sion, and a commercial retail and entertainment district.
The developer has implemented a training
programme for Bahamians in specialized
skills for the construction industry in the
areas of masonry, electrical works, plumbing, carpentry and the installation of the
renewable/alternative energy systems.
THE STOCKING ISLAND CLUB
Stocking Island Development Ltd, was approved in September 2015 to develop the
Stocking Island Club, a luxury $600 million
residential resort boutique hotel and villas
on Stocking Island. The project, which already has 110 full and contracted employees, will be completed by 2018 and will
consist of a 40-room, luxury, 5-star boutique hotel and 85 villas, a lifestyle spa and
wellness centre, resort club, restaurant and
bar, sailing school, swimming academy, boat,
helipad and seaplane facilities. Mr. Speaker,
the sailing school will provide Bahamians
with instructions for mono hull sailing and
dinghy sailing, both Olympic class crafts,
and graduating to larger sailboats. During
construction, the resort will utilize approximately 250 to 300 full time construction
and associated skilled construction workers.
Upon opening, the resort will be operated
with approximately 250 employees. With
all funding and brands currently in place,
Mr. Speaker, the initial average daily rate
(ADR) is projected to be around $1250
per night with occupancies of 55% to 65%
expected to be achieved.
SOUTH CAT CAY
A Heads of Agreement signed on December 24, 2015 has enabled mobilization
of Phase 1 of the South Cat Cay resort
project in February this year comprising
a 53-room, five-star boutiq ue hotel, 29
marina condos, 37 estate lots, 137-slip ma-
rina, restaurants, beach club, and employee housing; helipad & seaplane facilities.
Phase 1, at a cost of $28 million, remains
on schedule with completion within three
years. There are currently 6 Bahamian
workers on site working six days per week
to establish a man’s camp and install the
spine road. A Bahamian ‘utility crew’ will
be mobilized on completion of the spine
road and at peak of construction next
year an estimated 40 full-time Bahamian
construction workers will be on site for
vertical construction of the initial phase of
the hotel, Back of House and Accommodation facilities. With an expenditure of
$16 million to date Phase 1 is estimated to
be completed by December 2018.
CRUISE PRODUCT
Mr. Speaker,
2016 is proving to be a watershed year
for the Bahamas with the establishment of
new cruise ports by Carnival and Mediterranean Shipping Company and expanded cruise port operations by Norwegian
Cruise Lines at Great Stirrup Cay and by
Royal Caribbean Cruise Lines at Coco Cay.
Mediterranean Shipping Company
The Bahamas’ share of the cruise market
will increase by 3% or by 96,000 additional passengers annually with the establishment of the new cruise port at Sandy Cay.
Mediterranean Shipping Company (MSC),
the world’s second largest global shipping
company and fastest growing cruise Line
Company headquartered in Geneva, Switzerland, has developed a fleet of twelve
cruise ships now carrying 1.7 million passengers to 45 countries on its global itineraries.
MSC recently placed an order for seven
(7) new ships capable of carrying 5,300
passengers and 1,600 crew and has
committed to an investment of $50-$100
million over a two year period in the con-
struction and environmental management
of a private Cruise Port and Marine Park
at Sandy Cay for its 369,000 annual guests
on Bahamas itineraries. The Company has
committed to the establishment of a MSC
Seafarers Technical School on Grand Bahama. This will lead to the training of future
employees of MSC Cruises.
MSC also envisions forging a strong and
mutually rewarding partnership with the
Northern Campus of the College of The
Bahamas. Additionally, MSC has agreed
to recruit and train Bahamians as mariners
on their cargo ships. The targeted date for
complete project build out is November
2017, with Phase I dredging and utilities
infrastructure works slated to begin in August 2016.
It is projected that 542 Bahamians will be
employed for construction works and 200
Bahamians will be hired for operations of
the cruise port, and, Mr. Speaker, some 100
young Bahamian seafarers will be hired on
board MSC’s cruise ships by mid -January
2017.
The cruise port at Ocean Cay will comprise a cruise ship berth, a 10 – 15 slip
mega yacht marina, with future plans based
on demand, for a 45-slip marina.The development will include heliport, small harbor,
welcome centre and Bahamian village as
well as numerous retail and food and beverage outlines, amphitheater, land and water sport activities. Other project to come
on stream include staff housing, safety,
security and emergency medical stations,
Bahamas customs, immigration and police
offices. I will be joining the Chairman of
MSC at Ocean Cay next month for an official ground breaking which will be filmed
by the BBC for a BBC documentary of the
development process.
[25]
2016/2017
DRAFT
ESTIMATES
OF REVENUE &
EXPENDITURE