With the real estate market being so strong, and current inventory being in short supply, it is no surprise that developers are taking this opportunity to replenish the marketplace.
Seven Mile Beach
Currently under construction and selling for good value is the 10 storey Grand Hyatt Residences located on Pageant Beach, George Town. The 351 room hotel will contain 167 residential units and amenities including five on-site restaurants and bars, a sandy ocean lagoon and a world-class spa and fitness facility. Studios and one to three bedroom units are priced between US$643,000 and US$7.1 million.
Also along the Seven Mile Beach corridor, Baraud Development introduces Lotus at Canal Point, an intimate Zen-inspired community of only 20 luxury townhouses, which is now sold out.
The Watermark, with construction well underway, is going up between the existing Avalon and Harbour Heights complexes and will provide residents of the 54 unit development with five-star, resort-style amenities and services. With 90% sold there are a few three and four bedroom units available, with prices ranging from US$8.7 to US$22 million.
Lacovia was to be redeveloped into a three-building, multi-storey, contemporary development comprising of three to five bedroom units, all outfitted with luxury appliances and bespoke finishes. The initial project has fallen victim to inordinate rising costs over the past two years and the project is now being reconsidered.
West Bay
Serrana, West Bay.
New developments in West Bay include Aqua Bay, which is now nearing
completion and will offer residents modern beachfront luxury that
seamlessly blends indoor and outdoor living spaces. With only 10 units
split across 10 storeys, residents can choose from four different,
full-level floor plans, each benefiting from large private waterfront
terraces.
The North West Point area in West Bay has seen a substantial
amount of development. Currently pre-selling is Serrana which is an
upcoming ultra-modern, low-density development with only 18 residences,
each with panoramic ocean views. Prices start from CI$3 million.
Nearing
completion is SeaDreams a luxurious eight unit, four storey oceanfront
boutique complex that is also located on North West Point Road. With
only four storeys and two units per floor, residents will enjoy large
living spaces and fantastic views and amenities including a pool and BBQ
area.
Salt Air Townhomes, with 2, 3 (+ dens) and 4 bedroom
configurations, present a great opportunity to purchase a brand new
pre-construction townhome in the family and pet-friendly, private gated
neighbourhood of The Shores.
Just off the new by-pass in the Batabano area, you’ll find The Meadows at Batabano, which redefines Island living, combining old Caymanian design elements with modern functionality and facilities. Choose between 1 and 3 bedroom units.
Camana Bay
OLEA, which broke ground in early 2019, is Camana Bay’s first for-sale residential development, made up of an assortment of condominiums, townhouses and duplexes, located to the south of Camana Bay’s Town Centre. Major features of this amenity-rich waterfront neighbourhood include the Island’s first lazy river, a resort-style pool, a waterfront boardwalk, beautifully landscaped common areas, a yoga garden and a fully equipped gym. As of January 2023 much of the property has been built and new owners are in their homes.
Kapok, a 10-storey, for-lease residential building located towards the north end of the Town Centre on Bismarckia Way, close to Foster’s supermarket is almost complete (as of January 2023) and has 89 residences ranging from 561-square-foot studios to 1,476-square-foot, three-bedroom units. Kapok features a modern design, indigenous landscaping, large windows, balconies and terraces, and is built to Fitwel® building certification standards to improve occupant health and productivity.
George Town
George Town recently saw the first 10 storey 175 unit residence,
called ONE|GT, breaking ground, and there has been lots of interest in
this project with its grand café, signature terrace restaurant, full
range of resort amenities and Cayman’s first luxury SKY Club.
Nearing
completion, and sold out, is The Bentley, conveniently located near the
airport. It features a fully gated community and is comprised of two and
three bedroom townhouses.
Catalina Bay presents a unique opportunity
for ocean-front living adjacent to the airport and The Barcadere Marina.
Residents will enjoy 800ft of sea frontage, and a 170ft freeform pool.
Three-bedroom units start from US$1.7 million.
Scheduled for completion in 2023 is Kailani, Cayman’s first luxury wellness and business boutique hotel, developed by the NCB group in partnership with the Curio Collection by Hilton™. Investors will have access to their suite for two weeks per year for their own personal use. Kailani's one and three bedroom suites range from US$575,000 to US$5 million.
South Sound
South Sound remains a developers' favourite with Davenport
Development introducing the now sold out Bahia, where residents can
enjoy amenities typical of a high-end resort, boasts open roof terraces,
an Olympic-sized training pool and 200m resort pool, tennis courts,
yoga studio, a clubhouse and a full-time, on-site property manager.
Phase 1 is now complete at Indigo Bay, a luxury development comprising
of 29 ocean-view villas located in eastern South Sound. Communal
amenities include a private dock and gazebo, pet-friendly Indigo Park,
roof top patios, a jacuzzi and an on-site, multi-purpose community
centre. Pricing is between US$890,000 and US$1 million.
With just a few
units remaining and priced at CI$725,000, Privé by Baraud Development,
is a complex of 36 townhouses and 16 villas nestled within a six-acre
South Sound site. Amenities include an on-site water park.
Nearby, The South Sound Collection is carefully designed to allow for decadent exclusivity in the heart of South Sound. Choose from four bedroom, five bath townhouses, each benefiting from private rooftop terraces and unobstructed waterfront views.
Aerial view of Bahia.
South Bay Residences by Palmyra Developments offer spacious waterfront living, fitted with luxury amenities in a lush, landscaped setting.
Rendering of Indigo Park at Indigo Bay.
Indigo Bay, located in eastern South Sound, is a luxury development comprising of 29 oceanview villas. Communal amenities include private dock and gazebo, pet-friendly Indigo Park, roof top patios, jacuzzi and on-site, multi-purpose community centre. Pricing is between US$890,000 and US$1million.
Starting at US$689,000, Privé by Baraud Development comprises of 36 townhouses and 16 homes nestled within a 6-acre South Sound site. Amenities include an on-site water park. Nearby, The South Sound Collection is carefully designed to allow for decadent exclusivity in the heart of South Sound. Choose from 4-bed/5-bath townhouses which each benefit from private rooftop terraces and unobstructed waterfront views.
Grand Harbour & Tropical Gardens
With water views and located in Tropical Gardens is Allure, which will hug the coastline and offer unimpeded views of the North Sound for sophisticated Island living at its best. Featuring two and three bedroom luxury condos and a wide range of amenities, pricing starts from US$870,000.
Nearby in the Red Bay area, is the now sold out Paraiso, built by Smith Development. This exclusive, residential community is located on the serene banks of the North Sound and offers indoor/outdoor living. All 12 units boast their own boat dock, large private patio area, green space and individual plunge pool. Resales are available starting at US$1.1 million.
Arvia will be a single-phase development, located on the Grand Harbour Canal, comprising of 96 condos, and interestingly the first approved aerial subdivision on-Island. The condos will be clustered around a small, marina-like set of docks, ensuring each home has a view of the waterway. The units will range in price from US$606,353 to US$834,486.
Eastern Districts
On the Eastern side, a few projects are well underway - Silver Reef, which is now sold out, features a private beachfront development in North Side boasting several resort-style amenities, including a yoga platform, Zen garden, 40ft heated oceanfront saltwater pool and more. Ocean Vista which is a mile away from Health City, is now selling Phase III and offers two and three bedroom units with modern finishes starting at CI$420,000.
If you are hoping to create a new residential development, Procure Cayman offer their development services during consultation to minimise the risks that can arise when starting a new project.