Port St George
The developer of Port St George, RUFO Investments Limited (RUFO), is a privately owned company with an enviable reputation for integrity that has been earned during a period of over 20 years of trading in property investment and development.
RUFO has secured the site for Port St George under contract, paid a substantial deposit to the vendors from its own resources and enhanced the value of the site considerably by obtaining the consents required for the development.
Extensive surveys and studies were carried out in support of the planning application including environmental studies, topographical survey, boundary survey and bathymetric studies. Consultations with the local island population and utility companies were also undertaken.
The Port St George development is fully permitted.
The site consists of approximately 950 acres (385 hectares) of privately owned land which is located in northern Long Island.
It represents one of the best investment opportunities available within the safety and security of the Bahamas
Permission has been granted for the development of,
224 unit Langham Place 5 star Resort Hotel and Spa.
Robert Trent Jones II Golf Course and Country Club.
640 slip marina.
1217 residential units.
Mixed use, commercial and retail space.
Port St George
Port St George is a 951.4 acre (385 hectare) site located in the north of Long Island. The privately owned site extends from the Atlantic Ocean across to the Caribbean Sea, providing magnificent views of both. This exotic yet accessible location provides the ideal setting for what will become one of the finest destinations in the competing luxury product world.
The project is envisioned to provide the ultimate in tropical island living with water in constant view, whether the Caribbean, the world class marina, golf course lakes, or the Atlantic Ocean. The master plan takes advantage of the sites natural features to provide the best in luxury amenities for residence and visitors whilst enhancing the landscape and habitat. Investigations have already begun, assisted by Islands by Design, into using the latest technology to ensure that Port St George will be an environmentally sustainable development.
Port St George. The Environmental Management Plan
With permission for the development of Port St George now to hand, only an agreement from the Bahamas Government to the Environmental Management Plan (EMP) is required before the final stage of master planning can begin. Those environmental matters which must be managed in order to avoid adverse environmental consequences of the development were identified in an Environmental Impact Assessment (EIA) which was approved in June 2008. The EMP goes on to detail the environmental management techniques which will be used to accomplish the goals set out in the EIA. The EMP which has been submitted for approval proposes only internationally recognised best practise and it is anticipated that the document will be agreed with little or no amendment.
Master Planning. The final master planning stage will involve input from all members of the assembled development team to ensure that every aspect of the project is meticulously planned and that the vision for Port St George becomes a reality.
Sub Division Approval. The plot level sub-division drawings which will result from the final stage master planning will be submitted to the Bahamas authorities for approval.
To Buy Window. The RTB agreements require that the holders be allowed a 60 day period in which to exercise their rights by choosing a Port St George lot, entering into a sales agreement and paying a 10% deposit into escrow. If the rights contained in the RTB agreements are not exercised within the nominated 60 day period then they will expire and the opportunity they represent to the RTB holders will be lost.
Infrastructure Construction Tendering. Simultaneously with the RTB window tenders will be invited for the work to construct the infrastructure for Port St George, including the excavation of the marina and construction of the golf course.
Development Program. The development program for Port St George has been professionally compiled by Mott MacDonald, who will manage the construction program through to conclusion. The first phase of construction will provide the infrastructure for the development.
Completion Of Right To Buy Sales. Once the infrastructure serving those plots chosen by RTB holders is in place the sales of those plots can be completed. This will result in substantial early cash flow and it is projected that the entire cost of the infrastructure, including the excavation of the marina and the construction of the golf course, will be recouped as a result of these sales.
Retail Sales. The developer's profit will primarily be derived from the sales of the remainder of the real estate in the development. With the infrastructure in place and the RTB sales completed the developer expects to be in a debt free position with approximately 75% of the total real estate remaining for retail sale.
Long Island Overview
Location, getting there.
Long Island is situated in the southern Bahamas, approximately 350 miles from Fort Lauderdale, Florida and 160 miles from Nassau. There are currently two airports on Long Island, Deadman's Cay, which is approximately 40 minutes drive South from Port St George and Stella Maris, which is less than 10 minutes to the North and benefits from port of entry status. Both offer regular scheduled services to Nassau, a short 50 minute flight and the Bahamas' primary international gateway. Additionally, there are charter companies that offer direct flights to Miami and Fort Lauderdale.
Long Island, a remote yet accessible hideaway, Long Island has a wealth of opportunity for the discerning traveller to be as active or relaxed as they choose. Over 80 miles long and no more than four miles wide at any point, the island remains remarkably untouched. Divided by the tropic of Cancer and bordered by two very different coasts, one with rocky cliffs and caves that dip suddenly into the sea, and the other with mile upon mile of calm, empty, sandy beaches. The island has an eco-reserve where young turtles thrive, ospreys nest by the side of the road and there is a true natural wonder, the world's deepest blue hole.
With villages throughout its length which offer bars restaurants and small hotels, Long Island is one of the last of its kind, safe, friendly and truly unspoilt, with exceptional fishing and SCUBA diving for all skill levels, from shallow reefs in the calm Caribbean waters, to wall dives and shipwrecks.
Long Island is surrounded by some of the world's finest waters for boating and sailing.
With its small, genuinely friendly population anywhere on Long Island is truly peaceful, safe and a sanctuary for nature. The coastline is stunning, with the crashing surf and hidden coves of the Atlantic side contrasting with the empty, sandy beaches on the Caribbean side. The island provides space to escape from the stress of modern life.
It is a retreat where nature can be enjoyed and cherished in a wonderful climate.
Since securing the site in 2005 the developer has sought to minimise the risks associated with the development of Port St George by adopting a multi faceted approach to eliminating or minimising those risks. In addition to securing the consents required for the development and the commitment of strong development partners, close attention has also been paid to robust financial planning.
No External Debt
All costs of site acquisition and permitting incurred to date have been met from the developer's own resources with no recourse whatsoever to external debt. This debt free position allowed the Port St George project to emerge unscathed from the financial turmoil of 2008/09.
The value of the Port St George site has been substantially enhanced by the consents which have now been granted for the Port St George development.
Proven Market and Right To Buy Agreements
The developer's sales team has been actively marketing residential building plots at Stella Maris, Long Island since 2006. Almost 300 sales have been completed, mainly to European buyers, many of them high profile sporting personalities from the worlds of golf, rugby, cricket and football. This has provided conclusive proof that there is a substantial international appetite for Long Island real estate.
As a result of this marketing activity the developer has entered into "Right to Buy" (RTB) agreements with those of its clients who have purchased land at Stella Maris. Approximately 450 such RTB agreements, which entitle the holders to purchase a plot in the Port St George development at a substantially discounted price, have been concluded. To exercise their rights to buy, the clients must pay a 10% deposit into escrow once plot level drawings for Port St George are completed. The balance of the purchase price is payable once the infrastructure is in place. At present these RTB sales have to be considered to be expected sales, as binding sales agreements cannot legally be entered into the absence of plot level drawings. However, a high conversion rate of RTB agreements to sales agreements is expected as the prices at which RTB holders are entitled to purchase are exceedingly attractive. This has led to some RTB agreements changing hands at considerable sums. Whilst the pre-sales resulting from the RTB agreements are expected to result in approximately 25% of the plots at Port St George being sold at a substantial discount, the early revenue generated is expected to more than cover the costs of infrastructure to the entire site, including construction of the marina and golf course.
Port St George. Achievements to date
Acquisition.The site was secured under contract on the 20th December 2005 with completion due on or before the 18th December 2009. The value of the site has already been increased substantially by the development consents which have been obtained.
Environmental Impact Assessment. January 2008 and approved June 2008.
Local Support.Port St George was presented to the Island population at a very well attended Town Meeting in November 2007 and was met with overwhelming support. The project will bring a much needed and eagerly anticipated boost to the economy of Long Island.
Governmental Support. Ministers of the Government of the Commonwealth of the Bahamas, including the Prime Minister, have expressed their support for the project and the Island administration is also supportive.
Full Planning Permission. Approval for the development was confirmed by the Bahamas Investment Authority on 20th June 2008.
Hotel Operator. A 25 year management agreement was signed on 5th August 2009 with Langham Hotels International. This will lead to the creation of a 5 star Langham Place Resort and Spa at Port St George.
Proven Market. Almost 300 sales of residential building plots on the neighbouring sub division of Stella Maris have been concluded by the developer's sales organisation since 2006. This sales activity is expected to produce substantial pre sales of Port St George property as a result of the 'Right To Buy" Agreements which have been given to existing clients.
Debt Free. All acquisition and permitting costs to date have been met from the developers own resources.
Thoroughly Researched. The developers have accumulated a vast array of reports and studies covering all areas of the project.
Airlift study. Tourism Economics
Environmental Impact Assessment. Islands By Design and ATM
Environmental Management Plan. Islands by Design and ATM
Engineers Assessment of Infrastructure Costs. Islands by Design and Reiss Engineering
Project Execution Plan. Mott MacDonald
Project Brief. Mott MacDonald
Hurricane Assessment. Islands by Design
Bathymetric Study. ATM
Water and Sewerage Report. Bahamas Water and Sewerage Corporation
Energy Report. Bahamas Ministry of Energy
Hotel Feasibility Study. Jones Lang LaSalle Hotels
Top Quality Development Team. First class partners have been recruited for all key areas of the project.
Port St George. The Developer
The concept for Port St George was first conceived by RUFO, a privately owned company with over 20 years experience in property development.
Every element of the Port St George Project has been fastidiously researched and world class partners have been appointed to ensure that there is no compromise in any aspect of the project.
Similar standards will be applied to the delivery of the project, from the setting and meeting of milestones, to the quality, elegance and coherence of the finished environment.
Mouseover the logo's of Port St George's partners below to learn more about them.