Developer Michael Ryan’s sales team announced a new major project at The Ritz-Carlton, Grand Cayman last week.
Prices start at $650,000, much lower than previous offerings at the Ritz-Carlton.
Secret Harbor, which will be just beyond the ninth hole of the Blue Tip Golf Course, will consist of up to 120 units, said David Camp, vice president sales and marketing.
‘We’re now in a position to come to the marketplace with a new product line, which will focus on multi-family residences,’ he said.
Like all properties at The Ritz-Carlton, Secret Harbor units come with access to all of the resort’s amenities, including the golf course and tennis courts, housekeeping service, signing privileges at the restaurants and shops, concierge service and room service.
‘But probably one of the most exciting aspects of Secret Harbor, besides the amenities, is the price point,’ Mr. Camp said. ‘$650,000 is ridiculously low for a property here.’
Built-in efficiencies and less square footage in the units will allow the lower price point, along with a more basic floor plan design.
Mr. Camp said developer Mr. Ryan travelled the world looking at conceptual ideas for Secret Harbor.
‘The inspiration is really derived from the European villages that dot the Mediterranean,’ he said.
Director of Marketing Brooke Clark said Secret Harbor is designed with the spirit and sense of community of old maritime villages.
‘It will be built with the traditions of Old World charm, but with all the influences of the modern world,’ she said.
Secret Harbor will effectively be on its own little island. In addition to the amenities available at the rest of Ritz-Carlton resort, Secret Harbor will have its own offerings like a fitness centre, a park, a clubhouse with a pool and café, and more.
Mr. Camp said owners of one of the Ritz-Carlton properties were notified last Friday of the new development.
‘We will offer 40 initial opportunities with priority pricing and we’ll begin accepting reservations this week,’ he said.
Not all of the final details and floor plans have been decided yet and it will be another 30 to 60 days before interested parties will be able to enter into a contract to purchase a unit at Secret Harbor. All that is required to reserve a unit is a $25,000 refundable deposit.
Specific units will be allocated on a first-come- first-serve basis in the order reservations are made.
Mr. Camp believes the Secret Harbor units will be hot commodities.
‘We’ve had about 400 people who have raised their hands over the past eight or nine months and requested more information about this offering when it was available,’ he said.
Like other properties at the Ritz-Carlton development, Secret Harbor units can go into the hotel’s rental pool.
‘We’re anticipating a very strong rental programme,’ Mr. Camp said. ‘We’re also anticipating some people will buy three or four units for that specific purpose.’
Secret Harbor will offer a variety of ownership opportunities, from one-bedroom residences of about 1,000 square feet, up to three-bedroom villas.
‘Every home is waterfront,’ said Ms Clark, adding that some of the units will be waterfront on both sides.