Monday, May 11, 2015

Magazine Story on Cat Island

There is a lot happening on this remote island in the Bahamas located approximately 60 miles west of David Copperfield's exclusive resort.

Click the link below to read the exclusive story about this unique offering.

Monday, February 2, 2015

250 Acres + Mega Yacht Marina Offered at $20M

Island Highlights
  • $16M Airport Expansion Govn't Approved and Funding in Place
  • Customs and Immigration office at the current airport
  • PGA Village, a 1,906 Acre / $220M Golf Course Development
Possible Uses for 250 Acre Offering
  •  Boutique Resort
  • Timeshares
  • Villas
  • Estate Homes
  • Commercial Component
  • 3,000 ft. private airstrip
Lots Also Available

  • 41 lots approx. ½ acre
  • 24 Remaining from $500K 

Marina Progress as of December 2014

Work continues on the marina area along with the completion of the power being run throughout the development. High speed internet (DSL) is now available to home owners.

The marina is 13 acres / 102 slips and is being cut to depth (12' MLT).   Blasting is required due to the large amount of stone encountered.

Friday, December 19, 2014

Bahamas Taxes and Statistics

The Bahamas has no income tax, corporate tax, capital gains tax or wealth tax. Payroll taxes fund social insurance benefits and amount to 3.9% paid by the employee and 5.9% paid by the employer.   In 2010, overall tax revenue as a percentage of GDP was 17.2%.  The max property tax rate is 1.5% for vacant land and there are numerous exemptions for improved property.  

Monday, December 15, 2014

Abaco Club on Winding Bay Sold for $30M

Southworth Development has acquired the 534 acre Abaco Club on Winding Bay from Marriott Vacation Worldwide Corporation (MVWC) for $30M.  Southworth announced plans to build a $30M beach clubhouse and village and a $10M upgrade to the golf course.

Prime Minister Perry Christie welcomed the sale, stating that the investment in the property would greatly benefit Abaco through increased home building, tourism and jobs for Bahamians through an estimated $348 million in combined home construction and additional infrastructure project costs.

Abaco Club on Winding Bay

Click Here to read the full story.

Click Here for a story in Private Air magazine

Click Here for The Abaco Club website.

Southworth Development also owns PGA Village, a 1,900 acre golf course development on Cat Island.

Tuesday, October 28, 2014

Developer Agrees to Fund Cat Island Airport for Jet Service

PGA Village Aerial
The Nassau Guardian has reported that Cat Island Partners, LTD, the developer of PGA Village, struck a deal with the government to fund the airport expansion. 

Jet service to the island was a crucial component of PGA's $220M golf development and negotiations have been on-going since plans were unveiled in October 2012.  The new airport will have a 7,000 ft. runway that is designed to accommodate an Airbus A320S capable of seating 80-100 passengers.

According to the Bahamas Press, Bahamas Minister Philip Brave Davies said, "we have also engaged consultant architects and engineers for the proposed International Airport Terminal Building at New Bight. We have in hand a preliminary plan for the new airport. Cabinet has already approved expenditure in the sum of up to $11.5 million for the new terminal and runway rehabilitation to complement the PGA development. Construction will begin within months and be complete within 18 months thereafter."   CLICK HERE FOR NEWS STORY

Wednesday, July 16, 2014

Former Cat Island Administrator Announces New Beijing Office

Cat Island's former administrator, Don Cornish, announced that he will relocate to Beijing China and open a Ministry of Tourism office to promote the Bahamas.  "We don't have direct airlift and so that's going to be one of the things that we have to overcome," stated Cornish.  Click Here for the full story.

Thursday, June 20, 2013

PGA Breaks Ground on Cat Island

PGA Village on Cat Island
PGA is developing the first golf course development outside of the United States on Cat Island.  The 1,906 acre development broke ground in April 2009 and includes two 18 hole championship golf courses, a casino, a 5-Star hotel, a tennis center, residential homes and a full service beach club.  According to several news stories, PGA has over $60M into the project.

 The Nassau Guardian reported that Prime Minister Perry Christie confirmed the snags which delayed the $220M PGA Village development have been ironed out.

The PGA developer also revealed plans for a new $16M airport expansion in October 2012 and on September 3, 2013 the Planning Department approved plans for the new terminal.  Click here for the full story.

The new airport will have a 7,000 ft. runway that is designed to accommodate an Airbus A320S capable of seating 80-100 passengers.