South Ocean Resort 383 Area Property Sale Process “Close” To An End
Negotiations for the sale of the 383 acre, South Ocean Resort property, seems to be coming to a close. Government officials and potential investors are working towards making this deal happen. This dormant property is said to be either the last, or one of the last major resort developments in New Providence. Much hasn’t been said about the property in recent years, given that the resort has been closed for about a decade. According to an article in the Nassau Guardian entitled, “South Ocean sale ‘very close“, after South Ocean Resort was put on the market in 2013, Southern Cross Developments received, “almost 50 expressions of interest” from top quality local and international groups for the property. Notably, The Bahamas Government is shown to be very involved in the negotiating process. Minister of State for Investments, Khaalis Rolle, mentioned the importance of the governments involvement but did not mention how close the sale of the property is due to the dynamic nature of the process.
The resort is currently owned by the Canadian Commercial Workers Industry Pension Plan but the bidding process is being managed by the development company Southern Cross Developments. Ultimately, until the process is completed, all eyes will be on who wins the bid and will have the opportunity to impact the Bahamian real estate industry in a positive way. Notably, if the closure happens soon, construction is probable to begin around the time of Baha Mar’s opening in order to help sustain employment in the country. More on this sale can be seen by Clicking here.
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