Releasing the Next Phase of Waterside Properties

Palm Cay, a family-friendly residential community and marina located in southeastern New Providence, recently sold the last of its beachfront townhomes. Total sales of the beachfront townhomes topped $9 million this year. The current resale price of a beachfront townhome is now $1.5 million, indicating a 60 percent return on investment for these property owners.

“There has been increasing demand for beachfront property in communities where young families and empty nesters alike have an out-island kind of lifestyle. We have seen steady popularity of our properties as primary and secondary homes as well as long-term investments by Bahamians, Americans and Canadians alike,” said Richard Browning, General Manager at Palm Cay.

The feeling of optimism about the rebounding high-end property market is shared by John Christie, Chief Executive Officer of real estate agency H.G. Christie. In a recent interview with The Bahamas Investor magazine, Mr. Christie noted a renewed excitement for luxury houses and condos in Nassau. He speculated that the Bahamian property market may be heading for strong growth in the coming years.

To meet this demand, the company is releasing elegantly designed oceanside townhomes. The 2,000 - 2,400 square feet homes, with prices starting at $650,000, feature three and four bedroom options with open floor plans as well as expansive terrace and balcony spaces.

Palm Cay attributes its sales success to paying close attention to the needs of the market. It currently offers flexible programs and services to facilitate short term rentals for property owners. In addition, owners receive property management services and may customize their rental programs to include personal use of the home.

“We know that people want investments that will retain their value over time. Palm Cay is an exclusive, gated community with a world-class marina voted the best in The Bahamas for three consecutive years, a dockside cafe and a clubhouse. Our owners feel confident about receiving exceptional value for money,” said Browning.

For more information visit palmcay.com and follow on Facebook @palmcay.

By Royann Dean

The property at Nygard Cay, which has been a centre of dispute over land.

PROCEEDINGS concerning whether Canadian fashion mogul Peter Nygard illegally increased the size of his Lyford Cay property will resume in October with a visit to the site of the alleged expansion.

Legal parties involved in an ongoing judicial review before Justice Rhonda Bain appeared in the Supreme Court yesterday for a status hearing on the matter which had been stalled by Mr. Nygard’s application for the judge to recuse herself from a contempt of court hearing initiated by environment group Save The Bays.

Gia Moxey, who appeared for Mr. Nygard, confirmed to Justice Bain that Mr. Nygard will make himself available the full week of October 3 for the continuation of the case.

The first day was fixed for a site visit to Lyford Cay and the remaining days for cross-examination of witnesses from both sides involved in the legal dispute.

Fred Smith, QC, and lead counsel for the applicants of the judicial review requested that Mr. Nygard – if he intends to – file/submit any new affidavit evidence on/or before August 26 so that the matter resumes without further interruptions.

The matter of Mr. Nygard’s contempt proceedings also will be dealt with during that week.

Justice Bain was asked to recuse herself from committal proceedings involving Mr. Nygard through a notice of motion filed in the Supreme Court by his lawyer, Elliot Lockhart, QC, on the grounds of bias.

However, in January, Justice Bain said Mr. Nygard had not proved there was evidence of bias or apparent bias towards him and found the accusations to be “scandalous”.

The Court of Appeal, in June, affirmed Justice Bain’s rejection of the application in an appeal of the decision by the Lyford Cay resident. A published decision is expected to follow.

At a hearing in 2015, Justice Bain had ordered that Mr. Nygard be present in court the next day for the committal hearing against him regarding the alleged October 2014 dredging at his Lyford Cay property and to determine whether he was in breach of an injunction against him.

Mr. Nygard was served with the second motion outside the courtroom.

In a previous affidavit in support of Justice Bain recusing herself from Mr. Nygard’s committal hearings on the grounds of bias, the Canadian’s former attorney Keod Smith stated that both he and his client took the position that Mr. Nygard was ordered to remain in court that day “for the sole purpose of affording and/or facilitating” Fred Smith, QC, in serving the fashion designer with the legal notice, notwithstanding Save The Bay’s (STB) alleged numerous failed attempts to previously serve Mr. Nygard with the documents.

In that affidavit, dated September 17, 2015, Keod Smith also claimed that neither Justice Bain nor Fred Smith indicated to Mr. Nygard or his lawyer that STB “had or was about to commence another contempt application.”

STB, formerly known as the Coalition to Save Clifton Bay, refuted Mr. Nygard’s recusal application, arguing that it was “transparently calculated to delay the progress of the first committal application” against Mr. Nygard.

STB’s battle with Mr. Nygard over the construction/development activities at his Lyford Cay home stem from allegations that the activities have led to substantial growth of the property.

The group claims that the Lyford Cay resident has almost doubled his property’s size, from 3.25 acres to 6.1 acres, since he acquired it in 1984, by allegedly reclaiming Crown land from the sea. The advocacy group has alleged that Mr. Nygard achieved this without the necessary permits and approvals, claims that have been denied by the fashion designer.

That comes against the backdrop of Justice Bain’s ruling in 2013 that until the conclusion of judicial review proceedings challenging the legality of the construction of a groyne and the dredging of the seabed off Nygard Cay, neither activity could continue. However, since then, STB has submitted photographic evidence in court alleging that the opposite has happened.

By Lamech Johnson, Tribune Staff Reporter

Prime Minister Christie addresses the audience.

Prime Minister and Minister of Finance the Rt. Hon. Perry Christie addressed audience and stakeholders at the Official Dedication and Handover of the Hanna Family Home on Samson Street, Nassau Village, July 8, 2016. The Handover was made possible by the Ministry of National Security and the Bahamas Department of Correctional Services: 17 residents of the Department worked on the construction of the home, joining more than 10 correctional officers and builders in the project.

Minister Nottage brings remarks.

Minister of National Security the Hon. Dr. Bernard J. Nottage recognized the contribution made by residents of the Bahamas Department of Correctional Services during the Official Dedication and Handover to the Hanna Family. Also present for the ceremony were Minister of State in the Ministry of National Security Sen. the Hon. Keith Bell, Member of Parliament for Nassau Village the Hon. Dion Smith, Permanent Secretary at the Ministry of National Security Carl Smith, and Commissioner at the Department of Correctional Services Mr. Patrick Wright.

Audience and stakeholders. (BIS Photos/Eric Rose)

Source: Bahamas Information Services

Marie Rodland-Allen, Managing Director of CIBC FirstCaribbean presents to Captain Stephen Russell, Director of NEMA. CIBC FirstCaribbean donated 25 fridges and stoves to the Hurricane Joaquin rebuilding effort. (Photo credit: Bahamas Information Services)

CIBC FirstCaribbean has purchased 25 refrigerators and 25 range stoves and donated them to the National Emergency Management Agency (NEMA) and the National Repairs and Reconstruction Unit (NRRU) for their installation into 25 new government-built homes in the Southern Bahamas. The new homes will house 25 families who lost theirs in Hurricane Joaquin in October 2015.

Following 3 months of discussion and planning, Captain Stephen Russell, Director of NEMA, and Melanie Roach, head of the NRRU, were ready in February 2016 to sign-up local contractors to begin the work on 25 new homes. They went to Crooked Island, San Salvador and Long Island, the areas hardest hit, signed up local contractors and issued mobilization cheques, materials distribution lists, building plans and building code manuals. Their initiative to build new homes was reported in the local papers and CIBC FirstCaribbean donation committee voted to help in the process of re-housing 25 families as the bank’s Hurricane Joaquin relief effort.

CIBC FirstCaribbean Managing Director, Marie Rodland-Allen said, “As a good corporate citizen, CIBC FirstCaribbean staff are encouraged to help when and where they feel it is needed. We don’t have a banking presence on Crooked Island, San Salvador or Long Island but our staff rose to the occasion and donated supplies to those most impacted by the hurricane last year but we had always intended to do even more. This donation of appliances is taking it a step further of course and it came about during a brainstorming session with staff on how we could make the most impact to those hard hit by Hurricane Joaquin. Our enquiries led to Melanie Roach, head of the NRRU.”

Ms. Roach advised that they needed 25 sets of fridges and stoves for the kitchens of 25 homes they were building on three of the Family Islands. CIBC FirstCaribbean, Bahamas, decided to purchase them as the bank’s donation to the Hurricane Joaquin effort.

“We felt that it was a very useful, meaningful and direct method of assistance for these in need, “said Mrs. Rodland-Allen. “ I’m looking forward to visiting some of the homes to see the installation in progress and to meet the families moving in.”

Samples of the Frigidaire stoves and gas ranges donated to NEMA’s rebuilding efforts for Hurricane Joaquin by CIBC FirstCaribbean. (Photo credit: Frigidaire)

About CIBC FirstCaribbean
CIBC FirstCaribbean is the largest, regionally-listed bank in the English and Dutch speaking Caribbean serving over 400,000 customers in 17 markets, through approximately 2,700 staff, across 100 branches and offices. The bank, which has almost 250 years of combined experience in the region, offers a full range of market-leading financial services in: Corporate and Investment Banking, Treasury Sales and Trading, Retail Banking, Wealth Management, Small Business and Credit Cards.

CIBC FirstCaribbean is a member of the CIBC Group. CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Wholesale Banking – CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world.

For more information about CIBC FirstCaribbean, visit www.cibcfcib.com.

By Chauntez Dillet-Wilson

Source: Serena Williams Media & Public Relations