Update Fall 2024
To our valued Owners at The Point
It has been a few months since our last update to our partners and owners on the progress at The Point and we are pleased to provide you with the latest.
Project Construction Funding
We are thrilled to share some exciting news regarding the development of The Point as we have successfully secured a major new loan facility with Republic Bank Limited (RBL), the largest subsidiary of Republic Financial Holdings Limited (RFHL). This is a significant milestone for us as we move the project into its next phase of development.
RFHL is a financial powerhouse in the Caribbean, managing assets of USD 17 billion and maintaining a strong presence across 14 regional markets, including Trinidad, Barbados, the Cayman Islands, and several others. This partnership is not only a testament to the strength of The Point but also highlights the confidence that a leading institution like RBL has in the future of Turks & Caicos.
Our collaboration with RBL reflects years of relationship-building that Grace Bay Resorts has carefully nurtured. What began in 2003 with a major Trinidadian bank for the development of Grace Bay Club has evolved into a trusted bond with major financial leaders in the region. The structure for The Point, following our well-proven model, brings together significant developer equity, construction financing from a top-tier lender, and progress payments from buyers. It’s a method we've used with great success for decades.
This partnership is symbolic on many levels. With RBL making its entry into Turks & Caicos through The Point, we are not just breaking ground on a beautiful new resort; we’re paving the way for broader opportunities for the destination. For over 30 years, Turks & Caicos has faced challenges in accessing international loan capital. Now, with RBL’s involvement, we believe this project will inspire further interest in the financial and development sectors.
Planning & Construction
The project applied for its Detailed Planning Permission to the TCI authorities in late July and expects a building permit to be issued shortly. While we await these approvals, we continue our work with quantity surveyors, architects and contractors while working toward our collective goal to commence construction before year end.
Sales
As described in our last update, the project has enjoyed an unprecedented level of sales, with only eight of forty-two oceanfront condominiums remaining unsold, and only six of sixteen two-bedroom private casitas available. As we awaited the imminent confirmation of our new lending arrangements, we made the decision to freeze condominium sales until after construction commences. Once we restart sales in the main building, we anticipate a further price increase for the remaining eight condominiums as well as further price increases with the Casitas.
We are thrilled to have reached our sales goals of nearly 80% in the condominium building, which together with the new loan facilities provides The Point with the essential financial requirements for construction to commence soon.
We thank all new owners for their confidence in us and patience as we work through these final planning stages and prepare for commencement of the project.
Warm regards,
Mark Durliat
CEO
