The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

An Eleuthera real estate developer is mulling an initial public offering (IPO) for one of its subsidiaries amid plans to accelerate the build-out of various assets.

Erma Carey, secretary of Eleuthera Properties, the Cotton Bay and Jack's Bay Club developer, said the group's Bahamian and international owners viewed the potential IPO as a way to increase local ownership in the tourism industry.

Addressing the Eleuthera Business Outlook conference, she said: "Beyond our specific development plan, we are currently considering presenting a subsidiary of Eleuthera Properties to the capital markets of the Bahamas via a public offering.

"This is important to us, as we wish to share our success with the wider community and foster increased Bahamian ownership in our country's most important industry."

Tribune Business understands that the subsidiary under IPO consideration is the holding company for the Jack's Bay Club, which Eleuthera Properties is developing in partnership with world-renowned golfer, Tiger Woods, TGR Designs firm and Beacon Land Management.

Eleuthera Properties is chaired by Sir Franklyn Wilson, and has a mix of corporate and individual shareholders. They include local and international companies, such as Royal Bank of Canada (RBC), Sunshine Holdings, CFAL, BAF Financial and RoyalStar Assurance, plus the family of Sir Orville Turnquest, and the estates of the late Billy Lowe and John Morley.

Ms Carey said Jack's Bay, which is located just south of Rock Sound, is aiming to complete amenities such as 'The Pink House', Ocean Spray restaurant, tennis and pickle ball courts, water recreational activities and two private cays by November 2018.

"Lot sales have already begun, and plans and specifications are being finalised so that construction on homes would commence in a few short months," she added.

Ms Carey said Eleuthera Properties was also moving to further develop Davis Harbour Marina, which it owns and operates at the edge of the Waterfront community. Close to half, or 11 of its 24 slips, are currently occupied, with the docks able to accommodate vessels up to 80 feet and providing amenities such as fuel, electricity, laundry facilities and retail supplies.

She added that the developer was finalising an agreement with "a strategic partner", who was not named, to recommend short-term improvements that will "maximise" the marina as well as developing a long-term plan for it to become "a unique destination".

Eleuthera Properties also plans to work with the Government on maintaining Rock Sound airport's "viability", as well as improve the island's healthcare services, promote farming self-sufficiency, protect "unique attractions" and attract Eleutherans to return home through the provision of jobs.

The developer is also eyeing the development of additional real estate it owns at Jack's Bay for office and commercial complexes; restaurant and retail outlets; employee housing; second homes and subdivisions featuring affordable lots for sale to local residents.

"With our success, as well as that of other projects in our area, we believe that South Eleuthera is poised to return to the global marketplace as a world class destination," Ms Carey added.