The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian real estate developer yesterday argued that the Government will have to “increase the price of the lots” in its planned 83-acre subdivision to make the project work.

Tennyson Wells Jr, director of the Lyford Hills project in western New Providence, told Tribune Business it cost his family and fellow investors some $6m to build the project’s clubhouse alone. And that sum does not include the costs associated with the nature paths, recreational spaces and infrastructure works.

“The money the government is going to have to inject into it is a lot. I just don’t see it happening. I don’t see the government pulling this off selling lots at $50,000,” he said.

“The things that I hear him [the prime minister] saying; that you’re not going to be able to sell the property outright after you’ve developed it, and you have to give the first right of refusal to the government to purchase at slightly above the costs that it took to develop, I think that’s not going to work. I don’t see it working out. I just can’t see how it’s going to work.”

Mr Wells added: “We’re progressing really well with Lyford Hills. It’s coming along good and we’re seeing steady sales. I don’t think the government’s initiative will interfere with my development because it is very difficult for it to compare.

“If this project is going to be more in the Prospect Ridge area, I don’t see it being a challenge to us. The lifestyle we’re selling is completely different from what I can see him doing there. This will take decades for them to mimic what we’ve done.”