A New Club For Long-Time Enthusiasts:
The Residence Club at Tucker's Point, in Tucker's Town Bermuda

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In 1609, an English crew became accidental members of a very unique club - a club of emigrants who survived shipwreck while attempting to sail to Virginia. As luck would have it, they were shipwrecked on the uninhabited island of Bermuda, abandoned by all previous visitors due to its lack of natural resources. Yet, these new residents stayed, seeing the island as an asset and an internationally distinctive opportunity for real estate.

Four hundred years later, Castle Harbour, Ltd., whose major shareholders are Bermuda Properties, Ltd. and Argus Insurance Company, is embracing the island's real estate potential by creating what they believe will be one of the world's premier mixed-use resort developments - an ocean side, fairway-frontage community promising enough luxury to entice any Virginian.

"Our team wanted to create the highest quality private club and residential community in Bermuda," says John Bush, Executive Vice President of Residential Development for Tucker's Point. "The island is idyllic and in close proximity to the Northeast United States and Canadian markets. Yet, there is not a true five-star resort here. We are filling that niche with Tucker's Point."

The Tucker's Point Club, which spans 200-acres of prime real estate in Bermuda's most exclusive neighborhood, boasts a world-famous golf course, a spectacular private beach and a future European-style hotel and Greenbrier spa. The site will also house what is arguably the most prestigious private residence club in the industry, as evidence by more than $20 million in presales during the short time it has been available.

That presales figure translates into an average monthly volume of $2.25 million since The Residence Club began accepting reservations last December. With membership limited to 200 owners, the project is already more than 30 percent sold.

"We are very, very pleased with Residence Club sales to date," says Bush. "We begin demolition of the existing buildings in the next 60 days, our development financing is in place and we will soon begin converting initial reservation deposits into binding contracts, anticipating occupancy in the first quarter of 2005."

Bush attributes the velocity in part to the time and expense invested with the Bermuda Government to overcome the strong barriers to entry for non-Bermudians trying to purchase island real estate.

The government strictly limits the number of residential units available to non-Bermudians in an effort to maintain housing stock for full-time residents. In addition, non-Bermudian buyers pay a license fee amounting to 22 percent of the purchase price for houses and 15 percent for condominiums. License fees for Residence Club ownership were negotiated down to 10 percent.

"Bermuda homes start from $2 million to $2.5 million and buyers still have to pay the government 22 percent for the right to purchase," Bush observes. "Limited supply, expensive price points and government fees have created pent-up demand from non-Bermudians who love this destination, but, until now, couldn't justify the real estate costs. The Residence Club product enables us to offer the same residential quality with notably smaller expenses in respect to price and license fees."

For added value, the purchase of a Residence Club villa includes membership in the Tucker's Point Golf, Beach & Tennis Club - a benefit that is proving to be the icing on the cake for prospective Residence Club owners.

The Tucker's Point Club golf course opened in May of 2002 as a $10 million restoration of the old Castle Harbour Resort course. Renovations included recontoured greens, five new holes, a practice facility, driving range and a clubhouse with pro shop that is currently under construction.

Scheduled to open in November, The Tucker's Point Beach Club will embrace Bermuda's largest private resort beach. The beach clubhouse will feature a restaurant, an outdoor bar and lounge, changing facilities and an infinity-edge pool.

The Tucker's Point Tennis Club will include four Har-Tru (clay-type) courts complemented by a pro shop and tennis center housed inside a charming Bermuda cottage.

Residence Club ownership - including golf, beach and tennis membership - currently starts from $280,000 for a one-tenth deeded interest in a two-bedroom villa. Three-bedroom villas are also available. The purchase includes an ownership interest in The Residence Club clubhouse and its swimming pool and owner's lounge.

With ten owners per villa, each member will enjoy a minimum of five weeks of annual use. In accordance with reservation policies, use is unlimited on a space available basis - if some members use the club less, other members can use it more.

Want more than five-plus weeks a year? Tucker's Point also offers traditional real estate opportunities.

Whole ownership at Tucker's Point begins at $1.7 million for a four-bedroom, four-and-a-half bathroom town home. An oceanfront home is more than double, starting at $3.5 million. Interestingly, buyers pay more for license fee, furniture and membership in the Tucker's Point Golf, Beach & Tennis Club than a Residence Club owner does in total.

That shipwrecked crew clearly started a club of their own - a club for Bermuda enthusiasts. With the introduction of Tucker's Point Club, members are undoubtedly thankful those sailors decided to stay.