seventy-five days or so would give us until approximately four weeks after the New Year to try and wrap things up."
The South Ocean resort, which has been closed for close to a decade, is being actively marketed by the world's largest commercial real estate services firm.
The 383-acre property, the last remaining major resort site in New Providence and Paradise Island, was placed on the market as a prospective site for two upscale resorts, a casino, marina, golf course and retail village in September.
The invigorated sales process came after 10 months in which Southern Cross Developments undertook a research, design and envisioning process in which it ultimately developed an extensive land-use plan for the property to increase its attractiveness to potential buyers.
Both Seabridge's Southern Cross group and former Cabinet minister and developer Tennyson Wells have indicated that gaining the rights to the casino license, which has long been linked to the South Ocean resort, would be integral to any development taking place there.
Wells has proposed to develop an almost $1 billion theme park and casino resort in the area.

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