The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE lead developer of Lyford Hills said yesterday he hoped to sell out Phase I of the project in the next six-nine months, telling Tribune Business that interest in the development had picked up in the last few weeks.

Tennyson Wells, the former FNM and independent MP, and Cabinet minister, told Tribune Business that Phase I, which included 126 lots, was finished.

"We are working now on putting in the park because we basically finished Phase I, except that we have to tie it into the infrastructure in Phase I," he said. "There is a little more paving to do; we just have to tie it into the BEC grid now. They started working on the amenities this week."

Mr Wells added: "I expect to sell out Phase I in the next six-nine months, if things turn around. We have been getting more direct calls, particularly for Lyford Hills, in the past few weeks.

"I'm not saying the market is picking up, I'm saying that people are expressing more interest. Leading up to the elections no one was really interested. I think people have really started looking again, but it will take some time - probably six months or so before you see any real change. I think things should pick up in the next 6 months or so. "

Mr Wells noted that an open house for the Lyford Hills development, which had been scheduled for June 23, has been rescheduled for July 7 due to the weather. Lot prices range from the $120,000's to around $300,000. Some $25 million plus has been pumped into the three-phase development to date.

Mr Wells also noted that while interest in the development had increased, the question was whether or not interested persons would qualify.

He said: "That is the major challenge. It would have been sold out a long time if they could qualify. Most of the banks are now selling their own distressed properties; that's where most of the sales are taking place."