Through the years, Cayman Islands have seen intense developments in the real estate industry. Commercial involvement needs special mention here. With the development, urbanization and popularity of the tax laws here, many prominent corporate names have started streaming into the islands. Today, the Grand Cayman is embedded by many corporate headquarters and offices of
significant international commercial names.
Camana Bay has emerged as the new figure as far as commercial and residential property development are considered. It is a whole new ultra-urbanized town, preplanned and halfway executed. This $700 million worth project was undertaken by Ken Dart, and was strategically to be completed in three different phases. Phase 1 has already seen its completion successfully, with 93% of its space, already been leased out to well known names like BNY Mellon, Ernst & Young, Citco and Grand Thornton. The luxury residential space that has been worked on in the first phase, has been 100% leased, with the demand growing so high, that future booking at waiting terms have been done. The closeness to offices has motivated families to shift out in this community area. A considerable area, as large as 138,000 square feet has been dedicated to retail spaces and the development is already complete.
Phase 2 and phase 3 are still in the developmental stage. The phase 2 includes the main focus on residential area. It would be 435,000 square feet of courtyard town homes, condos, single family homes and cottages. The community is supposed to be well knit with community facilities so as to make the stay of families here, comfortable and convenient. This phase has not yet
seen commencement of construction. The entire Camana Bay project is subject to demand for residential spaces. Tourism is also one of the driving factors for the complete development of Camana Bay.
Well, after the completion, this area is sure to attract a lot more population than Cayman Islands today is. With the growing nature of the real estate industry here, this project is definite to sprawl at a sparkling rate.
significant international commercial names.
Camana Bay has emerged as the new figure as far as commercial and residential property development are considered. It is a whole new ultra-urbanized town, preplanned and halfway executed. This $700 million worth project was undertaken by Ken Dart, and was strategically to be completed in three different phases. Phase 1 has already seen its completion successfully, with 93% of its space, already been leased out to well known names like BNY Mellon, Ernst & Young, Citco and Grand Thornton. The luxury residential space that has been worked on in the first phase, has been 100% leased, with the demand growing so high, that future booking at waiting terms have been done. The closeness to offices has motivated families to shift out in this community area. A considerable area, as large as 138,000 square feet has been dedicated to retail spaces and the development is already complete.
Phase 2 and phase 3 are still in the developmental stage. The phase 2 includes the main focus on residential area. It would be 435,000 square feet of courtyard town homes, condos, single family homes and cottages. The community is supposed to be well knit with community facilities so as to make the stay of families here, comfortable and convenient. This phase has not yet
seen commencement of construction. The entire Camana Bay project is subject to demand for residential spaces. Tourism is also one of the driving factors for the complete development of Camana Bay.
Well, after the completion, this area is sure to attract a lot more population than Cayman Islands today is. With the growing nature of the real estate industry here, this project is definite to sprawl at a sparkling rate.
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