The Caribbean’s Hottest Residential Real Estate Projects
By Joe Pike, Special Contributor to CJI
Residential real estate in the Caribbean is, in a word, booming.
And that’s been accompanied by a wave of new residential real estate projects, from private islands to branded residential resorts to full-fledged luxury communities.
Here are the 10 hottest, buzziest residential real estate projects on the market right now.
St. Regis Cap Cana Resort and Residences
The St. Regis Cap Cana Resort and Residences in the Dominican Republic will feature 200 hotel rooms and 68 branded residences.
The St. Regis Resort and Residences is expected to be completed in the summer of 2023. Residences range from $910,000 for a one bedroom to as high as $20 million for a seven-bedroom, 20,676 square-foot penthouse.
The developer of the project is Campagna Ricart and Associates (CRA). CRA has delivered 20 Luxury Residential Towers and currently has two towers under construction in the Dominican Republic. They have also built several villas within Cap Cana.
The Marriott International Hotel Reservation Service (HRS) allows residence owners to earn VIP status at The St. Regis, The Ritz-Carlton, The Luxury Collection, EDITION, J.W. Marriott and W Hotels.
Two of the Cayman Islands’ largest developers, Dart and NCB Group, have teamed up to launch Camana Bay’s first for-sale residential community, OLEA.
Featuring 132 residences compromised of one-to-three-bedroom condos, three- and four-bedroom town homes and three- and four-bedroom canal front duplexes, OLEA provides a community in walking distance to Camana Bay’s Town Centre.
OLEA features amenities that include a resort-style pool, Cayman’s first and only lazy river, a fully equipped gym, an outdoor yoga area and an herb and produce garden.
Additionally, each residence has energy-efficient features that make this one of the most energy-efficient residential communities in the Caribbean. Solar panels, geothermal cooling, LED lighting, water conserving plumbing fixtures and energy-efficient appliances are integrated into each home and these features will significantly reduce the operating costs.
Shanice Ebanks of Provenance Properties in the Cayman Islands told CJI that 85 percent of the residences have been sold. 108 residences have been released, 92 sold, which leaves only 16 units remaining.
The first residents of Condo Building A have taken occupancy, with the next condo building expected to be completed in May. All amenities are complete and being enjoyed by the residents, said Ebanks.
The first two canal-front duplexes have been handed-over with the next 10 being completed over the next six months, said Ebanks, noting that the first block of town homes will be completed in May. The first three phases of OLEA will be fully completed by the first quarter of 2023, with the last condo units being delivered in the fourth quarter of 2023, said Ebanks.
Situated in the historic town of San Pedro, Alaia Belize, Autograph Collection, operates as the first true four diamond resort on Belize’s Ambergris Caye, according to a spokesperson for the resort.
The beachfront hotel sits just 600 meters from the Belize Barrier Reef Reserve offering views of the Caribbean Sea and featuring a piano bar, live art gallery, wine club, three restaurants, four bars, an onsite dive shop, three pools including Belize’s first-ever suspended rooftop pool and a lounge with 360-degree views.
The hotel features 155 guest rooms and suites, ranging from studios to three bedrooms, with a natural color scheme to complement the oceanfront views. Blending the indoor and outdoor settings, the rooms offer an average of 1,200 square feet indoors and almost 900 square feet in open air, per unit. Future development plans include an adults-only beach club, which is expected to break ground in July.
Of the 79 units at Alaia Belize, Autograph Collection and 42 Alaia Reef House units, there are four remaining two-bedroom units for sale, a spokesperson for Alaia told CJI.
The three units remaining on the new development are all ground floor walk-outs with two beds, 2.5 baths, between 1800 and 2000 sqaure feet of space with prices ranging from $640,000 to $689,000.
The renovated Alaia Reef House unit is $415,000 and includes two beds, two baths, front and rear patios, an owner’s closet, vaulted ceilings, and access to all of the Marriott amenities offered.
Having completed two prominent five-star luxury resorts, Park Hyatt St. Kitts and the Cabrits Resort & Spa Kempinski, Dominica, which are both open and operational, Range Developments is now planning the opening of its third project in the Caribbean, the Six Senses La Sagesse, Grenada.
The hotel, which is set to open in early 2023, was designed to be successful in the post-COVID world, said a spokesperson for the resort. There will be 100 rooms across 28 acres, 40-plus swimming pools, two beaches, three restaurants – and no corridors or elevators.
“Such ‘natural distancing’ is what the post-pandemic luxury tourist is seeking, and there is a shortage of such properties, not only in the Caribbean, but worldwide,” said the spokesperson.
CJI was told that more than 300 people are involved in the construction of the resort. The hotel is also a government-approved project under the Citizenship by Investment Program (CIP) of Grenada. About 90 percent of the hotel’s inventory is sold out due to an ongoing and increasing demand for the product.
Construction at Rock House in Turks and Caicos is in-progress, with Phase One move-ins slated for this spring, according to a Rock House spokesperson.
The resort just launched a second phase of homes for sale, the Reserve Villas, which will be the largest homes in the luxury development situated at the highest elevations, and will include 10 two-to-five-bedroom villas with expansive infinity pools, full kitchens, vaulted teak ceilings and private garden courtyards, said the spokesperson.
Many of the villas offer double story layouts with soaring views and bedroom balconies. Prices of the Reserve Villas range from $2.075 million to $3.5 million.
Rock House also recently announced the addition of The Beach Club at Rock House, an exclusive and Mediterranean-inspired on-property club with a private white sand beach, oceanfront dining and a serviced pier stretching into the Atlantic Ocean with chic daybeds and parasols. Update on the hotel: Slated to open this May.
Phase one is sold out.
Cabot, the developer and operator of master-planned golf resort communities, recently announced the release of new real estate at Cabot Saint Lucia.
After quietly launching its first phase of real estate in late 2020, land sales have exceeded $120 million, a Cabot Saint Lucia spokesperson told CJI.
The second resort from the Cabot brand is located on Point Hardy, a 375-acre peninsula at the northern tip of St. Lucia. Situated along 1.5 miles of coastline, the development will include a residential community with high-end amenities and a boutique resort anchored by a Coore & Crenshaw-designed golf course.
Families seeking multi-generational homes have fueled sales at Cabot Saint Lucia with buyers coming predominantly from the U.S. and Canada. Tours have taken place both virtually and on property in St. Lucia, following government-mandated safety protocols.
Phase two real estate is available for sale, including an exclusive offering of premium lots and highly anticipated town homes set on one of the site’s highest points called the Fairway Villas.
With both three- and four-bedroom layouts, the semi-detached Fairway Villas at Cabot Saint Lucia provide a turnkey option for owners looking to join the Cabot Saint Lucia community.
The Fairway Villas have been designed with a central courtyard and use light-filled spaces to merge indoor and outdoor living, while maintaining the homeowner’s privacy.
Each villa has its own private pool, with a wall-mounted waterfall. Pricing for phase two ranges from $2 to $11 million.
Architect, Richard Hywel Evans of Studio RHE, is leading the design process. Design development of the residences includes planning for everything from morning swims to family lunches and evenings under the stars.
Golf course architects Bill Coore and Ben Crenshaw have been meticulous in design efforts for their first Caribbean golf course as they progress construction of Cabot Point, which is set to open this year. The team has completed rough shaping of the golf course and driving range. Special attention has been placed on preserving the local habitat by replanting existing cacti and native grasses.
Along with the Coore & Crenshaw course, plans include boutique retail shops, multiple dining venues, comfort stations and a Cabot Spa. Outdoor activities will complete the experience with a full-service beach club, sports facility, including a modern fitness center and tennis courts, and excursions with the Cabot Saint Lucia Explorers Team.
Presently, activity is well underway at The Residences at Montage Cay in the Bahamas as the current infrastructure of this 53-acre island is beginning to be enhanced with significant movement, said a spokesperson for the property.
CJI was told the “official commencement of this private island is taking shape to welcome guests and owners to the resort and marina in 2024.” A small release of estate homes has been spoken for as buyers are finalizing details, said the spokesperson.
Montage Cay has just launched a Debut Collection of oceanfront residences comprised of two to six bedrooms, ranging from 3,000 square feet to 6,300 square feet complete with outdoor areas, impressive views and designer appointed furnishings and finishes.
These residences provide an opportunity for owners to purchase a private marina membership, where Montage will look after the details of the vessel whether in residence or while away.
Complete with access to all of the services and amenities of the resort along with a dedicated staff to deliver fully-serviced living catering to all of the needs and desires of family time spent on Montage Cay each return home.
The resort will feature a Spa Montage, signature dining venues, outdoor water pursuits, tennis, a Paintbox children’s program, seven beaches and a private sea plane dock for ease of travel. The “effortless private island living” is “reserved for only 47 families,” said the spokesperson. The Debut Collection of Residences are priced from $6.2 million.
Andaz Turks & Caicos at Grace Bay is a new, boutique hotel and residential offering situated along the Grace Bay Beach, which is often considered the best beach in the Caribbean.
Oceanfront residences and accommodations are located steps from the beach. Residents and guests also enjoy top-notch resort amenities. The resort is comprised of 59 pure hotel rooms, and a collection of 74 for-sale residences.
Seventy percent of the residences have already been sold at The Residences at Goldwynn on Cable Beach in Nassau, Bahamas.
Purchasers can choose from a wide-array of floor plans including studios, one, two, and three-bedroom residences. Prices start at $500,000 to over $5 million. Potential owners should also ask about Goldwynn’s popular in-house financing options.
Owners in the hotel side of Goldwynn may occupy their residence for up to three months per annum while generating tax-free rental income the rest of the year.
In Belize, Four Seasons Hotels & Resorts’ Caye Chapel property includes Four Seasons Private Residences and is located on the edge of the UNESCO World Heritage designated Belize Barrier Reef. It includes a private airfield and heliport and a vast six miles of private beaches.
The 280-acre, 2.5-mile private island resort is set in the heart of Belize’s largest marine sanctuary, and it will include a significant residential component. The product of a partnership between Mexican firms Thor Urbana, GFA Grupo Immobiliario and Immobilia Desarollos, the property will feature a mix of 50 private lots, 35 residences and a hotel with 100 rooms.
The Four Seasons Belize has already sold out its Founders Program with $39 million in sales in just four months — and now Caye Chapel is launching sales of its Phase 1. That includes a mix of oceanfront home sites ranging from one-third of an acre to a full acre, with residences ranging from $2 to $4 million.
Construction is already underway.