Another first, for new development in the Cayman Islands has just occurred.
The WaterColours residences, on Seven Mile Beach, is now officially the tallest building in the Cayman Islands, as the eighth floor slab has just been poured. The next highest building is seven stories of which there are several buildings at that height in Grand Cayman, already.
The timing of the new development height allowance in Grand Cayman, permitting building heights to increase from seven stories to ten stories, enabled all WaterColours’ Purchasers to realise a windfall of a US$1.1 million discount off of the original prices. The developer had already contracted at a set price for the land cost. Initially, the building was planned for seven stories and prices were in the US$4 million to US$5+ million price range.
Now, WaterColours will be nine stories, but in the height of ten stories, in order to allow for higher ceiling heights within each residence. The benefit of this new building height was that the land cost could be amortised across another 3 stories and 21 more residences, due to being able to be built higher. Really, just lucky timing.
The resultant savings in the land cost was a huge win for the developer, by facilitating lower selling prices for the exact same residences, while it vastly improved the value for the purchasers by about 25 per cent. Prices currently start at US$2,950,000 for the identical residence that was starting at just over US$4 million, previously.
While WaterColours is unique from the aspect of being the highest building, it is also exceptional and different in many other ways. It represents a paradigm as to how residential condominium beachfront living will evolve. These residences are the first on Seven Mile Beach to incorporate many 5 star hotel amenities and facilities into private condominium residences, making the lifestyle more resort/residential and lavish.
Unlike most other Cayman Islands residential condominium developments on Seven Mile Beach, WaterColours will feature such impressive amenities and services as valet parking, 24 hour security, concierge services, on-site luxury car service, four owner’s guest suites, beachfront owner’s conservatory with wine storage and full chef’s kitchen, boardroom, private massage room, among others. These are amenities with a level of service typically found in an international 5 star hotel.
Another distinctive element to the mix of these beachfront residences is the Grand Residences, of which there are three. Each one is 7,241 square feet, approximately 64 feet wide, and customised for six bedrooms or any combination of bedrooms, offices and dens. Two of these three Grand Residences have already been sold. The other residences at WaterColours are three or four bedrooms of 3,600 to 3,700 square feet in size.
WaterColours is the third poured concrete building, read “fortress”, on Seven Mile Beach, yet is uniquely focused on eco friendly elements and technology within the design. Highly energy efficient and long lasting LED lighting is used, not only for saving power and reducing costs, but to move more in a green direction. Other green basics include high SEER ratings on Air Conditioning, tinted glass, exterior insulation, and energy efficient appliances.
Finally, the views from WaterColours at the upper floor levels will feature something truly new for Seven Mile Beach residences – a panoramic outlook past George Town and all the way to South Sound and beyond, as well as past Cayman Kai and Rum Point. The view is breathtaking and unmatched in all directions.
This development has been designed and is being built through a consortium of local businesses; Arch & Godfrey contractors, MJM Design Studio architects, International Design Group (IDG) interior design and furnishings, Ritch & Conolly attorneys and RE/MAX Brokers Kim and James for sales.
When you consider all the elements of WaterColours, from the value to the construction, prestigious finishes, and lifestyle, these residences will be hard to beat in the foreseeable future.