The Tribune

By DANA SMITH

dsmith@tribunemedia.net

THE final sale of Great Exuma's Grand Isle Resort and Spa is a move that former Exuma MP George Smith believes will help the area become a "major" attraction.

In a press release issued last week Tuesday, the Emerald Bay resort said it has "finalised its transition to 100 per cent home-ownership" with the remaining 31 villas sold to Canadian Peter Nicholson - who now intends to sell most of the villas he has purchased.

Mr Nicholson called Grand Isle a "gem" and stated he's already made some sales at introductory prices but listing prices will go up as demand increases.

"Of the 31 units we purchased, four have already sold and we have very high interest on several others," he said.

Mr Smith said he's "delighted" by the purchase as Mr Nicholson is familiar and has a "long relationship" with Exuma.

"He has frequented that area for years and everything I heard about him, it leads me to believe that he will make a successful goal at the property," he said.

"I've only heard complimentary things about the good gentleman."

The former MP also explained that the newly sold resort will complement Exuma's Sandals Resort, also located on Emerald Bay.

"I know that this resort along with the improvements set about by Butch Stewart in Sandals, the expansion there, will cause that area to become a major, major attraction and then the other surrounding properties will benefit," Mr Smith said.

"Those two properties together will set a high benchmark for the further resort and residential interests in Exuma."

Mr Smith also spoke fondly of the new government's stance on stamp tax, which he hopes will encourage further development.

"I think the high-end construction industry in Exuma will again take off with the government lowering of the maximum stamp tax and also the fact that they will put a cap on real property tax," he said.

"When that had existed previously, there was quite a construction boom in Exuma. The cap stimulated great attraction for upper-end home construction in the four million, five million and upward category."

Emerald Bay's Grand Isle Resort and Spa in Great Exuma consists of a total of 78 villas and penthouses for sale or rent.