South Sound is undergoing a new development boom with at least five projects in various stages of completion.
Davenport Development is building the first phase of Vela, a 168-unit condo complex around an Olympic-size swimming pool.
Similar in scope to the developer’s earlier San Sebastian complex, the development’s foundations have been laid and the first phase is sold out.
The NCB Group has begun advance sales on a multimillion-dollar energy-efficient beachfront project, Tides, farther along South Sound. The project includes 24 oceanside condos in the million-dollar-plus price range.
Realtors say that while Seven Mile Beach is the most popular area for tourists buying second homes, South Sound remains the in-demand area for people living on island.
Other projects in the pipeline for the area include the Shore Club, a six-residence “upscale” project from Baraud Development Ltd.
Chinese company Datang Investments is in the planning stages of another South Sound development, though few details have been released publicly. Meanwhile, developer Rene Hislop has been granted permission to excavate a lake, envisaged as the centerpiece of a future housing development.
Paul Pearson of Davenport said the developer was responding to demand for more condominiums in the area. He said the first phase of 56 units is under construction and has been sold out, largely from a waiting list of clients who missed out on the neighboring San Sebastian project.
He said Vela would have a more contemporary feel, with similar size units, in the $240,000 to $600,000 price range. He said much of the demand is coming from professionals, particularly people in the financial services industry, living and working in Cayman.
“A lot of people coming up for residency are considering buying to help with permanent residency applications,” he added.
The Tides development is being marketed as a more luxury offering. Matthew Wight, managing director of NCB Homes, said prices would range from US $1 million to $1.9 million for the larger units and would be pitched to a mix of local residents and overseas investors.
He said it would be comparable in quality to what is on offer on Seven Mile Beach, but without the inflated prices.
Stefan Baraud, whose six-condo Shore Club is expected to begin construction later this year, said much of the developable land has now been snapped up on South Sound.
“When I was looking around a year ago, there was quite a bit available, but it has all gone, almost overnight.”
Mr. Baraud said the contemporary three-bed condos would be ready around September next year.
Stephen Hislop, one of the developers of the Adagio development, said the plan is to build cottage-style units around a lake. He said the developer is currently focusing on excavating the lake and does not expect to firm up plans for the wider development or go to market for some time.
Kim Lund, of real estate agency Re/Max, said the development boom reflects sustained interest in South Sound as the place to be for professionals and their families.
“It is definitely the desirable neighborhood, and the prices remain attractive. There is tremendous demand for that area, particularly from people working in George Town,” he said.