THE Baker's Bay Golf & Ocean Club developers this weekend said they had spent more than $160 million on the Guana Cay project, and are likely to double that investment within the next year. Speaking at a press conference on the island, the developers' chief executive, Michael Meldman. said Discovery Land Company's build out of the project was not the $175 Million that has been reported in the press, but rather "billions and billions of dollars".
"The project from a land stand point - just a lot sale stand point - will be in excess $1 billion - maybe $1.5 billion just in land sales, he added. This was before homes were constructed, Mr Meldman explained. He added that the lots were priced at $2.5 -$10 million.

"So, let's say you have a $4 million lot, and build a 6-10,000 square foot house. The actual cost that will come to the economy will be another $6-8 million, so if you have 300 houses itwould be $3 billion," Mr Meldman said. "So the build out of the project as it equates to the Stamp Tax will be hundreds and hundreds of millions of dollars. It is a significant economic impact to the economy of Abaco.

Mr Meldman said $40 million of the $65 million cost of the marina has been spent, and within six to eight months the golf course should be nearly done and a few dozen homes under construction

"Of the 250 lots available, 90 have been sold, and within 90 days construction will begin on about 20 of them," he added.
The staff of Baker's Bay gave the Prime Minister a tour of the development at the weekend. Mr Ingraham said he wanted Bahamians to be fully aware of just how significant the economic value of the project was.

Source: The Tribune