By INDERIA SAUNDERS, Guardian Staff Reporter, Inderia@nasguard.com

At least one of the projects on the government's list of $9 billion in capital investment approved since taking office was already largely completed, likely representing little more than a flip in ownership and no new injection of cash.

The Palm Cay Development Co. Ltd development, listed as no. 56 on the roster of NEC approved projects, had been christened "Bonita Bay" by its Bahamian owners. That was before last February when the government's National Economic Council gave the OK for its sale to foreign interests.

The administration's newly released list assigns a project value of $33-million to the subdivision on Eastern end of New Providence and billed as an upscale collection of lots clustered around a marina.

But, that money appears to have been for the most part spent, given a substantial number of its core infrastructure plans were completed before the ownership transfer.

The flip may possibly raise questions about how many more of the projects on the government's billion-dollar list fall into the same category as PCDC, with a reduced capacity to immediately pump money into the country's construction sector.

Bahamian Contractors Association President Steve Wrinkle is more focused on why Bonita was sold to an international investor in the first place, suggesting there's little in the way of a contribution for the new owner to make.

"We wondered why the government would give approval for foreign developers to buy an existing subdivision that was already built with infrastructure already in place," he told Guardian Business. "We don't understand why (the government) would allow them to buy and resell to Bahamians at a huge mark up."

Already, the Yamacraw development boasts of paved roads, 93 fully-functioning light standards, a six-inch main water line with services to every lot. Twelve-inch telephone lines to every lot have already been installed. The project even boasts of a 24 slip fixed dock.

In an ad posted online, the old owners even pledge to develop a number of the amenities, including the gatehouse and wall, the marina facility and an athletic park.

That likely leaves only minor projects for Wrinkle's members.

Still, he hopes project upgrades may be in the offing.

"Maybe they are changing the concept of the project because I'm wondering why they bought the existing development unless (those new owners) plan to put up a water slide or something," he said. "I just don't know what advantage it was for us to have foreign developers buy something like that."

Wrinkle is hoping to bring this and other concerns to the table when the BCA officials next sit down with Works Minister Earl Deveaux.