business@tribunemedia.net
Thursday, January 22, 2026
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Gov’t plans $30m investment on 147-unit affordable homes BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government is planning to invest $30m in developing a new 147-home affordable housing subdivision called Premier Estates 1 in New Providence’s Perpall Tract district, it has been revealed. A just-released Environmental Impact Assessment (EIA) for the proposed subdivision, which is part of the Government’s wider drive to narrow The Bahamas’ estimated “12,000 unit” strong housing shortage, asserts that the project will provide continuous employment for “up to 100 Bahamian construction workers” over a two to three-year period. Premier Estates, according to the report by the Russell Craig & Associates environmental consultancy, will be located on a 30-acre site accessible via Ferguson Road, and be bordered on its northern and southern boundaries by the Bahamas Telecommunications Company’s (BTC) corporate headquarters and offices, and New Providence’s second hospital, respectively. However, the subdivision’s proximity to the planned “specialist” hospital, combined with its location in Perpall Tract, is likely to spark the same concerns about flooding
• Premier Estates subdivision to create ‘up to 100’ construction jobs • But EIA warns of ‘major environmental issues’ at Perpall Tract site • Project likely to spark same flooding fears as proposed hospital and storm surge vulnerability that greeted the Government’s healthcare expansion plans. The EIA itself acknowledges the need to implement a storm water management plan for drainage control, with deep wells and “preferably” the creation of retention ponds. Keith Bell, minister of housing and urban renewal, could not be reached for comment before press time last night despite calls and text messages, as well as e-mails, being sent by Tribune Business. A public consultation and hearing on the Premier Estates project, as part of the process for obtaining its certificate of environmental clearance (CEC) approval, will be held on February 10, 2026, at the Albury Sayles Primary School at 6pm.
Governance reformer concern over Development Plan’s Bill BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GOVERNANCE reformers yesterday asserted it is “critical” that legislation giving the National Development Plan (NDP) legal effect minimises political interference to the greatest possible extent while voicing concerns about lack of civil society representation. Matt Aubry, the Organisation for Responsible Governance’s (ORG) executive director, told Tribune Business that The Bahamas cannot afford to get the National Development Planning Institute Bill
MATT AUBRY 2026 wrong given that it offers statutory legal footing for an initiative designed to provide a long-term road
CONSULT - See Page B9
‘Governing in the dark’ over food VAT removal BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Opposition’s finance spokesman yesterday sparked a full-blown House of Assembly row when accused the Davis administration of “governing in the dark” by failing to publicly disclose the data justifying the elimination of VAT on unprepared foods. Kwasi Thompson, the east Grand Bahama MP, asserted that the Government owed it to the Bahamian people to explain, and quantify, the
KWASI THOMPSON benefits they will enjoy as a result of all uncooked foods going from 5 percent VAT to zero. Arguing that
EXCHANGE - See Page B7
“The Ministry of Housing and Urban Renewal proposes to develop a subdivision, and build 147 affordable residential houses on 30 acres of government lands (Perpall Tract) vested in the Department of Housing situated in the Chippingham area,” the EIA asserted. “The project construction timeline for Premier Estates I is anticipated to be some two years with a total projected investment of some $30m. This level of investment will have a far-reaching, long-term beneficial impact on the economy of New Providence in new construction jobs. “This is particularly significant given the high demand for affordable homes will have a multiplier effect on the housing market in reducing the demand on New Providence.”
CONSTRUCT - See Page B4
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Realtors: 2026 ‘super promising’ amid tax residency, fee concern • Broker eyes 25% increase on 2025’s 130 transactions BY NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN realtors believe 2026 is “super promising”, with one predicting a 25 percent increase in business volumes for his firm despite concerns over a potential increase in legal fees and the continued wait for tax residency certificates to launch. Matt Sweeting, REMAX Bahamas managing broker, told Tribune Business that “2025 was our best year in business” for the fivesix year-old firm with 130 closed transactions as it continues to set “sales records year after year”. However, while not anticipating “a drastic effect”, he warned that the Bahamas Bar Association’s plans to increase minimum legal fees for property deals could impact closing costs and affordability for Bahamians.
MATT SWEETING “Bahamian real estate in 2026 is showing even greater prospects with considerable interest coming in in the New Year with inquiries by people on both ends of the spectrum,” he said. “I do think it may be a little more challenging in 2026 for buyers to buy with the adjustment in legal fees. “The legal fraternity has for quite some time had the number set at 2.5 percent of the purchase price. It’s about to go up
OPTIMISM - See Page B10