Caribbean Land News

By Kevin Shereves 
kevin@caymannetnews.com

Real estate figures indicate that during the second half of 2009 there were 43 Seven Mile Beach condominium sales compared to just 18 in 2008, and 34 in 2007. 

Experts are predicting continued strength in Cayman’s real estate market for 2010. “Overseas investor-oriented markets finally bottomed out in July 2009 and are now generating increased sales and showing improved demand,” said Kim Lund, broker/ owner of Remax Cayman Islands. 

“Our overseas purchasers have started coming back and results indicate strengthening resort market sales, starting from the summer of 2009 up to now,” said Mr Lund. He said that Cayman would see “a complete paradigm shift in both development prospects and real estate activity this year.” Mr Lund regards 2010 as “a year of consolidation in the housing market.” He said that activity has picked up dramatically and would lay the groundwork for some major new projects and the continuation of others. The most important thing is to “first review where we have been, in order to get an understanding of where we are right now and where we are heading in 2010,” he said. 

He also indicated that local residential real estate activity remained fairly active despite the real estate downturn of 2009. “During the first six months of 2009, there were a total of only 21 condominiums sold on Seven Mile Beach, he said, adding, “The resort markets of Seven Mile Beach, Cayman Kai, and East End took the brunt of the slowdown from the end of 2008.” He said that those figures compare to an almost double amount of 40 sold in 2008, and triple amount of 63 sold in 2007. “Figures show that the first half of the year is the strongest sales cycle for resort properties,” he said. 

Local architect Burns Connolly said that architects are usually ahead of the construction curve. “We are normally seven months ahead of the trend on the ground,” he said, adding, “We anticipate the economy improving from a construction and real estate point of view from Easter onwards.” 

Mr Lund also said that the Cayman Islands Real Estate Brokers Association (CIREBA) is contributing to stimulate growth in the real estate market by “improving the quality of real estate agents through mandatory training, improving statistical information about sales, improving marketing and adding awareness through additional publications, and fostering more co-broking through their online MLS system.” 

Initiatives that could help diversify Cayman’s tourism base include “the proposed cruise ship berthing facility, moving the cargo port out of downtown, the dredging of the North Sound to gain access for yachts, and developing a new airport,” said Mr Lund. “These are some very difficult decisions that need to be made, some of which will not be popular at the onset,” he said, adding, “Opening restaurants and bars beyond midnight on Saturday and moving the dump out of George Town would also help.” 

Mr Lund credits the Premier Hon McKeeva Bush, saying, “I give credit to our Premier and his government for their vision and their action, to date. The Cayman Islands were very close to becoming the ‘Islands that time forgot’.” Due to the actions taken recently by government, “we have hope and opportunity, once again.” Mr Lund said that from a tourism standpoint, the Cayman Islands can regain its credibility as a sought-after tourism destination.

Oct. 23, 2009 — Buccament Bay Beach Resort, the very first major tourism development in St. Vincent & The Grenadines and the first luxury 5-star resort on the island, is nearing completion and Harlequin Hotels & Resorts confirms that the July 1, 2010 Phase I opening is on schedule. Approximately 369 rooms will be available for occupancy at this time and the majority of the resort’s amenities will be open.

Buccament Bay, the multi-million dollar beach development that occupies a 98-acre site, is situated on the southwest coast of St. Vincent, one of the Windward Islands located 100 miles west of Barbados. St. Vincent & The Grenadines are an archipelago of 32 small islands and cays known as “The Jewels of the Caribbean.” With a year-round tropical climate and average temperature of 82˚F and 8 hours daily sunshine, the new Buccament Bay Beach Resort will prove to be the perfect holiday destination.

Buccament Bay will feature guestrooms and suites; 12 restaurants including dining experiences by the world famous Trader Vic’s; a tennis academy headed by Wimbledon Champion, Pat Cash; England’s Liverpool Football Club’s Soccer Schools; a Cricket Academy; The Island Sanctuary Spa; The Kids Club; a world-class marina offering 24 berths for cruising yachts, including mega-yacht berths that can accommodate vessels up to 250 ft.; and numerous other amenities perfectly suited to the discriminating traveler. In addition to the exquisite hotel rooms, suites and villas, the resort property will offer property investment options in terms of elegant beachfront cabanas and stately plantation homes for those looking to own a piece of paradise.

Harlequin Hotels & Resorts, which fast is emerging as one of the leading developers in the Caribbean, soon will be regarded as one of the world’s top 5-star hotel and resort providers, according to Dave Ames, Chairman and founder of Harlequin. With the Buccament Bay Beach Resort, Ames is fulfilling a lifelong dream of creating a top-tier hotel group linked with admired sports ambassadors and premier brand name restaurants, while providing the highest level of superior customer service, lifestyle and comfort for those who appreciate the very best in life.

“Harlequin Hotels & Resorts has set out to define a new standard of luxury, notably in our first ventures in the Caribbean,” states Ames. “Our flagship Buccament Bay Beach Resort reflects Harlequin’s uncompromising commitment to quality, service and the finest amenities that today’s discriminating vacationer should expect. This hotel will stand up against any other 5-star hotel anywhere in the world.” Ames confirms that seven resorts of similar standard are planned in the Caribbean and Brazil and he anticipates that 60% of the rooms will be filled by guests from the U.S. and Canada and that UK and European travelers will occupy the remaining 40%.

A unique business model is being followed at all of Harlequin’s properties, including impressive partnerships with the renowned Spanish hotel chain OASIS, which will be operating the resorts, the Liverpool Football Club, legendary upscale restaurant chain, Trader Vic’s, and Wimbledon tennis champion Pat Cash, as well as a Performing Arts Academy. Several of the Harlequin resorts will also feature a golf course designed by the Hall of Fame golfer, Gary Player. The first Gary Player Signature Golf Course will complement Harlequin’s Marquis Estate resort on the Caribbean island of St. Lucia. A 2013 opening of The Marquis Estate is envisioned.

A commitment to social responsibility and protection of natural resources and the environment are important tenets of Harlequin’s corporate philosophy. Already 1000 local residents have been working on the Buccament Bay construction site and more than 1000 new jobs will be filled once the resort is fully open.

St. Vincent is easily reached by most major airlines from key markets in the United States and Canada. Estimated travel time from Miami is 3.5 hours; New York, 4 hours; and Toronto, 5 hours. Once the new Argyle International Airport is completed in 2012, direct non-stop flights will be available from all over the world. Guests booking a stay at Buccament Bay Beach Resort for next July will fly to St. Lucia, complete customs and be transported via high-speed boat to the island of St. Vincent.

Harlequin Hotels & Resorts
Harlequin Hotels & Resorts is creating 5-star luxury resorts in the idyllic Caribbean destinations of St. Vincent & The Grenadines, Barbados, St. Lucia, Dominican Republic, Grenada and Brazil. The resorts will provide accommodation that is being built to the highest standards. Each resort will offer 5-star amenities; The Harlequin Sports Academy will include a Liverpool FC Soccer School and Pat Cash Tennis Academy. Trader Vic’s Restaurants will be accompanied by other bars and restaurants. There will be a Harlequin Performing Arts Academy, Island Sanctuary Spa and a Diving and Watersports Centre. Most of the resorts will have a marina; The Marquis Estate in St. Lucia will have a Gary Player Signature Golf Course in addition to the world’s first Gary Player Hotel as well as Player designed villas. Harlequin’s first resort in Buccament Bay, St. Vincent & The Grenadines is due to open on 1st July 2010. Booking no: (011) +44 1702 297495 ▪ http://www.harlequinproperty.co.uk/ ▪ http://www.buccamentbay.com/

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BTN speaks to Shomari Scott, Director of Tourism, Cayman Islands at Caribbean Marketplace 2010

BTN:What kind of year do you envisage 2010 to be for your island?
SS:The Cayman Islands ended the last two months of the year on a positive note, up by 5% from the same months in the previous year, in part due to the work of the private sector in bringing added value promotions to the marketplace. Consumer confidence is also returning, albeit slowly, and we are cautiously optimistic for 2010, expecting steady visitation to the Cayman Islands.

BTN:How important is the tourism sector to the overall economy of your island?
SS:Tourism is incredibly important to the overall economy of the Cayman Islands, with the industry being one of the two pillars of our economy. The tourism industry is also one of the biggest employers on island.

BTN: What is your approach to fostering public-private partnerships? And how has the role of public-private partnerships changed during the global downturn?
SS:The Cayman Islands Government has always worked very closely with the tourism private sector, holding regular meetings to look at the economy, review research and develop tactics and strategies to mitigate against the economic downturn.

BTN: What are you hoping to achieve at this year’s Caribbean Marketplace?
SS: CHA is a great forum to meet and cement relationships with wholesaler partners and airline travel arms, solidify co-op marketing, discuss results and projections, as well as changes in consumer behaviour.

BTN: What are your key markets?
SS:The Cayman Islands tourism efforts target three key countries/regions – the United Kingdom, the United States and Canada, through advertising, marketing, and public relations efforts.

BTN: What in the way of plans, development or initiatives are currently underway on your island?
SS:The Cayman Islands Get Warm Winter Promotion and That’s so Cold Contest is a key initiative for this winter.When the holiday presents have been unwrapped and dreary weather remains, a Cayman Islands vacation provides the perfect fix for those winter blues. For travel from today through May 15, 2010, visitors can take advantage of upgrades, savings and free nights from multiple accommodations, dive operators and attractions on-island; including a free trip to the world-famous Stingray City.

Additionally, there are some exciting Scuba diving initiatives underway: Sinking of the USS Kittiwake: In addition to the more than 250 dive sites currently in Grand Cayman, Little Cayman, and Cayman Brac, the Cayman Islands has acquired retired US naval ship, the USS Kittiwake, which is slated to be sunk in Cayman’s waters this spring to serve as an exciting new dive attraction.

The Cayman Islands will soon create a new Scuba diving attraction with the sinking of a de-commissioned naval ship, the USS Kittiwake. To help protect its thriving marine life, this new dive site will provide a necessary relief for some of the most frequently visited dive sites. Dive 365 and the sinking of USS Kittiwake prove the Cayman Islands’ commitment to protecting its reefs from environmental overuse, ensuring that many further generations can experience and enjoy the magnificent marine life unique to this Caribbean destination.

Cayman Dive 365 is the newest Scuba diving initiative in the destination, designed to ultimately offer divers a different dive spot for every day of the year! Over the next few years, Grand Cayman will introduce 65 new sites, Cayman Brac 6, and Little Cayman 8 brand new spots to explore the breathtaking underwater world, and at the same time it will support an environmental initiative that will allow certain sites to be rested. Visitors are encouraged to get involved by sponsoring a new dive site!

BTN: How would you describe the travel experience of visiting your island? And what are its USPs?
The Cayman Islands is one of the Caribbean’s most family-friendly destination – a unique summer programme is currently in the works for launch very soon. Additionally, the five shades of Cayman blue water are found nowhere else, the diving is incredible and the destination is working to lead the region in sustainable initiatives and eco-friendly projects. Next week’s Cayman Cookout (http://www.caymanislands.ky/cookout) is just one of the country’s many world-class events, and highlights Cayman’s epicurean diversity and over 300 restaurants. Cayman is also renowned for its great service and world class amenities.

BTN: How would you like your island’s tourism industry to evolve?
SS: One of the more critical business issues is the need to differentiate the Cayman Islands from other sun, sand and sea destinations. While our beaches and underwater environment are undoubtedly world-class, Cayman also has a very compelling, very unique personality. Cayman is one of the most vibrant, contemporary, continually-evolving societies in the Caribbean with a worldly, welcoming and successful personality that, when combined with our natural beauty, creates a story that no other vacation destination can match. It is this compelling, unique personality that positions the Cayman Islands well to capitalize on the burgeoning family market. Research has shown that in the midst of the current economic environment there is even more interest in spending time with families; and family travel – be it the traditional mom, dad and two kids, or multi-generational – is expected to show significant growth over the next decade.