Business BVI sits down with David V. Johnson for an update on Oil Nut Bay

Tourism and regained freedoms

Business BVI sits down with David V. Johnson for an update on Oil Nut Bay

The pandemic has been and accelerator for Oil Nut Bay, given that people globally are not waiting to purchase their dream home. In mid November, Business BVI caught up with the resort developer and chairman of Victor International Corporation David V. Johnson, for his insight on how ONB is responding to global changes in leisure travel driven by the pandemic. Here is his take.

How has the pandemic changed or is changing travel overall and specifically in the luxury segment?

Oil Nut Bay is the perfect destination, because travellers are going to a single destination versus multiple vacation spots. A single destination makes travellers feel safe and offers quality time with their families and loved ones, where great leisure activities are available, reliable internet and a variety of villa sizes to accommodate all guests. The accelerator for Oil Nut Bay was the pandemic. People are not waiting to purchase their dream home. They realise time is precious and are acting at an earlier life stage than ever before. Also, in each neighbourhood, as we get down to two or three remaining lots, they do not want to miss out and therefore purchasing where they can build within the 5 years.

What changes have ONB made in anticipation of, or in response to those changes?

Oil Nut Bay’s master plan did not need to be changed. The original vision is perfect, which is 12 distinct neighbourhoods all of individual villas with different sizes and locations, whether Beach Villas or Wildside Villas. Today’s reality is that Oil Nut Bay has individual privacy and an opportunity for connection from world class amenities and state of the art infrastructure, including highest quality internet. The company mandated the vaccine for all employees and contractors to provide a safe environment. We partnered with NetJets to provide guests with the very best private air travel and have invested in multiple spec homes in our Marina Villa and Ocean Villa neighbourhoods. We are selling homes and lots virtually to both new buyers and existing owners who have purchased while building their new home. We have built an entire Marina Village, seven homes, a spa, boutique retail and our restaurant Nova, which is open to the public, all during the pandemic.

Social distancing has become a defining feature of the pandemic. Needless to say ONB was presciently designed with social distancing in mind with key elements such as 117 home sites on 400 acres, (200 designated green spaces) access to unlimited crystal-clear turquoise waters and a focus on families. Were you able to use these strengths in enticing new buyers?

Yes, we are experiencing tremendous sales success in all areas. We have sold two Boulder sites, two Atlantic Ridge sites, two Estate Lots, a Peninsula Lot, four Marina Villas, an Ocean Villa and two re-sales. We have a variety of choices to meet all needs and the variety demonstrates the wisdom of the master plan.

Did you have existing owners who rejoiced that they had a home at ONB to retreat to once the pandemic took hold in 2020?

Our homeowners are proud to be part of Oil Nut Bay and recognise the huge investment that we have done to maintain the quality of our team, as normally there is virtually no unemployment in the British Virgin Islands. Together, with our owners and through our North Sound Foundation, we have continued to provide extensive financial support to the greater community. We continue to help build local schools and social programs on Virgin Gorda which is highly respected by all.

Do you have some pandemic related takeaway lessons that the BVI as a destination must consider adding to its branding and marketing?

The BVI has a 10 month season of 80- 82 degrees because of the natural air conditioning of the ocean which makes it very attractive, not only as a winter destination but a summer destination as well. We have seen major interest from places like Texas and Arizona where it is well over 100 degrees. In our marketing strategy, we are using the power of video and zoom calls to connect virtually and have sold properties with this technology. These virtual demonstrations and tours have become standard and we will continue to invest in cutting edge technology.

What key decision must the BVI take today, to ensure it regains and retains its global leadership position in the luxury space post the pandemic?

The 6500 foot expansion of the International Airport runway is critical and a strategic necessity. This will facilitate direct flights from New York, Charlotte, Atlanta and Miami on Delta, American and Jet Blue airlines. The estimated completion of this expansion is set for November 2025 and will posit-on the BVI as the go to Caribbean destination, with longterm significant returns for the territory.

The global demand for super yachts is red hot, spurred along by the pandemic. How does reentering the super yacht space help to enhance the BVI share of voice in marketing the destination globally? Do you have a suggested timeframe for the BVI Government in making this a reality?

We are very excited about working in cooperation to bring superyachts back. Oil Nut Bay is ready to receive them.

ONB recently agreed two very strategic partnerships, one with the Corcoran Group and the other with Net Jets. What was your thinking and objective in entering those partnerships?

We are absolutely thrilled to be partnered with Corcoran BVI as their first international franchise. It gives Oil Nut Bay global exposure and most importantly it is a strategic effort to maximise resale value for our owners. We are proud to have just been awarded Robb Report’s Best of the Best New Island Community 2021. NetJet member base perfectly aligns with our potential homeowner community and resort clientele. After 10 years of steadily building and completing all infrastructure and social elements it is now time to tell the world about Oil Nut Bay.

Notwithstanding that it is early in the life of these partnerships, are they meeting your initial expectations?

Absolutely, we are thrilled with both partnerships. The outstanding leadership of Pam Liebman, CEO of Corcoran, and her entire organization have exceeded our expectations. Corcoran is part of Realogy, which is the world’s largest real estate company and who also owns Coldwell Banker, Sotheby’s and Century 21 real estate companies. This has expanded and allowed us to have an incomparable network of global agents. NetJets has proven to be a truly reciprocal relationship. Our guests and homeowners can capitalise on their best-in-class offering and their members can enjoy an augmented VIP Oil Nut Bay experience. We are very excited about our future together!

How are bookings trending for the winter season 2021/22?

This Christmas/New Year season has more than doubled the 2019 Christmas/New Year season. We continue to add more finished villas and look forward to welcoming more new people to Oil Nut Bay.

What’s keeping you up at nights at the moment?

Continuing to build the perfect Oil Nut Bay team is what keeps me up at night. We have added to our already phenomenal team a Watersports Director, new Sushi and Executive Chefs and many more exciting positions which enables us to deliver on a world class level and perpetuates the success of Oil Nut Bay. We are also exploring new building techniques to keep costs competitive and deliver value to our existing and future owners. Oil Nut Bay has 200+ construction workers on site every day and where there is a gap in commissioned construction, we fill it with spec homes so there is predictable work. It is that type of synergy I think about.

What are you most excited about with regards to Oil Nut Bay?

We had one neighbourhood sell out this past year, the Boulders. Because of that, we opened up 19 lots on Pajero’s Point that are the absolute best in the Caribbean. I have been waiting to introduce these to the world and am very excited about it. In fact, my wife, Pam, and I, are in the process of designing our forever home in this new neighbourhood. ONB has reached this tipping point of growth where we now have a minimal number of lots left in every neighbourhood, including the Peninsula, which has the best ocean/beach lots in the world. People are realizing they must purchase now, or the property will be gone. Thankfully, the BVI allows 5 years to build so purchasers can take their time to really consider what they want in their new home. In the beginning, I had to sell hard my vision and dream. People are now coming and realising the importance of the momentum and have a sense of urgency to act more than ever before.

128 WINTER 2021/22