Bermuda?s first fractional ownership development was officially opened at The Tucker?s Point Club last week by Tourism Minister Ewart Brown and club president Ed Trippe.

The Tucker?s Point Club is Bermuda?s latest addition of full-service, fractional ownership community of villas and is just a part of ongoing development situated on 200 acres.

Upon completion of the project, the Tucker?s Point Residence Club will feature 14 waterfront, two- and three-bedroom villas starting at $330,000, the first stage of Tucker?s Point Club?s hospitality product, which will include Bermuda?s first new ultra-luxury hotel in 35 years and scheduled to open in 2008.

Each owner receives a deeded real estate interest in a Residence Club villa and an ownership interest in the clubhouse and other common facilities. There are only ten Residence Club owners per villa and each enjoys frequent and flexible use of the club throughout the year.

Residence Club owners will also benefit from full membership in the golf, beach and tennis club. Dr. Brown described the project as ?wonderful and magnificent?.

?When people say there?s been no new tourism development, they will now have to say something different,? he said.

Dr. Brown applauded the debut of The Residence Club, saying: ?New tourism products are essential to the well-being of Bermuda as a resort destination. The Residence Club exemplifies the high standards we should continue to establish here, ensuring our guests of the very best possible experience in Bermuda.?

He said over the next year more signs of growth and success will be seen in Bermuda than has been seen in 20 years and Tucker?s Point was ?leading the way?.

Mr. Trippe said the first phase of The Residence Club was already sold out. General manager of The Residence Club, Alan Paris, said in the first six months of operation, over the traditional soft winter months, the club will achieve more than 70 percent occupancy. The Residence Club will encompass 20 villas which will compliment Tucker?s Point?s existing residential communities.