Bahamas back on course

By Peter Swain
Posted: 2010/02/02

PETER SWAIN visits one of the most expensive resorts in the Caribbean where all evidence of major investor Tiger Woods has been erased from its marketing

The clean-cut tiger Woods smile has disappeared from the latest Gillette razor adverts. Shots of him on a fabulous Caribbean island with his wife Elin and two cute young children are also thin on the ground, which is odd because tiger teamed up with developer Tavistock and fellow golfer Ernie Els to promote the golf course, marina and 375 luxury homes at Albany, the latest resort to launch on new Providence in the Bahamas.

Aimed at the rich and famous, not only will Tiger have a fairway-side home and a berth for his 155ft yacht Privacy, he is also a founding investor in the project.

However, due to unforeseen circumstances involving a fire hydrant, a 7-iron and a never-ending set of lurid headlines, the Tiger Woods brand is currently unavailable to help sell this Bahamian rhapsody.
Christopher Anand of Tavistock is keen to emphasise Albany's family credentials: "We've seen a shift away from men-only golf resorts to communities with family appeal," he says.

Someone clearly forgot to tell tiger. Quarter-acre building plots start at about£1.1million, with marina apartments and villas going for £2.5million to £25million.  A beachfront plot, land only, is available for£6.5million.

Prices reflect the fabulous location. Albany also has impeccable James Bond associations.

In Casino Royale, Daniel Craig made cinema history by emerging from the azure sea on Albany's beach wearing those swimming trunks.

Albany has world-class facilities: Tennis courts, equestrian and fitness centres, a spa, pristine beach and four pools, which should be ready in late summer, about the same time as the first 25 houses. Stylish apartment blocks will surround the new 71-slip marina, big enough for super-yachts. The championship Ernie Els  
golf club has, however, no sea views and is essentially a flat desert course with fairways running between sand dunes.

English golfers Ian Poulter, Justin Rose and Ross Fisher have all bought houses in the Bahamas and of the 75 buyers, 20 are British.
Paul Dunkley, 51, a private equity investor from the Cotswolds, paid
£2.2million for an ocean-view cottage next to Poulter's.  

"I expect to spend six weeks a year there," he says. The property will be in the rental pool the rest of the time, with his 70 per cent cut of net proceeds helping to pay the £34,000 annual running costs.

With no income, capital gains, corporation or inheritance taxes the
Bahamas is a "tax haven".

Joe Lewis, an east end billionaire, owns the Tavistock Group, as well as Tottenham Hotspur FC and Isleworth, the gated community near Orlando where Mr and Mrs Woods lived. Tiger calls Lewis "mybusiness mentor".

More than 20 developments ground to a halt in the Caribbean in the past 18 months so for Mr Dunkley, who bought off-plan, Tavistock's reputation is important.

"These guys have high standards and they have delivered. I've got two grown-up sons and one day, hopefully, grandchildren who will absolutely love the facilities."

IF YOU were visiting Albany in expectation of the classic Caribbean tropical island paradise you would be surprised to find how urban it is with three-storey houses like Mr Dunkley's in a row only 20ft apart.

"I've got a sea view, which is what I wanted, "he says. "If the plots were bigger it would have been more expensive. Anyway, this way I can walk to everything."

With property values in the Bahamas dropping between 10 per cent and 25 per cent over the past two years, according to estate agent George Damianos of Sotheby's International Realty, it's hardly surprising only 16 Albany properties sold last year.

"Prices there are steep," he says. "It's a buyers' market now so if they are smart they will be open to negotiation."

When complete in five years or so, Albany will definitely be one of the most exclusive resorts in the Caribbean.
How much time tiger and his family spent there is less certain.

• MORE INFORMATION: albanybahamas.com, 020 7349 5100.