New trend hits real estate

A new condominium development encompassing Island getaway living on the south side of Grand Cayman, coupled with all the amenities of a top-class resort, is to take the island to a whole new league of visitors.

A rendering of the forthcoming Residences at Beach Bay.

A rendering of the forthcoming Residences at Beach Bay.

This is according to Mr. Michael Joseph, sales associate with Remax, exclusive brokers for the forthcoming Residences at Beach Bay.

The development will comprise 45 three-bedroom units, each just over 2,500 square feet, with oceanfront views, and located at Beach Bay, St. James’s Point, between Lower Valley and Bodden Town.

The top-end development is to be set apart from any other top end developments built here, however, removed, as it will be, from Seven Mile Beach, in a much more tranquil setting, said Mr. Joseph. ‘This is the real Caribbean with first world amenities,’ he said. ‘It really is going to be quite spectacular.’

Each three bedroom suite will feature a gourmet kitchen, full entertainment system and colonial style finishes throughout.

Mr. Joseph explained that this is not just a new breed of development; it’s also a new breed of developer.

‘These well experienced developers from predominantly the U.S. and Europe come out to Cayman and they see the potential and the opportunities that the island has to offer, and realise that there are gaps in the market.

‘Traditionally, Seven Mile Beach has been the classic condominium high end living for visitors to the island short term and long term,’ he said.

However, a new trend is emerging in people investing in Cayman, Mr. Joseph said. ‘Those that originally invested in Seven Mile Beach condos did so when there were three storey maximums; there were big gardens, lots of space, not many cruise ships, nice and quiet, tranquil Caribbean living.

‘Now, as 20 years has gone by, there are seven storey limits and it is not as tranquil and barefoot and hammock stargazing as it used to be.

‘So, there is a slight trend of people that are selling those condos there and going out further away, whether it’s East End, Rum Point and now, the interest that we’re starting to receive already, to Beach Bay.

‘Because it’s still the white sanded crystal turquoise water Caribbean feel and tranquillity, but it’s also the high end amenities.’

Some of the top of the line features include air conditioned garages, climate control, flat screen televisions, a television behind the mirror in the bathroom enabling a man to shave while watching the sports. They also boast top end appliances, marbles, and granites, with 11-and-a-half-feet ceilings.

‘We’re extremely excited about this because it’s not your standard Seven Mile Beach condo; it’s got a lot more to offer,’ Mr. Joseph said.

Remax owner Kim Lund explained that what sets it apart is the quality of construction and technology.

‘This will be above and beyond anything done before on the island,’ he said. ‘They have limestone tiles from Turkey, wooden custom built flooring and cabinets.’

Mr. Joseph explained that from anywhere in the world, via your computer, you can reset the air conditioning and alarms and turn lights on and off in your condominium.

A high end restaurant will also feature on the property. This is to be managed by a local restaurateur on the island, the name of whom has not yet been made public.

The developer, Mr. Kevin Smith, is based in the US and has done many larger projects there before. It is to be his first development here.

‘He’s been visiting the island for years and he’s very familiar with it and has a plethora of contacts here,’ said Mr. Joseph.

One of the investors in the background is very well known by everybody, the identity of whom has yet to be revealed. ‘This will help in the attraction of this to a lot of people. This is really taking Cayman to a whole new league of visitors to the island,’ he said.

The developer is also carrying the entire burden of construction.

‘The traditional process in a developer building a property is that he tries to get pre-sales to generate funds. But this guy is going ahead and building it anyway. That establishes a timeline whereby a potential buyer knows exactly when it will be ready.’

The plan is for the development to be completed by the end of 2007.

The project is also in keeping with the Government’s Go East initiative, in which tourism is spread out towards the Eastern side of the island.

‘We’re very excited about it. It’s not just a great project, but this takes it to a tweaked level, it just seems so refined and well considered: such as location and how best to use it,’ Mr. Joseph said.

The finished ground floor level will be at least 16 feet above sea level.

Rather than the building simply being a five-storey block of construction, the development will consist of different tiered levels up to five levels.

It will also boast: a guard house, a spa, room service, beachfront pool and bar, business centre, tennis and sports courts, livery service and self-drive vehicles.

Other services include: concierge, pre-arrival grocery shopping, private chef available, childcare services, daily housekeeping, wireless high-speed internet, message services, meeting arrangements and administrative support.

Top quality furniture packages will be available through International Design Group.

Every unit has a balcony with high end stainless steel gas barbecue grill, and the property will be surrounded by hundreds of coconut trees.

There will also be on-site property management for short-term rentals.

Groundbreaking is this Wednesday, 19 July.

Prices range from approximately US$1.5 to $2.5 million for whole ownership. Fractions of whole ownership will also be available.