The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Wynn Group yesterday said the “phones are ringing non-stop” with buyer inquiries on its Goodman’s Bay project as it targets $160m in total sales at full build-out.

Randy Hart, the Wynn Group’s vice-president, told Tribune Business: “The tours are non-stop and the sales are coming in at a velocity that is unprecedented in my experience.

“The phones are ringing non-stop. Some of this, I guess, is the real estate market in general, but I also believe some of it is Goldwynn centric, in the sense that the building is now reaching a stage of development that people can now really appreciate the splendor of the design.

“We’re now putting all of the flesh on the bones, including the pools, and so when we do tours it’s a lot easier for people to visualise the end product.” Goldwynn has recently “soared” past $100m in sales, and approaching $110m, having registered $80m in April 2021.

Mr Hart added: “Our full build-out will be maybe $160m [in sales]. So we’re at 70 percent and we’re pretty much now sold out with anything on the beach, and anything with a view to the sea on the side of the building and in the front of the building. Both the condo hotel and residential units are selling pretty much equally, so all of our sales are evenly weighted throughout the building.”

With sales growing at 6.25 percent monthly, completion of Goodman’s Bay-based project is still set for summer 2022 with the COVID-19 restrictions doing little to hamper progress.

“We are going to be offering some added incentives and marketing focus for some of the remaining inventory with the golf course view, which also has a very desirable view of the Baha Mar golf course and of New Providence, so that will be our emphasis,” added Mr Hart.

The main reason for the delay in the official opening is due to the “global bottlenecks” in shipping and the delivery of furniture items. Not only are furniture, fixtures and electronics (FFE) difficult to source due to supply chain bottlenecks arising from the COVID-19 pandemic, but shipping routes are also “challenging”.

Mr Hart said: “We expect the building to be substantially completed in May or June, but we’ll probably have another couple of months where we’re trying to complete the installation of the FFE. So that’s where we are in terms of our timelines.

“We do have some concerns that we raised with respect to some of the neighbouring properties, and specifically the La Playa property, which we were hoping the Government would either sell or repair because it’s an eyesore on the beach.

“We know that Mr Wynn has looked to purchase it but that did not come to fruition, so we’re hoping to get some movement there one way or the other with the new government to see what their plans are with respect to the La Playa property.”

The project is progressing “on budget” and has hired veteran hotelier, Stuart Bowe, as the hotel’s general manager. “We’re looking at having 100 hires over the course of the next year. We’re putting together our human resource requirements for the hotels, so we will be having job fairs and things of that nature and accepting resumes for various positions,” said Mr Hart.

“These positions will be in the hospitality, maintenance, food and beverage and across the board of the hotel.”