Royal Island Bahamas Development

Royal Island Bahamas Development

DALLAS - (BUSINESS WIRE) September 12, 2008
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Cypress Equities announced today that it has sold 22 properties for more than $150 million in retail sales before its official opening, according to Chris Maguire, CEO of Cypress Equities.

“In an environment that is economically conservative, these sales are an affirmation that the luxury real estate buyer is steadfastly committed to the developments they want to be a part of,” he continued. “Why Royal Island? It’s the appeal of Royal Island’s full range of amenities, the state-of-the-art marina, our association with the neighboring Harbor Island, and the enduring quality of both Jack Nicklaus and Montage in collaboration with our strong desire to make our owners proud.”

Cypress Equities is leading a $1 billion investment on Royal Island, a five-mile-long private island in the Bahamas just west of North Eleuthera that will become a luxury residential resort and hotel community opening 2010.

Royal Island, located 50 miles northeast of Nassau, is owned by Royal Island Partners. According to a third party report, it is expected that the Royal Island community will generate $190 million in new taxes over a 20-year period for the Commonwealth of the Bahamas.

Real Estate offerings consist of designer furnished oceanfront/oceanview estate homes and villas and marina village residences ranging from 2,237 to 7,370 total square feet spread across four well-defined neighborhoods currently starting at $2.3 million up to $7.9 million. Offerings also include one acre to 12+ acre oceanfront custom estate homesites starting at $4 million up to $20 million. The first of approximately 269 residences are slated for completion in 2009.

These Montage branded residences and custom estate homesites will have around-the-clock concierge services and amenities for owners and guests including 24-hour in room dining, fitness instruction, computer/Internet technical support and much more.

A major factor for the strong sales to date, according to Maguire, is the island’s seclusion, serenity, and emphasis on personalized services. “Royal Island is a hideaway for people seeking privacy, pampering, sports and security with minimal disturbance to the natural environment.”

Montage Royal Island Bahamas, with 58 guest rooms and 26-suites, will have four restaurants and Spa Montage. Spa Montage at Royal Island will replicate the same beauty treatments, fitness, rejuvenating and relaxing therapies that have earned it an international reputation among health and wellness authorities.

“Royal Island is not only a resort development,” Maguire said. “It’s a collaboration of three of the most creative professionals in their fields who are creating a self-contained private island with a luxury residential component including a recreational lifestyle and all imaginable conveniences.”

Private Island Visionaries

The three men: Hall of Fame Dallas Cowboys quarterback Roger Staubach who now heads a global real estate advisory firm; Jack Nicklaus, widely regarded as the greatest golfer of all time and Alan Fuerstman, founder-CEO of Montage Hotels and Resorts, a growing collection of luxury hotels specializing in gracious hospitality. Behringer Harvard, a worldwide commercial real estate investor, is also part of the development team.

Maguire said, “Our vision was based on the knowledge that people today want an escape or a home base that combines elegance, sincere friendly service, sporting activities, every comfort imaginable, and ultimately they want privacy.”

An example is the island's 15 miles of coastline, he added, where residents can wind surf or snorkel in clear warm waters for an afternoon and then go for casual or fine dining in one of eight restaurants at the hotel, beach clubs, golf club or the marina.

Maguire also said several residents have bought adjacent homesites reflecting the growing trend of the “family and friends compound” which are primarily “generational investments.”

(Ed note: Development on Royal Island was halted in 2008.)