There were almost $700 million in property sales last year, the highest figure ever recorded, according to surveyors Charterland.
The Charterland analyzed every property transfer registered with the Land Registry last year to compile its market analysis report.
Some of the more significant sales include Dart’s $32 million purchase of the Royal Palms development site, the $21 million acquisition of the Pageant Beach Hotel site by a development consortium led by Howard Hospitality Group and the $10 million sales of the Coconut Walk Estate on Boggy Sand Road.
Dart’s purchase of The Ritz-Carlton, estimated at around $220 million in the report, is not included in the statistics because it involved the share transfer of a land holding company rather than a land transfer.
Beyond those major sales principally the Seven Mile Beach condo market was driving the overall upward trend.
The strength of the U.S. economy was likely fueling increased interest in holiday homes in Grand Cayman’s main tourism district.
Simon Watson, a partner at Charterland, said he believed the property development market would continue to be a key driver of the Cayman Islands economy in coming years. (more…)
March 20, 2018
BlogGrand Cayman, property, sales
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Local firm Island Recycling and its overseas partner Guernsey Recycling, are to shred the tires in the George Town landfill site, and use them as fill in local construction projects.
The contract was signed on Monday 15th August for $1.25 million from the Environmental Protection Fund, after five previous failed bids to sell or give the tires away.
The work is expected to commence within the next four months, once specialized equipment arrives on the island, and is expected to take around 11 months to shred the stockpile of tires.
The Environmental Protection Fund has been criticized in the past for taking far to long to come to a deal involving the tires.
Premier Alden McLaughlin said “The landfill is an issue and has been an issue for the country for many, many years, and while many people believe we are moving far too slowly, we are absolutely committed to developing a long-term plan that creates a solution that will last the course of the next 50 years.” (more…)
August 22, 2016
BlogEnvironment, Grand Cayman, Land Fill
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The Cayman Islands tourism department is seeking a 5-year plan that will help relieve the key attraction, Seven Mile Beach, and spread growing visitor numbers across Grand Cayman.
George Town has dramatically changed over the past three decades, and Seven Mile Beach is loosing its appeal as more and more people come to the island and overcrowd the iconic beach.
The strategy over the past couple years has been to focus on visitor growth. Now that the 300,000 targets has been met and surpassed that focus now shifts to managing that growth in a sustainable way.
“It is not just about numbers anymore. It is also our ability to handle that volume.” Said Director of Tourism Rosa Harris. “Developers will have their ideas for what they want to do, but we need our own vision for the type of development we want to encourage.” (more…)
May 19, 2016
BlogCayman, Grand Cayman, Seven Mile Beach, tourism
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A Dart Realty affiliate will pay the Cayman Government US$14,574,000 for the conversion of leasehold to freehold on the 280-acre former North Sound Golf Course.
As it stands the land is subject to a 99-year-lease that has 75 years left. Negotiations of the freehold transfer began in 2011 with both the government and Dart Realty having appraisals done on the value of converting the land from leasehold to freehold.
Conversion of the lease will have to be finalised in accordance with the requirements of the Governor (Vesting of Lands) Law, but the deal has been done in principal.
This is the latest of a number of Dart Realty projects. Last Wednesday (January 27 2016) Dart Realty Ltd. celebrated the official opening of its new Camana Bay LEED® Gold certified 86,000 square foot office building.
The building at 18 Forum Lane will minimise energy use through their shade-on-shade design, rooftop solar panels and thoughtfully designed landscaping to offer ample shade. (more…)
February 2, 2016
BlogCamana Bay, Cayman Government, Dart Realty, freehold, Grand Cayman, Kimpton, Kimpton Seafire Resort and Spa, leasehold, LEED Gold certified, luxury residence, North Sound Golf Course, Seven Mile Beach
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A 70-acre site in South Sound has received approved zoning for Cayman Enterprise City proposed campus.
The Planned Area Development approval provides general permission for Enterprise City’s envisaged overall master plan that was supplied during a meeting of the Central Planning Authority on Thursday 10th December.
Enterprise City will still need to apply for separate planning approval for each phase of the project, which when completed will see a cluster of office buildings, homes, restaurants and a hotel surrounding a man-made lake.
The first phase of the project will see an application for two five-story “gateway” office buildings early next year.
Chief development officer for the zone, Cindy O’Hara, has said that there are already enough businesses to fill the first building. (more…)
December 14, 2015
Blogbusiness, Cayman Enterprise City, Cayman Islands, Central Planning Authority, Cindy O'Hara, Grand Cayman, homes, office, South Sound, zone
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TEN Arquitectos of Mexico City and New York have been announced winners of Beach Bay Land Ltd’s design competition for the St. James Point, Beach Bay Resort.
The US$250 million luxury resort in Bodden Town was unveiled Saturday 5th December at an event in at the Art Basel Gallery in Miami Beach. The project is set on a lush 16-acre property fronted by a 1,000 foot secluded and private natural beach, and features a 200-room hotel and 90 residential units, spa, shops, restaurants and water sports.
John Layton, managing director of the development company, said he was impressed with the firms “bold ideas” as well as being impressed with their past projects.
The lead architect for TEN Arquitectos, Enrique Norten, said “We have a unique concept here that will fit harmoniously within the landscape” and creating buildings that sync with the natural environment was key to the project.
TEN Arquitectos competed in the design competition with two other firms, Garcia Stromberg and SB Architects. (more…)
December 10, 2015
BlogBeach Bay Land Ltd., Beach Bay Resort, Bodden Town, Cayman Islands, design, development, Garcia Stromberg, Grand Cayman, SB Architects, St. James Point, TEN Arquitectos
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On Thursday 24th of September the Cayman Government signed an agreement with developer John David Layton to construct a five-star hotel and condominium project in Beach Bay.
The project is set to start next year at St. James Point in the District of Bodden Town. Plans call for a branded hotel that includes a spa, restaurants, bars and retail space.
The developers have been talking with successive administrations for around seven years but after reaching an agreement with the government they are now ready to begin submitting planning applications.
The Cayman Government will be giving up a potential income of $25 million in concessions to ensure that the hotel and condo project gets built.
The Government believe that income for decades into the future from hotel room tax, visitor spend, duty from the sale of the condos will out weigh the duty waiver on construction material, furniture and fixtures for the construction, stamp duty, and non-consumable material for start-up of the facility. (more…)
October 2, 2015
Blogbar, Beach Bay, Bodden Town, Cayman, Cayman Government, Caymanians, concessions, condo, developers, Grand Cayman, hotel, John David Layton, restaurant, retail, Rum Point, Seven Mile Beach, spa, St. James Point
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United Airlines will expand their winter seasonal services from Chicago and Washington D.C. and announce new flights to Grand Cayman.
The new non-stop flights are scheduled to begin on 19 December and fly to Owen Roberts International Airport (GCM), Grand Cayman. The new Chicago flight will depart from O’Hare International Airport (ORD), Chicago, on Saturdays and continue until the 30 April 2016.
The Washington D.C. flights will fly four times a week from Washington Dulles International Airport (IAD) and will continue until 4 May, 2016. The service flights are on Monday, Wednesday, Saturday and Sunday.
The winter is Caymans busy season, when the rainy season is over and temperatures are in the lower 20s °C. It’s a great time for people to escape the cold and freezing temperatures of where they come from. The added United Airlines flights will make Cayman more accessible for consumers during their high-travel periods.
The flights are great news for people who migrate to the warmer climate for the winter, giving them more options and availability to fly to their Cayman properties, or for those wanting to get away for a warm winter break.
July 15, 2015
Blogavailability, cayman islands property, Cayman properties, Chicago, Grand Cayman, high travel periods, New Flights, properties, United Airlines, Washington DC, winter season
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The first Cayfilm, Cayman International Film Festival, is all set to start on Thursday 18th June 2015, and will last until Saturday 20th June. The festival will comprise daily film screenings, question and answer sessions with filmmakers, panel discussions, workshops, an exclusive premiere screening and a celebrity gala event.
Cayfilm is the brainchild of filmmaker, photographer and Emmy winning video editor Tony Mark. After attending New York University’s Tisch School of the Arts Film Program Tony moved to Hollywood in 1992 where he immediately acquired work as an editor. Now with over twenty years experience in the film business and over forty movies to his credit Tony now lives in Grand Cayman where he dedicates his time teaching film and different disciplines within the industry. (more…)
May 19, 2015
BlogBrian Cox, CayFilm, Cayman, Grand Cayman, Harquail Theater, Hollywood Regal Theater, InkTip Script Listing, International Film Festival, James V Hart, Loren Carpenter, panels, Paul Schrader, Pixar, Regal Camana Bay movie theater, Rick Gomez, Ritz-Carlton, screenings, The National Gallery, Tony Mark, Wes Studi, workshops
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Cayman Enterprise City (CEC) welcomed high-level delegations of the tech industry, in conjunction with the Internet Marketing Association (IMA) to Grand Cayman on April 9th 2015. The trip was part of Cayman’s initiative to bring leading tech companies to the Cayman, and to develop the partnership between CEC and IMA.
The Cayman delegation met with business leaders from leading technology brands including Google, Microsoft, and Adobe. Despite business relations being at an early stage all parties seemed delighted with at the prospect and expect big things in the future. A co-hosted annual conference is in Cayman is in the pipeline, starting with a 300 attendee next year.
It has also been reported that the IMA has taken steps to become part of the Special Economic Zone, according to Chairman of the IMA Sinan Kanatsiz
Sinan Kanatsiz went on to say “We are excited that our partnership with CEC has been taken to the next level by bringing leadership from American business interests to the Cayman Islands. This event materialises a vision created in September 2014 during IMA’s flagship event, IMPACT14 in Las Vegas. The IMA looks forward to creating more economic investment opportunities for CEC and appreciates all of CEC’s contributions to date. This trip has been so successful that we plan to co-host with CEC a much larger annual event in Cayman starting next year.”
April 16, 2015
BlogAdobe, business, Cayman, Cayman Enterprise City, CEC, Google, Grand Cayman, IMA, IMPACT 14, Internet Marketing Association, Microsoft, SEZ, Sinan Kanatsiz, Special Economic Zone, tech
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