Prime Minister Perry Christie referred to The Pointe, a new $250 million project fuelled by China State Construction America (CCA), as a positive investment that will give a much needed boost not only to the downtown Nassau area, but the Bahamian economy.
His remarks were made at the recent ground breaking ceremony at the British Colonial Hilton Hotel, which now sits on a section of the site.
“I would like to thank the developer, China State Construction and Engineering Corporation, and Mr. Ning Yuan, its chairman, for the investment of $250 million in this harbour-front project,” said the prime minister.
The project is expected to provide 250 Bahamian construction jobs, as well as employment prospects for 500 Bahamians in the operation and management of the hotel and residential units.
Additionally, it’s also anticipated that more Bahamians will be employed by retail owners once The Pointe is fully subscribed and stores are operational.
The prime minister added that China State Construction, the largest construction company in the world, had demonstrated its capabilities in infrastructure and resort construction contracts, and, more recently its commitment to The Bahamas in the acquisition of the British Colonial Hotel and its adjacent property.
Chine State Construction is also the company responsible for the construction of $3.5 billion Cable Beach development, Baha Mar that is now at a standstill.
Baha Mar is currently at odds with CCA, placing blame for its current situation.
The company insists that the contractor never indicated that the development would not open on time.
The property, touted as the largest single phased resort in the Western Hemisphere, was initially slated to open in December 2014.
But the much anticipated opening was delayed until March and again in May.
Baha Mar is comprised of four luxury brand hotels, a 100,000 square foot casino, a convention center and signature championship Jack Nicklaus golf course spread across 1,000 acres of land.
CCA also received blame for “shoddy work” on the quality of construction of the resort.
Baha Mar filed for Chapter 11 bankruptcy on June 29 in a US Supreme Court, which was rejected by Bahamian courts two weeks later. While there has been some headway between the two parties, the main of contention is Baha Mar Developer, Sarkis Izmirlian’s refusal to guarantee $25 million to secure a loan from China Export Import Bank (EXIM).
Once Izmirlian agrees to pay the guarantee, CCA offered to input $175 million out of the $200 million needed to complete the project.
However, Izmirlian refuses to budge, insisting that the Government of The Bahamas ought to come up with the guarantee instead.
As a result of the debacle, Baha Mar’s employees – numbering more than 2,000 – persons are in limbo as there has been no indication on when the hotel may actually open its doors.
Mr. Yuan said unlike Baha Mar the new hotel represents the company’s first hotel and development acquisition in the Caribbean.
“The Pointe represents another substantial milestone for us in that, different from our other project in The Bahamas, China Construction America will be the sole investor, developer and contractor for The Pointe Project,” he said.
President of the Pointe, Daniel Liu said that the world-class residential development is designed to delight residents and visitors alike.
Mr. Liu highlighted some of the resort’s amenities, which include a 200-room entertainment hotel, world-class shopping, fine dining and a 1,000-car garage.
