The $4.9 billion Gin sur Mer project at West End is gaining "momentum" and has recorded its highest ever sales in January despite the downturn in the US and UK real estate markets, according to investor Bobby Ginn."We took about 28 contracts on lots and that is the highest month in sales since we started the project (here), and February looks equally as good," he said on Thursday at West End.

Mr Ginn is very optimistic about the project and is moving forward with plans for the construction of close to 400 units in early summer. "I would say we're on schedule — I think we are probably a little ahead of schedule and we decided it was not large enough and we added two more phases," he told the media during a press conference following an extensive tour of the site.

Putting all doubts to rest, Mr Ginn has assured the public that the company is very committed to completing its project in West End, and has put $160 million in an escrow account for construction work which is currently underway.

"We escrowed all the cash it takes for teh amount of work we currently have under construction-roads, golf courses, and marina. We put $160 million chash in an account to take any qyestion out of the minds of people of how committed we are to the community," he said.

SO far, the Ginn Company has invested $150 million on extensive foundation and ground work, preparing the site over the last two years getting it to the required elevation of height 10.5 feet.

The next phase will involve infrastructural development such as roads, water and sewer systems, as well as installation of power and utility supply.

According to John Davies, senior vice president overseeing the project, 200 Bahamians are already employed with the company. He said plans are to hire an additional 200 persons during the first phase of construction.

Mr Ginn is not too worried about the real estate crunch in the US. "We knew it was going to happen and we forecasted it. It happens every 10 years or so and we went through one downturn, but our attitude is, now is the time to build."

He revealed that within the next few days Ginn will announce its first vertical product, which is about 375 units, and will start pre-sale of those units and construction in the summer.

The drop in the US and UK markets has not driven Ginn to reduce its prices either, said Mr Ginn.

"We sold several, hundred pieces of property out here for several hundred millions worth of volume.

We really have not reacted to the market; we have not reduced prices as we felt that we were below market and reasonably priced already," he said.
Mr Ginn explained that there is still a huge demand for the Bahamas in terms ocean-front living, golf. marina, dock, and beach communities that almost does not exist in the United States.

The Ginn Company has signed 'a heads of agreement with government to construct on 2,000 acres of land, a mega mixed used resort and residential community at West End, which will consist of 4,400 condominium and hotel units, centred around a 20-story tower; 1,800 single family residential home sites; two signature golf courses; two grand club houses; mega-yacht marina with 380 slips; a 500 slip private boat dock a private airport and a Monter Carlo casino.

In addition to Gin sur Mer, the company also acquired the Old Bahama Bay Resort in West End last December and is using it as a hospitality centre.

"It gave us a big step forward and we are in operation now, so things are good for us we art moving forward - we feel the momentum is rolling and will continue to roll."

"One of the things we are talk ing about is dropping one of the names and come up with one name so that everybody will know it is one community and one project, and that will be done over the next few months," he said.

Ginn said the company is working closely with the new FNM government - the prime minister and his cabinet.

"We got a great working relationship with the government and it has been one year and a half of actually working in the Bahamas and it has worked out well," he Said.

Mr Ginn expects the project to be operational within the next five years.

Source: The Tribune