Crown Acquisitions Worldwide has provided further detailed information of two dozen plots of land sold in Little Cayman since 2010.
The developer provided 24 block and parcel numbers in response to a story that ran in the Caymanian Compass on 15 June.
According to that story, “a Caymanian Compass inspection of Lands and Survey Department records did not show that any parcels of land have exchanged hands from Crown to any investors”.
The Compass’ inspection of records was not exhaustive. Last week, Crown’s local attorney Michael Alberga sent a letter to the Compass saying, in part, “Since its establishment, the company transferred numerous lots to purchasers who have completed their payments. Just as an example, we have listed some of the lots which have been transferred to purchasers”.
Lands and Survey records show that 23 of the 24 parcels provided by Crown have indeed been transferred to new owners. Documentation was missing from one of the parcel files.
The sales prices of the 23 parcels, totalling 6.8 acres, amount to some US$1.7 million. The prices of the parcels ranged from US$27,000 to US$299,000. The finalised transfer dates of the property are from April 2010 to May 2012.
Six of the investors purchased multiple plots, and three of the transactions involved multiple purchasers. In total, 20 people received property.
The Crown clients came from Austria, Canada, France, Germany, Kuwait, United Arab Emirates and the United Kingdom. One of the UK clients purchased a parcel, for about US$97,800, via a self-invested personal pension.
While Crown has subdivided or has planning permission to subdivide larger portions of land into hundreds of individual house lots across all three Cayman Islands, it is up to the individual investors – not the developer – whether or not to build homes on the properties.
However, Mr. Alberga said Crown does plan to build 16 vacation homes on Little Cayman.
According to Mr. Alberga, “It plans to build on Little Cayman in one of its subdivisions, 16 vacation homes of approximately 2,000 sq ft which have been carefully designed and their size limited so as to take into consideration the present developments in Little Cayman and to limit the footprint of each individual house. The houses are being designed by DDL Studios in conjunction with highly qualified and professional European designers and at every step of the way the planning has carefully considered the current ecological surroundings in Little Cayman, its ecotourism development plans and its sensitive environment. The proposed development, when submitted to the Planning Department, will have a footprint which is significantly less than the private houses currently existing on Little Cayman and that of the existing hotels and condominiums and the planning of it has taken into consideration eco-friendly enhancements which many of the prior developments on Little Cayman do not appear to have addressed. The clientele of Crown Acquisitions Worldwide Ltd wish to enjoy as a vacation home, the peace, serenity and natural surroundings and habitat of Little Cayman and their economic status and maturity accord with the tourists which Little Cayman seeks to attract.”
Mr. Alberga also pointed out that “Crown Acquisitions Worldwide Ltd only began business in 2008 and buys parcels of land for developments into lots for resale to purchasers.
It obtains permission from the relevant authorities in the Cayman Islands to develop each parcel of land into lots for sale and that it undertakes and completes the development of the parcel in accordance with those permissions before the subdivided lots become available for the transfer to purchasers. Many of the purchasers are given the opportunity to buy lots in the pre-development stage and to make payments over a number of years.
Title to those purchasers is not transferable to the purchasers until full payment has been made pursuant to the contract to purchase. Some of the contracts extend beyond 5 years. At the completion of the infrastructrue work, the parcels of land have a significantly increased value and the purchasers benefit from that increase.”
Crown’s attorney indicated that to date “Crown Acquisitions Worldwide Ltd has expended in excess of $3 million on infrastructure developments has ongoing contracts for a further CI$4.8 million for ongoing infrastructure on various parcels, spent over CI$500,000 on its architects and professional persons who monitor all the developments and infrastructure for quality and compliance with the various governmental authorities permissions, rules and regulations, and has spent well in excess of CI$1 million on marketing the Cayman Islands on a global basis.