elements of its agreement with Government are finalised.

Meanwhile Bermuda Land Development Corporation chairman Vincent Ingham is staying tight-lipped on the group's identity while speculation flies.

"Until the memorandum of understanding is signed I can't say we have a deal,'' he said yesterday. "We had hoped to be in position to have announced the decision by now but the process is taking longer than we thought it would.'' He explained it was a complicated process as the documents were "very detailed'' and the discussions were "very intense''.

Sources have told The Royal Gazette that Morgan's Harbour Investment Management (MHIM) is the developer of choice while BEAM, a local consortium fronted by construction president Alan Burland, has been put on the shelf.

Mr. Ingham refused to confirm the reports because of an agreement of confidentiality between his organisation and the two developers.

If discussions were to break down with the present group, then talks would be picked up with the other group, he continued.

But he said the BLDC and the proposed developer were proceeding with discussion of a memorandum of understanding.

This was the first of three documents that had to be negotiated and would identify the key elements of the agreement between the two parties.

The other two documents which would follow were the development and lease agreements which would define the route development would follow and the developer's legal and commercial rights respectively, he said.

Some members of the public are understood to be up in arms over the belief that MHIM -- headed by UK-based Renaissance Resorts with local partners Edward Lawrence, Arthur Morris, James Pearman, and Robert Tucker -- has been chosen to develop the 200-acre site.

Much of the controversy surrounds the groups' different plans for the proposed championship golf course. BEAM has contracted with top gold course designed Tom Fazio, while it is now known who would design the MHIM course. BEAM also is said to have links with the Ritz-Carlton hotel chain.