Cayman's real estate market may have cooled slightly in 2023 after the gold rush that occurred during and post-pandemic, but local real estate still remains in its own pocket, immune to global influences, save bank interest rates which do fall foul of similar increases overseas. However, it is no surprise that developers are still forging ahead with projects in anticipation of things warming up again.
Seven Mile Beach
Currently under construction and selling for good value is the 10 storey Grand Hyatt Residences located on Pageant Beach, George Town, just on the cusp of where Seven Mile Beach begins. 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$950,000 and US$10 million.
Similarly and close by is Kailani - Curio Collection by Hilton, a new luxury wellness and business hotel located on Seven Mile Beach on the periphery of George Town. Currently there are 1-bedroom units listed at US$625k and larger 3-bed 1,792 sq ft units for US$1.65m.
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 the development almost sold out there are a few three and four bedroom units available, with prices ranging from US$9 to US$14million.
Hotel Indigo, while not strictly a residential development, will offer a limited number of branded residences for purchase when it opens later in 2024. These stylishly appointed units will come with access to the hotel's amenities, including a rooftop pool, fitness center, and multiple restaurants.
Lacovia is 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 was vulnerable to rising construction costs over the past few years but now seems to be back in the works with several new units coming to market as of June 2023 and 15 units still currently available as of early 2024. Some units are under contract, but you can still shop for one priced from US$9 million upwards. The sizes vary, and include a spacious 5-bed 7,000 sq ft unit at US$19.2 million and a penthouse with 4 bedrooms and living spaces of 5,218 sq ft for US$14.3 million. Smaller units with 4,000 sq ft are also available for US$10.1 million. Demolition of the existing site, in preparation for construction, which is located centrally on arguably the best spot on Seven Mile Beach, began in February 2024.
Aqua Bay is slated for construction by renowned luxury resort condominium developers, The Butler Group. Amenities will include a 90 ft. wide beachfront, a waterfall edge pool, a private beach, BBQ areas for al fresco dining, a fitness centre, oceanfront lounge and games room and on-site undercover parking for each villa. 3 to 5-beds range from US$6.5m up to a stunning Sky Villa with rooftop pool at US$9m. The development is proving controversial, as it is representative of a paradigm shift in the future aesthetic of Seven Mile Beach residences, moving from low-rise to high-rise.
Bayview is a new development of luxury villas, soon to crystallise in the Seven Mile Beach corridor
Seven Mile Beach Corridor
A new, pristine canal front development, just south of the Ritz Carlton Grand Cayman's golf course, Bayview promises luxury villas that will be part of an esteemed, amenity-rich, waterfront enclave. Designed in a unique and contemporary style, prices for half-acre development packages vary, but prescient buyers can expect $1,575 per square foot.
Prisma, another new development in Crystal Harbour, received conditional approval to build 58 apartments, 20 townhouse, five duplexes, a restaurant, a two-storey parking garage and 20 pools over 7.5 acres following the removal of a nine-storey hotel from the proposal. The project will involve a canal extension.
ONE Canal Point, a new gated community, is 5 acres of canal front views. This property is a boaters dream due to its direct boat access to the North Sound. It is an extremely family friendly community with amenities such as a children’s playground, dog park, kids pool, and fruit orchard. Adults can enjoy other amenities such as a 25-metre pool with adjoining lounge area, hot tub, BBQ, adults only pool, gym, and clubhouse. Only a few remain and are priced at around US$1-$3 million depending on the residence.
The Grove Too, which is set for completion in late 2024, a continuation of the popular The Grove residential and retail development completed in 2020, offers investment opportunities for Class A retail, commercial and upmarket residences at price points unlikely to be seen again along Seven Mile Beach.
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 effectively sold out.
West Bay
Serrana, West Bay.
New developments in West Bay include Blue Palms which will have eight three-to-four-bedroom homes with roof top terraces. Construction recently began on The Sands located near the Centennial Towers in West Bay; this six-unit residence consists of only two units per floor. Each residence showcases stunning ocean views with 30 feet of water frontage per unit. With a Rooftop terrace featuring a pool, private cabanas and lounge it is unlike anything else currently being offered. The North West Point area in West Bay is seeing 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$3.3 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 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. Oceans 9 is another new build with a community of nine detached four-bedroom ocean front homes within a gated community. Still under construction is Point West, a property developed by the same developers as ONE Canal Point. It will feature 32 oceanfront units and luxury amenities including a dive academy and full-service restaurant. Also under construction in the North West Point area is Sunset Point, nestled on almost 3.5 acres with over 460 feet of stunning waterfront, this new development will offer a variety of 1-bed/ 1.5-bath and over-size sized 2-bed/ 2.5-bath and 3-bed/ 3-bath units. Annie’s Retreat Villas, set to be a more modestly priced boutique private residential development, located just in from the ocean off Northwest Point Rd is a gated development designed with only 10 Villas.
Off Sonny Powery’s Drive you will find Secret Beach, a refuge of tranquil luxury in a walled garden on one of the most beautiful pocket beaches in West Bay. Featuring a total of 27 units, owners will share an incredibly designed, modern building with impeccable contemporary architecture.
Finally, Dolphin Point Club, a new eco-friendly development consists of 40 open plan residences which range from 1-bedroom units to 4-bedroom villas. All units are either west or south-west facing, providing residents with a gorgeous sunset view every evening. Experience world class diving at your doorstep with 6 dive spots accessible from Dolphin Point Club. Other amenities include a 110-foot pool and sand area, adult only pool/beach area, children’s splash pad, pool, beach area, fitness centre with infrared sauna, spa, and rooftop restaurant and bar. The property still has units available as of January 2024, with the price ranging from CI$$2.1 million to upwards of CI$7.2 million.
Camana Bay
OLEA is 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. 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 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
ONE|GT Construction is well underway on the CI$120 million development project which will comprise a 175-suite hotel and residences with amenities set to include a rooftop bar, restaurant, and piazza. This will be the first 10-storey development in George Town, and completion is set for late 2024, with pre-construction pricing starting at CI$500,000+ for a one-bedroom, and up to CI$4.2 million for a four-bedroom.
Urban Flats, located in George Town, is the perfect residence for professionals and is in walking distance to the central business district, cafes, and shopping. It began construction in January of 2023 and is expected to be completed by June 2024. Urban Flats has a minimalistic and functional with a private balcony and garden view.
Downtown Reach, developed in 2021, is an immensely popular and sought after property. The complex is in an excellent location, only 1.5 miles from George Town, schools, and the grocery store. It consists of apartments and townhouses, Residents have access shared amenities such as a pool, cabana, and gym.
Completed 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$1.6 million.
Scheduled for completion in 2024 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$625,000 up to US$1.65m.
RIA, an example of contemporary living brought to life, is a gated community with a mix of 42 condos and apartments located off Linford Pierson Highway, George Town. The RIA brand gives a nod Owen Roberts International Airport (ORIA) through its name and aviation design elements, such as an airplane shaped pool. Expected to be completed in 2025, it is a three-phase development with 1-bedroom apartments or 2- and 3-bedroom condos, with prices ranging from CI$395,000 to CI$725,000. Residents can enjoy the unique shaped pool, jacuzzi, playground, and garden area. The indoor gym also provides a complete unobstructed view of the previous amenities.
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. Recently completed, The Mantras consists of 50 two-and-three-bedroom units. Q will be a new gated community comprising a total of 22 two-bedroom townhouses. Karma Seaview will be an eight-unit development with rooftop terraces and units are now available. 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.
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 park, roof top patios, a jacuzzi and an on-site, multi-purpose community centre. A few units are available, all in the CI$1.3M range.
Privé by Baraud Development comprises of 36 townhouses and 16 homes nestled within a 6-acre South Sound site. Phase one is sold out and phase 2 has only a few remaining units. Amenities run to a high standard as you would expect and include an on-site water park. A few units remain priced from CI$735,000 to CI$1.4m.
Grand Harbour & Tropical Gardens
Arvia is a gated canal front complex comprised of 96 condos. It is the epitome of modern condo living and offers luxurious amenities for its residents including a 50-meter pool, gym and yoga room, clubhouse, tennis courts, and available boat docking. This complex is in an excellent location, with a grocery store, pharmacy, and restaurants all located in Grand Harbour which is in walking distance.
Aura, a 2022 development, is an oceanfront community with modern design. This condominium features a 60-diameter circular pool, 75-foot lap pool. Lush gardens, gym, secluded cove, 120’ private dock, outdoor BBQ, and kids play area. Each residence receives stunning views of the Caribbean Sea. Unit sale prices range upwards of CI$1m.
Grand Palmyra, a development focused on bringing affordable, modern, high quality, smart homes to Cayman. Residents of the gated community have access to a shared pool, garden, and seating area. It is also a short walk to the new Harbour Walk Plaza and its various restaurants, gym, shopping, spa, and offices.
Harbour Walk Residences, which completed its construction in 2023, is the embodiment of modern island living. Their European style suites range from one bedroom, one bedroom plus den, and two bedrooms, and come in 6 different styles. Suites can range in price from CI$390,000. Residents can enjoy all the amenities Harbour Walk has to offer, including restaurants, spas, gym, and exclusive access to the HW rooftop, which features a 1000 ft jogging track, infinity swimming pool, open air workout area, yoga platform, cabanas and firepits.
Auburn Bay, a new waterfront community in Red Bay is selling lots for developer-designed, (NCB Group), condos and duplexes. Nestled near Admirals Landing and bordered by the tranquil North Sound, it provides easy access to Grand Harbour's amenities. Boating enthusiasts will appreciate private dock slips and direct access to the North Sound. Residents can stay active with a gym and sports court, and families can enjoy leisure time at the pool, playground, and green spaces.
Eastern Districts
Not quite out to the Eastern Districts is The Lagoons, on Omega Drive in Prospect. They offer high-quality canal front living with 13 two- and three-bedroom town homes. Also in the same vicinity in the pre-construction phase, Jaz located on Poindexter Road will offer a gated, modern design development offering one-, two- and three-bedroom options.
Beach Groves, which will begin construction in 2023, is a sustainable project in alignment with Leadership in Energy and Environmental Design (LEED) principles. Located in Pease Bay, Beach Groves will be in the vicinity of a wildlife sanctuary. It is comprised of 2- and 3-bedroom beach view/front condos and price ranges from around CI$861,000 to CI$1,945,860. Residents can enjoy the luxurious amenities such as an infinity pool, gym, pool deck with cabanas and BBQ area, and private beach access. Safety is not a concern at this property with its gated parking garage and 24-hour surveillance.
The Residences at Mandarin Oriental, located in Savannah, features 67 acres of private beach and tropical forests. It sits atop one of the highest elevations in Grand Cayman, also known as St. James point. Each of the 89 residences will have gorgeous panoramic views of the ocean due to the expansive terraces that blend indoor and outdoor living. These luxury condominiums range from CI$5m to CI$23 million. Residents can enjoy amenities such as in-residence dining services, a racquet club, multiple adult and family pools, and a wellness and yoga centre.
Out in East End is Ocean Vista, which is a mile away from Health City. They are now selling Phase III and offers two- and three-bedroom units with modern finishes starting at CI$325,000. In the pre-construction phase and already 75% sold is Tradewind Villas, located in beautiful Colliers and offering one- and two-bedroom units with 11FT NET ceiling heights, 9x9 three tier panel sliding doors, and ground floor elevation starting at 10-11ft above sea-level.
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.
If you already have a development underway that we have not mentioned, please email us at james@acorn.ky.