Pageant Beach Hotel resort has moved a step closer after the developer finalized a US$25-million deal on Dec 7th.
The Howard Hospitality Group, which opened the Margaritaville resort earlier this year, has partnered with New Jersey-based Madison Hill Properties for the project.
Planning permission was granted in October and hopes to open a new luxury 5-star resort at the site in late 2020.
The resort will include 30,000 square feet of conference space, five pools, seven bars and restaurants, a private screening room, spa and gym, and approximately 400 guest rooms and suites.
The resort will eventually employ a permanent staff of around 500 people. (more…)
Robert McCrimmon
December 13, 2017
BlogCayman, development, hotel
Read more >
Premier Alden McLaughlin believes that immigration in Cayman has been an important and positive factor that has contributed to the growth of the islands.
The opposition benches expressed sentiments about refusing work permits and stopping the grant of status. The premier said the jurisdiction was the envy of the region because it had not been a victim of ‘insular thinking and prejudice’ and that Cayman owed its success to immigration.
While he agrees that immigration needs to be properly managed ‘it is immigration that has allowed these islands and all of us to develop the way we have’. By saying that nobody should be granted status was the kind of thinking that had set other places in the region, such ass the Bahamas, far behind.
‘Properly managed, immigration provides opportunities for our people,’ the premier stated, adding that this belief was the major difference between his administration and the policy position of the opposition. The premier said he believed that immigration has provided the current economic foundation that Cayman now enjoys. (more…)
Robert McCrimmon
November 7, 2017
BlogCayman, government, Immigration
Read more >
Currently, the Cayman Islands are connected to only two underwater fiber-optic cable systems, both around 20 years old.
Deep Blue Cable is working on an ambitious plan to lay a 7,456-mile subsea cable that will initially connect 12 markets in the Caribbean by the end of the decade.
Underwater fiber would provide more security in the case of one of the other networks experiencing a failure.
Decrease broadband prices in a region that were lagging behind most of the rest of the world.
“In the Caribbean, the cost of broadband is about $4 per megabit per month, compared with the Atlantic, which is 40 cents per Mb per month. That’s predominantly because of the lack of competition in the area,” said Deep Blue Cable CEO Stephen Scott. (more…)
Robert McCrimmon
August 31, 2017
BlogCayman, Deep Blue Cable, technology
Read more >
Michael Ryan and Dale Crighton have broken ground on their new oceanfront condo development in George Town.
The development, Fin, aims to bring five-star resort-style elegance and amenities to the residential market.
Construction work began last week, following a two-year design and planning process, on what will be a four-story, 36-unit development on South Church Street.
Construction is expected to take two years to complete, with the first owners moving in around the summer of 2019. Around 60 percent of the units have already been pre-sold.
A salt-water lagoon will be carved into the iron-shore and a new beach created overlooking the marine park. (more…)
Robert McCrimmon
August 1, 2017
UncategorizedCayman, development, FIN, Seven Mile Beach
Read more >
The Cayman Islands market is looking good for 2017 and beyond, according to the Cayman Islands Real Estate Brokers Association.
Towards the end of 2015 activity in the real estate market began to increase. Throughout 2016 the trend continued across the Cayman. House prices are rising, there are new developments and there is a sense of increased investor confidence across the Islands.
Waterfront properties are improving at a faster rate. Not surprisingly, with growth centered around Seven Mile Beach doing the best. This trend continued through 2016 which is indicating that the market is strengthening and things overall are look up.
Limited supply on waterfront property is resulting in a shift toward a seller’s market, leading to availability being a bigger issue in 2017 than pricing. There is also increased popularity in canal-front homes, partly as they are more affordable than ocean properties but still offer buyers outstanding views and waterfront locations. (more…)
Robert McCrimmon
March 7, 2017
BlogCayman, CIREBA, real estate
Read more >
Cayman ranks 28th in the latest Global Financial Centers Index, up from 41 in the previous survey.
Cayman’s index score increased from the previous survey 6 months ago by 35 points to 676.
Jude Scott, CEO of Cayman Finance said, “Our reputation as a center of excellence for international financial services continues to go from strength to strength and this latest ranking is proof of that.”
“The Cayman Islands continues to be recognized for its client-centric focus and for delivering excellence in service. Clients are at the center of our financial services industry. They are at the core of everything we do, and this approach has been central to our success as a leading international financial center,” Mr. Scott added.
“The Cayman Islands is now the highest-ranking mainstream international financial services center.” (more…)
Jason Pickthall
November 28, 2016
BlogCayman, Finance
Read more >
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…)
Jason Pickthall
May 19, 2016
BlogCayman, Grand Cayman, Seven Mile Beach, tourism
Read more >
Cayman islands attract high-quality clientele through having a sophisticated and robust financial services industry at the heart of its economy. The result of this is that other business can flourish from its strong foundation.
By not solely relying on the tourism industry, like many Caribbean islands, the diversification and strengthening of the economy lead to a much more sustainable future.
Amidst increased consumer and investor confidence Cayman Islands property market is now gaining momentum. Property transactions are picking up and residential property construction is improving considerably.
The number of single-family home sales has increased from US$18,308,833.16 to US$44,910,332.77, which is a 30 percent increase. This represents a 145 percent increase of the value of these properties sold. (more…)
Robert McCrimmon
April 29, 2016
BlogCayman, economy, property, real estate
Read more >
In 2010, during the height of the global recession, the volume of Cayman’s property transfers dropped to $300 million, six years on it is safe to say that Cayman has recovered. In the past year Cayman has seen property transfers grow 11 percent to a total volume of CI$600 million, beating 2008s high of $560 million.
Tourists numbers and spends have also been on the increase with cruise ship tourists spending approximately $100 per day. A total of 1.7 million arrived on the island, up from 1.6 million the previous year, but still short of the record 1.9 million in 2006.
People flying into Cayman hit a 15 year high as air arrivals topped out at 385,378 during 2015. More than 80 percent of arrivals came form the United States or Canada, 9 percent from Europe and the rest traveled from elsewhere.
There’s also plenty of public and private money being spent across the island, with renovations to the cruise port in the early stages and upgrades to the airport currently underway. Health City is expanding medical tourism, and has announced a $25 million capital investment program this year. Cayman Enterprise City is scheduled to start work on two $25 million gateway buildings, kicking off a 20 year, $300 million project to build a Special Economic Zone. (more…)
Robert McCrimmon
March 15, 2016
BlogBarefoot Beach, Beach Bay, Cayman, Cayman Enterprise City, Dart, economy, Frank Sound, Health City, Ironwood, land sales, property, Special Economic Zone, tourist
Read more >
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…)
Robert McCrimmon
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
Read more >
