The first residences at the Caroline Bay development are set to be competed in the next few months.

Delivering an update on the project, Caroline Bay Ltd announced that the first batch of Ritz-Carlton Reserve Residences are fast approaching completion.

The first residential building, containing seven homes, is set to be completed in the first quarter of this year.

Meanwhile the first phase of the project — consisting of 35 of the 149 planned residences — is expected to be finished this summer.

Construction on the Ritz-Carlton Reserve, expected to open for guests next summer, is also said to be progressing.

Work on the first two guest villas has begun, and work on a third is scheduled to start before the end of the month.

The completed resort is set to include 77 guest rooms and two presidential villas.

Craig Christensen, director and owner of Caroline Bay Ltd, said: “We are thrilled to announce that Caroline Bay’s construction progress is well on its way.

“Not only is the first phase of the Ritz-Carlton Reserve Residences at The Cove projected to be delivered on time, but the development of the resort community has brought great prosperity to our island, creating an uptick in jobs and activity.

“We have high hopes that this will add to the success we are already seeing for our development and look forward to what this destination will offer.”

Mr Christensen said that more than 200 construction workers have been working on the project, building the residences, villas and various back-of-house facilities.

When completed, the Caroline Bay site will also feature two restaurants, swimming pools, a spa and a conference space.

Work has already been completed on the Caroline Bay Marina, which includes 80 berths exclusively for Ritz-Carlton Reserve Residence owners.

Mr Christensen added: “As the properties at Caroline Bay come to life, we are incredibly excited and eager for summer 2019, when we can share our ultra-luxury resort with Bermuda and the rest of the world.”