Tucker’s Point came close to the brink when Government effectively bailed the company out by granting it a Special Development Order last March to build luxury homes on environmentally and culturally sensitive land.

At the time, amid massive public outcry, staff and many politicians suggested a failure of Tucker’s Point would harm tourism and make it even more difficult to attract investors.

Thankfully for tourism, Tucker’s Point survived those dark days and ultra-luxury brand Rosewood came on board as the resort’s operator.

But the developer has not yet built any of the 78 homes it won the SDO for. It also won in-principle approval for 70 more hotel rooms.

Kevin Cross of the Tucker’s Point executive committee explained: “The SDO granted the right to develop home sites and all of these sites are currently for sale.

“The planning requirements of the SDO are significant and Tucker’s Point is currently working on various stages of planning approvals as required by both the SDO and the Bermuda Plan Planning Statement 2008. These planning rigours must be satisfied before any lot or home may be constructed on or sold.”

Asked if Tucker’s Point was in a better financial position than early 2011, Mr Cross said: “Tucker’s Point is in a better financial picture given active steps taken by Tucker’s Point management along with assistance from the Bermuda Government and cooperation by the financial stakeholders in the company.

“The Rosewood flag is now in place at the resort with improved bookings and occupancy. The development sites as proposed by the SDO are moving along the development and marketing process, and customers and prospects have renewed confidence in the Tucker’s Point community and brand.”

Mr Cross added: “Recent sales activity in our Residence Club product (fractional ownership) and three active construction projects are ongoing (on property with planning approval prior to the recent SDO).

“Sales prices and room rates are less than before the recession, however positive activity produces more positive activity and Tucker’s Point is bullish on the future. All of these positives place us in a better financial position.”