New projects on course

The latest news on two of Cayman’s
newest developments indicates both projects are progressing well.

Kim Lund, along with James Bovell
is acting as exclusive sales broker for WaterColors, said construction had started
in November and shut down for the Christmas and New Year’s holidays. The
project will be located on the Seven Mile Beach site currently occupied by the
Beach Club Colony.

“During January, the construction
work will be continuing and the buildings on site will all be demolished,” he
said.

“Pre-sales are improving and
overall sales activity is picking up, now that the construction has started and
we are into our busy winter season.” 

He predicts WaterColours will very
likely be the only new condominium construction project along Seven Mile Beach
for the next few years and represents a new level of beachfront residential
living. 

Mr. Lund also noted that initial
contracts for the Island Resort and Residences, to be located in East End, are
being negotiated to start construction within the next month and site activity
will be ramping up. 

He said negotiations are ongoing
with about three international five-star hotel brands and the final brand will
be selected in the next month or two.

 “We have sold 34 of 61 units, we are in
meetings with government and we anticipate the big announcement either at the
end of January or the beginning of February,” said developer Michael Beggs.

“Our funding has been secured, and
the final funding documents have been signed.”

Mr. Lund said that one reason
presales may have been so strong despite the economy is that purchasers
recognize that buying in early will reap substantial rewards in terms of
capital appreciation, prior to completion of construction. 

“This resort will bring the second
five-star brand to Grand Cayman (Ritz-Carlton being the first) and set the bar
for any new resort developments,” he said.