Crownworld

Tag Archive: Caymanians

New Development in Bodden Town

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 Blog, , , , , , , , , , , , , , , , , Read more >

New Camana Bay planning application submitted

A US$40 million planning application of Camana Bay has been submitted to widen and realign the Esterley Tibbetts Highway. The plans include a four-lane divided highway, an underpass and a pedestrian-friendly ramp over the realigned road.

Once the four-lane bypass is completed the existing road will transition to a low-speed internal road though Camana Bay.

The $40 million road is phase one of a US$400 million build-out plan of the area by the Cayman Islands Government and Dart Realty (Cayman Ltd.). Phase two will aim to add a pedestrian overpass over West Bay Road to Seven Mile Beach, and the final phase will be a newly constructed five star hotel and residence on Seven Mile Beach. (more…)

April 29, 2015 Blog, , , , , , , Read more >

Great First Quarter for Cayman

CIBC First Caribbean has had its best quarterly performance since 2010. For the first quarter of their financial year, ending January 31, 2015, they recorded a net income of $26.6 million. This is a good improvement compared with the net income of $15.4 million for the same period in 2014.

The Cayman Islands has also been named “Best Hedge Fund Services Jurisdiction” for 2015.

Cayman received the award at the Hedgeweek Global Awards in London’s Mayfair on the 27th of February. Hedgeweek Awards brought together 2014s best performing managers and service providers in the global hedge funds industry. (more…)

April 1, 2015 Blog, , , , , , , Read more >