An aggressive plan to stimulate the economy has been recently committed to by the Cayman Islands Government. This plan fast tracks some new development and improvements to the country's infrastructure. In the short term, it will provide an immediate boost to the economy, long term results will impact businesses and create more jobs.
Within the last two years of strategic planning, a list of projects should move ahead within the next two years:
- Establishment of a Special Economic Zone to develop a Cayman Enterprise City for science and technology, comprised of six campuses over 300 acres, creating approximately 5000-10,000 jobs over 10 years. Construction could start by end of this year or early next year.
- The Narayana Cayman University Medical Center which will start with a 140 bed hospital and medical university could eventually create thousands of jobs through medical tourism, is planned to be under construction by year end.
- 68,000 sq. ft. commercial building at Camana Bay is currently under construction.
- 200+ residential homes and condominiums are planned for Camana Bay, construction starting at the end of this year.
- 60 ultra-luxury condominiums for WaterColours on Seven Mile beach is currently under construction.
- Expansion of the Ritz-Carlton's Dragon Bay development of homes and condos with over 100 condominiums in Secret Harbour commencing construction this year.
- The new National Gallery building off the Harquail Bypass is currently under construction.
- 2 new multi-storey commercial buildings in George town; one 6 storey office tower for Appleby's attorneys is currently under construction.
- Caribbean Office Place on West Bay Rd. across from the Caribbean Club will start construction this summer.
- A new 5 star hotel resort in Colliers on the eastern side of Grand Cayman, plans construction this year.
- 15 residences at Oceania on the waterfront in George Town is currently under construction.
- Reinstatement of the Courtyard Marriott damaged in Hurricane Ivan has recently been sold this year, although it has not been determined whether the brand will be retained or upgraded to a 5 star brand.
The future looks bright for the Cayman Islands as plans for building the infrastructure and economy have begun. Now is an excellent time for investment as prices for residential property remain at an all time low. Contact your Cayman Islands Real Estate specialists for more information on investing in the Cayman Islands.
Source: The Lund Report Summer 2011
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