Prime Minister the Hon. Philip Davis announced recently that the Government of The Bahamas has secured $200M in funding for the redevelopment of the Grand Bahama International Airport, with an additional $200M earmarked for other airport infrastructure throughout the country. 

Speaking to media from London on Thursday, May 4th, Prime Minister Davis’ announcement would provide an economic uptick for Grand Bahama as a whole. 

The $200M is a part of an overall $1B investment made possible through a partnership between the Bahamas Government and UK Exim Bank, with Prime Minister Davis noting that it is his administration’s intent to negotiate in a way that will not immediately increase the country’s debt.

Initially, it was announced that the Grand Bahama Island airport redevelopment project would get $400 million, but the Prime Minister explained the total amount that was drawn down and the amount designated to the GB airport:  “It is really $200 million that will go towards the Grand Bahama International Airport redevelopment, with another $200 million going towards the redevelopment of other airports throughout The Bahamas, as well as to other investments,” stated the Prime Minister. “For all intents and purposes, the bank has indicated to us that they do have a billion dollars available to us for infrastructure development. We have to identify those projects to decide what we will draw down and where those funds will go.”

Per the partnership agreement, any project for which the funds will be used must be ones which the UK EXIM Bank can embrace and which they feel has an internal rate of return that will benefit The Bahamas and the Bahamian people.

Deputy Prime Minister and Minister of Tourism, Investments and Aviation, the Hon. Chester Cooper in March of this year told Grand Bahama’s business movers and shakers during the Grand Bahama Business Outlook that work on the airport’s redevelopment would begin before the end of the year’s second quarter.

With the funds available, Grand Bahamians will see work on the redevelopment of the International Airport into a state-of-the-art facility moving at a steady pace. Phase one of the two-phased carbon neutral, climate resilient, commercially viable, world-class airport is expected to be completed by April of 2025.

The Deputy Prime Minister said the Government of The Bahamas has entered into an agreement with Aerodrome Limited, a Bahamian company; Manchester Airport Group Limited, an airport management company based in Manchester in the United Kingdom; and BHM Construction International, a company based in London to bring about this vision.

These three companies represent a joint venture consortium that successfully bid to design, build, finance, operate, maintain and redevelop the Grand Bahama International Airport and to generate traffic to grow revenue and to further enhance Grand Bahama International Airport.

According to Deputy Prime Minister Cooper, a new, world-class international airport can only mean bigger and better things for Grand Bahama’s tourism economy, and he noted that Grand Bahama has seen a dramatic improvement since the devastation of Hurricane Dorian in 2019, followed by the lockdowns from the Covid-19 Pandemic in 2020.

This airport redevelopment project is in line with the Davis Administration’s vision of making Grand Bahama “grand” again, by bolstering its economy, providing more jobs and business opportunities, and further developing the nation’s second city.

Prime Minister the Hon. Philip Davis announced recently that the Government of The Bahamas has secured $200M in funding for the redevelopment of the Grand Bahama International Airport, with an additional $200M earmarked for other airport infrastructure throughout the country.   Speaking to media from London on Thursday, May 4th, Prime Minister Davis’ announcement would provide an economic uptick for Grand Bahama as a whole.  The $200M is a part of an overall $1B investment made possible through a partnership between the Bahamas Government and UK Exim Bank, with Prime Minister Davis noting that it is his administration’s intent to negotiate in a way that will not immediately increase the country’s debt. Initially, it was announced that the Grand Bahama Island airport redevelopment project would get $400 million, but the Prime Minister explained the total amount that was drawn down and the amount designated to the GB airport:  “It is really $200 million that will go towards the Grand Bahama International Airport redevelopment, with another $200 million going towards the redevelopment of other airports throughout The Bahamas, as well as to other investments,” stated the Prime Minister. “For all intents and purposes, the bank has indicated to us that they do have a billion dollars available to us for infrastructure development. We have to identify those projects to decide what we will draw down and where those funds will go.” Per the partnership agreement, any project for which the funds will be used must be ones which the UK EXIM Bank can embrace and which they feel has an internal rate of return that will benefit The Bahamas and the Bahamian people. Deputy Prime Minister and Minister of Tourism, Investments and Aviation, the Hon. Chester Cooper in March of this year told Grand Bahama’s business movers and shakers during the Grand Bahama Business Outlook that work on the airport’s redevelopment would begin before the end of the year’s second quarter. With the funds available, Grand Bahamians will see work on the redevelopment of the International Airport into a state-of-the-art facility moving at a steady pace. Phase one of the two-phased carbon neutral, climate resilient, commercially viable, world-class airport is expected to be completed by April of 2025. The Deputy Prime Minister said the Government of The Bahamas has entered into an agreement with Aerodrome Limited, a Bahamian company; Manchester Airport Group Limited, an airport management company based in Manchester in the United Kingdom; and BHM Construction International, a company based in London to bring about this vision. These three companies represent a joint venture consortium that successfully bid to design, build, finance, operate, maintain and redevelop the Grand Bahama International Airport and to generate traffic to grow revenue and to further enhance Grand Bahama International Airport. According to Deputy Prime Minister Cooper, a new, world-class international airport can only mean bigger and better things for Grand Bahama’s tourism economy, and he noted that Grand Bahama has seen a dramatic improvement since the devastation of Hurricane Dorian in 2019, followed by the lockdowns from the Covid-19 Pandemic in 2020. This airport redevelopment project is in line with the Davis Administration’s vision of making Grand Bahama “grand” again, by bolstering its economy, providing more jobs and business opportunities, and further developing the nation’s second city.

The Hon. Alfred Sears, Minister of Works and Utilities is leading a delegation comprising representatives of various government agencies and Local Government officials in Crooked Island and Acklins today, Thursday, April 27, 2023 where he is reviewing public infrastructure and inspecting road projects currently underway. The first stop on the 2-day trip was Long Cay (north and south) where they viewed docks, government buildings  previously used as a clinic, school, post office and administrative office. The delegation includes Bacchus Rolle, Parliamentary Secretary; the Hon. Basil McIntosh, MP for MICAL;  Sharon Pratt-Rolle, Under Secretary; Damian Francis, Deputy Director; David Cox, Senior Civil Engineer and Shamrose Thompson, Administrator for Crooked Island among others.

The Hon. Alfred Sears, Minister of Works and Utilities is leading a delegation comprising representatives of various government agencies and Local Government officials in Crooked Island and Acklins today, Thursday, April 27, 2023 where he is reviewing public infrastructure and inspecting road projects currently underway.

The first stop on the 2-day trip was Long Cay (north and south) where they viewed docks, government buildings  previously used as a clinic, school, post office and administrative office.

The delegation includes Bacchus Rolle, Parliamentary Secretary; the Hon. Basil McIntosh, MP for MICAL;  Sharon Pratt-Rolle, Under Secretary; Damian Francis, Deputy Director; David Cox, Senior Civil Engineer and Shamrose Thompson, Administrator for Crooked Island among others.

Eighteen months after underground and infrastructural construction began on its latest high-end development, Aristo’s President Jason Kinsale said the towering 11-story Aqualina project was two months ahead of schedule with 70 percent of the multimillion-dollar waterfront homes in the sky sold. 

Kinsale spoke as some 141 workers gathered to toss hard hats in the area and celebrate the topping off ceremony, a construction rite and ritual marking the last structural piece on the building before closing in with doors, windows, electrical, plumbing and interior work.  

“We have a great, highly motivated team, excellent supervision and project management plus we have been fortunate with the weather,” said Kinsale. “The topping off ceremony was scheduled for early April and we had it in late February so we could not be more pleased with how everything is going.” 

The impressive structure features 30 spacious residences, all three and four-bedroom ocean view condominiums with private elevators, floor to ceiling storm-rated glass for panoramic sunrise to sunset views of the ocean, infinity pool, fitness centre, padel court, covered parking, 24/7 security, boat club membership and availability of nearby dining, golfing, tennis, shopping and entertainment at Baha Mar, a 5-minute walk away. The full project is valued at $100 million. 

According to Aristo Sales and Marketing Director, the quest for ultra-luxury property and amenities remains strong.     

“The appeal of The Bahamas, I am very pleased to say, is stronger than ever in the world of the high net worth individual and when you combine what the country has to offer with what Aqualina has to offer, you have a winning combination,” he said. “We know that a luxury tower must contain more than just efficient floor plans and an innovative design, it must have a soul and provide a lifestyle and a level of service that is incomparable.”

Marco said he has seen a few changes, primarily in where the market is coming from and what it is searching for. 

“During the pandemic when there was a rush to work in the sunshine so long as you had to work from home, we saw droves of people finding their way to The Bahamas, not just Nassau, but throughout the islands, including places like Exuma and Eleuthera. They just wanted reliable internet and warmth,” said Marco. “Now, our market is much more targeted, largely from the eastern seaboard of the U.S. Canada, the U.K. and Europe, and they are not looking for a temporary solution or escape, they are looking for an incomparable lifestyle they cannot find anywhere else. Throw in the attractive Permanent Residency program, and the benefits are unmatched.”  

Aqualina’s pricing, he said, has not been an issue. 

“Clients who had bought at One Cable Beach and knew the quality of construction and attention to detail in the finishes have turned around and bought multiple residences in Aqualina,” Marco noted. “That kind of confidence and cult-following says a lot about a developer.”

Aqualina is the latest in a series of developments by the company, each one incorporating more amenities, finer features, larger spaces and selling at a graduating price point with remaining residences starting in the $3millions ranging to just over $6 million. Among various Aristo projects are Hampton Ridge, Balmoral, Thirty-Six (Paradise Island), One Cable Beach and now Aqualina. 

Estimated completion date is first quarter 2024.  

Artist’s rendering, $100 million Aqualina by Aristo, 30 spacious residences and penthouses with a host of amenities, concierge service and attention to detail in fine finishes and spectacular views, five minutes from Baha Mar. 

Eighteen months after underground and infrastructural construction began on its latest high-end development, Aristo’s President Jason Kinsale said the towering 11-story Aqualina project was two months ahead of schedule with 70 percent of the multimillion-dollar waterfront homes in the sky sold.  Kinsale spoke as some 141 workers gathered to toss hard hats in the area and celebrate the topping off ceremony, a construction rite and ritual marking the last structural piece on the building before closing in with doors, windows, electrical, plumbing and interior work.   “We have a great, highly motivated team, excellent supervision and project management plus we have been fortunate with the weather,” said Kinsale. “The topping off ceremony was scheduled for early April and we had it in late February so we could not be more pleased with how everything is going.”  The impressive structure features 30 spacious residences, all three and four-bedroom ocean view condominiums with private elevators, floor to ceiling storm-rated glass for panoramic sunrise to sunset views of the ocean, infinity pool, fitness centre, padel court, covered parking, 24/7 security, boat club membership and availability of nearby dining, golfing, tennis, shopping and entertainment at Baha Mar, a 5-minute walk away. The full project is valued at $100 million.  According to Aristo Sales and Marketing Director, the quest for ultra-luxury property and amenities remains strong.      “The appeal of The Bahamas, I am very pleased to say, is stronger than ever in the world of the high net worth individual and when you combine what the country has to offer with what Aqualina has to offer, you have a winning combination,” he said. “We know that a luxury tower must contain more than just efficient floor plans and an innovative design, it must have a soul and provide a lifestyle and a level of service that is incomparable.” Marco said he has seen a few changes, primarily in where the market is coming from and what it is searching for.  “During the pandemic when there was a rush to work in the sunshine so long as you had to work from home, we saw droves of people finding their way to The Bahamas, not just Nassau, but throughout the islands, including places like Exuma and Eleuthera. They just wanted reliable internet and warmth,” said Marco. “Now, our market is much more targeted, largely from the eastern seaboard of the U.S. Canada, the U.K. and Europe, and they are not looking for a temporary solution or escape, they are looking for an incomparable lifestyle they cannot find anywhere else. Throw in the attractive Permanent Residency program, and the benefits are unmatched.”   Aqualina’s pricing, he said, has not been an issue.  “Clients who had bought at One Cable Beach and knew the quality of construction and attention to detail in the finishes have turned around and bought multiple residences in Aqualina,” Marco noted. “That kind of confidence and cult-following says a lot about a developer.” Aqualina is the latest in a series of developments by the company, each one incorporating more amenities, finer features, larger spaces and selling at a graduating price point with remaining residences starting in the $3millions ranging to just over $6 million. Among various Aristo projects are Hampton Ridge, Balmoral, Thirty-Six (Paradise Island), One Cable Beach and now Aqualina.  Estimated completion date is first quarter 2024.   Artist’s rendering, $100 million Aqualina by Aristo, 30 spacious residences and penthouses with a host of amenities, concierge service and attention to detail in fine finishes and spectacular views, five minutes from Baha Mar. 

 

While there was a 12 percent increase in construction activity in the third quarter of 2022, measured by the number of new construction permits issued, the correspondent value of those permits dropped by more than $30 million compared to the same period in 2021, the Bahamas National Statistical Institute (BNSI) revealed yesterday.

Construction activity is a key economic indicator. The BNSI's data reveals that there were 424 new construction permits issued at a value of $135 million, higher than the 380 issued in the third quarter of 2021, which however carried a value of $167 million.

"The main reason for this decrease was a drop of 59 percent in the commercial/industrial sector of $47 million, which was mitigated by increases in the private/residential sector of $11 million and the public sector of $4 million. The third quarter 2022 permits value was shared across the islands, with New Providence representing 76 percent, Grand Bahama 20 percent and the remaining Family Islands four percent," the BNSI said.

"The number of new construction starts all Bahamas decreased by 17 when comparing the third quarter of 2021 (150) and the third quarter of 2022 (133). During this same period however, the value of construction starts all Bahamas increased by $35 million or 74 percent. This increase in value was led by the private/residential sector and the public sector, with increases of $36 million and $5,000 respectively. Contrarily, the commercial/industrial sector decreased by $645,000 or four percent. New Providence represented 76 percent and Grand Bahama 24 percent of the recorded number of new construction starts in the third quarter of 2022."

There were 165 projects completed in the third quarter of 2022, down from 171 in the third quarter of 2021.

"The value of construction completions, however, increased by approximately $106 million or 176 percent. There was an increase in the commercial/industrial sector of approximately $114 million, leading this overall increase in value. New Providence commercial/industrial sector construction completions value increased from $11 million to $126 million over this same period," the data shows.