their chest.

The Royal Gazette spoke this week to two of the parties known to be involved with a proposal to develop Morgan's Point -- plus a third that is understood to be involved.

Morgan's Harbour Investment Limited spokesman Edward Lawrence declined to comment when asked about the proposed multi-million dollar resort development at the 250 acre property in Southampton.

MHIL was picked to develop the site in March last year but construction work has not begun yet.

Claims that MHIL failed to secure financing for the $250 million project have surfaced and subsequently been dismissed by the group's chairman Robert Tucker.

Meanwhile the group has since lost its exclusive arrangement with the Bermuda Land Development Company -- who are in charge of former base land development.

BLDC chairman Vincent Ingham said: "BLDC is continuing to work on trying to finalise an arrangement with a developer for Morgan's Point.'' He declined to comment further.

A third party believed to be involved in negotiations is Four Seasons Hotels and Resorts who are understood to be interested in running the resort at the former US Naval Air Annex.

A spokeswoman for the firm said the company was unable to confirm any details about the project.

She added: "We are currently in discussions and hopeful that at some point we will be able to set up operations in Bermuda in the future.

"However, at this point in time, nothing has been signed.''