Last month I mentioned a brand new Cayman development that would be taking shape at the old Pageant Beach location, a beautiful spot right next to The Wharf restaurant. This month I was hoping to be able to reveal the name of the international five-star brand that will create a beautiful resort at this prestigious location, but you will have to wait until next month for the big reveal! I can reveal, however, that this luxurious new development will feature a cutting edge project for Seven Mile Beach, with 450 beachfront suites, villas and penthouses to be constructed, half of which will be for sale.
All suites for sale will have unparalleled views of the Caribbean Sea and all will follow a modern look, with ten-foot-high ceilings and nine-foot glass doors out to the terrace. There are plans in place to create a dramatic ten-foot rooftop bar and grill with an outside glass elevator, five other beachfront or poolside restaurants and bars, a glass edged rooftop infinity pool, spa and fitness facility.
Owners will enjoy other amenities such as room service, four swimming pools, a superb sandy beach, watersports, a landscaped boardwalk, kid’s centre and spacious conference facilities.
Created as an income pool investment similar to the residences at The Ritz-Carlton, Grand Cayman, each suite will be rented through the hotel and have up to six weeks of owner’s use allowance. This means not only do owners have the potential to gain substantial rental income, but they also get the chance to enjoy this superb location for themselves and their families.
Beachfront suites start at 700+ square feet and are initially priced at a very reasonable US$595,000 up to US$795,000 depending on their size and location. Higher up the scale, there will be six 2 bedroom/2.5 bathroom beachfront villas of 1,700 square feet with a starting price of US$1,595,000 up to US$1,795,000. Three exceptional beachfront 3 bedroom/3.5 bathroom penthouses of 4,000 square feet spanning the width of the beachfront building are currently priced at US$4,995,000. Prices are therefore varied enough to suit a wide range of possible investors.
Cayman introduces new beneficial ownership register
I thought it would be useful to touch on a new regime that Cayman has implemented when it comes to owning companies. A new register has been introduced for all Cayman Islands companies in a bid by this jurisdiction to combat tax evasion and money laundering because it creates greater transparency with regard to the ownership of companies. It is important to note that this register will not be open to the public to view or search.
The register needs to note each beneficial owner’s name, address, date of birth and ID. It is a centralised platform that only allows a Cayman Islands competent authority to access the information. Additionally, access will only be permitted upon the request by UK law enforcement. It is good to know that Cayman is playing its part in the global bid to counteract international crime, but at the same time it continues to protect the privacy of its residents and investors.
I would love to hear from you if there are any points of interest as they relate to Cayman’s real estate industry that you would like me to discuss in future articles, or if there are any questions you would like me to answer. Email: James.Bovell@bovell.ky