Press Release

29 July 2002

Grand Harbour Offers Golden Opportunity

Despite recent concerns that the Caymanian construction and real estate industry is struggling, development plans at Cayman Grand Harbour have been flourishing and the site is causing a buzz of interest among both realtors and purchasers alike in the Cayman community.

The canal front South Reach lots, which form a gateway into North Sound, are moving very well with over 25% already sold. In fact, the significant interest and amount of sales inquiries relating to the South Reach properties has initiated the developer, Caribbeus Architectural Development, to expand the project. The original thirty-seven residential lots available for purchase have now been increased to fifty-one. As the Cayman Islands Government has reduced stamp duty through November, now is a perfect time to take advantage of this golden investment opportunity. The prices will never again be this low and financing is being offered at competitive rates.

Sophie Miles of IRG Real Estate Ltd, the listings agent for South Reach, explains the concept of the project: "we are delighted by the high level of interest in the South Reach canal front lots. These lots stand out from others on the Caymanian property market for a variety of reasons. The buyer will own a lot with its own 40ft integral cantilevered dock, which forms part of the magnificent Keystone sea wall. These lots will also be on average 6ft above sea level and the base will be completely filled with rock and marl and finished with topsoil, making them structurally very secure and extremely attractive. The development is already looking green and lush, only six months after completion. The lots are excellent value, but these added benefits make them a superb investment, thus explaining the success we have with the sales to date".

The South Reach development is designed to offer a luxurious life-style, with an elegant walled entranceway and a feature lake with fountains. In addition to the originally designed jogging trails, a beautifully landscaped park with a water feature has been added to the plans and will serve as a property buffer between the South Reach community and the remainder of the development. South Reach forms an integral part of the Grand Harbour development. The 192-acre Grand Harbour project in Red Bay has plans for a professional office village, an entertainment centre housing a theatre complex, two waterside restaurants, a family water park, two marinas and a 33-acre resort with timeshares in addition to the present shopping centre.

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