By YOURI KEMP
Tribune Business Reporter
A Nassau-headquartered developer yesterday confirmed it is investing hundreds of millions in Abaco and the surrounding cays via two projects that are progressing “quite well”.
David Kosoy, Sterling Global’s chairman and chief executive, revealed that its ultra high-end resort project on 50-acre Montage Cay (the former Matt Lowe’s Cay) has generated real estate pre-sales in the “high eight figures” although he declined to provide a number.
And he also disclosed that Sterling is revising the development plan for Schooner Bay having taken over the project’s operations and management. Mr Kosoy said of the south Abaco community: “We’re changing the old plan to make it more friendly and we’re actually committing to a lot of money as we speak.
“There’s over $100m invested in the deal, and there will be more coming in and there will be way more than that at the end of the project, but it’s moving along. The management there have asked us to help them. We know how to do it and we are working together was very well for the betterment of all The Bahamas.”
Sterling, which is also redeveloping Paradise Island’s Hurricane Hole location, is overseeing all aspects of Schooner Bay’s operations - including sales and marketing - after the project’s progress stagnated in recent years. Mr Kosoy was headed to Abaco yesterday evening where he will meet with project teams for both Schooner Bay and the $300m Montage Cay development.
Speaking to the latter, the Sterling chairman said: “We are building there now. We’ve got on site a lot of people, and it’s going along as we had planned. Vertical is going up and we’re getting a really high-end resort there with high-end people coming and buying there besides the hotel.”
Montage Cay will consist of a resort with 48 hotel rooms, in addition to 28 villas and 20 estate lots with purchase prices starting at $5m. “We’ve sold some already, and the villas are starting around $7m. We’ve sold a lot of those already,” said Mr Kosoy.