“What began as a boutique resort and marina has evolved to encompass an impressive retail component, comprising 93 estate homes, cottages and villas,” Mr Davis said. “Building on the $112 million already invested into the commercial ecosystem of Harbour Island, this residential development represents a further capital investment of $150 million for North Eleuthera.”

He said he was “delighted” by the strong investor confidence that expansion represented and that he looked forward to the benefits this will bring the island.

Mr Davis also signed an HOA with PMR Bahamas, the developers of a $175 million luxury resort and residential development on Torch Cay at the southernmost tip of the Exuma chain.

He noted that the development features a marina, 18-hole golf course, environmental research facility, sustainable farm, beach club and spa, along with an International Civil Aviation Organisation designated runway. Torch Cay, also known as Hog Cay, is privately owned.

Jay Penske, principal at PMR Bahamas, commented: “The overall acreage is 707 acres. There are going to be multiple stages to the project. The goal is to have the marina built in the first three years, and the golf course completed in the first 30 months. That will be the full completion of the entire project but there will be stages of multiple milestones much earlier after the three-year target.”