The Tribune

By YOURI KEMP

Tribune Business

Reporter

ykemp@tribunemedia.net

A HIGH-END Abaco resort project was yesterday said to have generated more than $60m in real estate sales in little over a year as its build-out gathers pace following the COVID-19 pandemic’s easing.

A representative for the residences at Montage Cay, told Tribune Business the developers are aiming to complete the project in 2024. She added that construction has been on pace despite the two-year COVOD interruption, and said: “Development and sales on the island have rapidly accelerated. Since launching sales in 2021, Montage Cay has achieved over $60m to-date, with more residences under contract."

Sterling Global Financial, the Nassau-headquartered developer chaired by David Kosoy, and its partner, Montage Hotels & Resorts, had set a mid-2023 target date for opening.

Residences include the Hibiscus Estate Residence, pegged at $16m and described as one of the “crown jewels” of Montage Cay. Mr Kosoy told the media in August that sales were already in the high eight-figures.

The Montage Cay project is designed to revive the Abaco economy by bringing a high-end, luxury development to the island. Building on infrastructure left behind by previous developers, the former Matt Lowe’s Cay’s already had a marina trench dug in and fibre optic cable infrastructure as well.

The private island resort will feature 50 all-suite accommodations and a limited 46-slip marina accommodating vessels up to 110 feet. Boating, fishing and water sports activities will be among the activities offered to guests.