US$58 Million Dollar Investment Located near to Royal Residence Grand Cayman East End
Posted by Oasis Land Development Ltd on January 6, 2012
Oasis Land Development knew purchasing a development on the East End of Grand Cayman was the best decision for the long run, as well as the new Dr. Shetty medical town companies such as the world renowned Morritt’s Grand Resort Grand Cayman are investing US$58 Million expanding there premises:
(CNS Business): The developers of Morritt’s Tortuga Club and Morritt’s Grand Resort have announced a major expansion of the East End timeshare and resort with an anticipated investment of some CI $58 million over the next 5 to 10 years, with construction starting on the first phase no later than June of this year. Morritt Properties said in a release yesterday that the two existing resorts have consistent levels of high occupancy, often over 80% year round, and over 12,000 owners worldwide. With the new developments, the goal is to double their timeshare ownership in the next 10 years to 30,000+ club members. “I’m so excited about the future,” said David Morritt, owner and developer of the Morritts resorts.
Claiming a bumper year with an increase in timeshare sales in 2011, he said, “We’ve had a brilliant year, and it’s only going to get better.”
The first building planned is The Londoner, a 5-storey apartment building commemorating the Olympic Games in London 2012 with 35 units, located on the seafront, adjacent to the existing reception building. The developers say they intend to start construction of ‘The Londoner’ no later than June 2012.
The Grand Tower is to be located behind the existing Morritt Grand Buildings. This will also be a 5-storey building with 25 units. The Eco-Village, which will be located inland behind the shopping centre, will comprise three buildings with 3-storeys, providing a total of 45 units. The Residence building, to be located inland on the road, will be a 4-storey building with 32 units.
The main reception building will be demolished and replaced with a 7-storey mixed use facility including restaurant, bar, conference facilities and luxury accommodation. Three-bedroom luxury apartments are to be constructed as an extension to the new main reception building in a 4-storey building with 4 units. ‘5000’ Building, located adjacent to the existing cluster of ‘5000’ buildings, will be a 3-storey building providing 10 units.
According to the release, the resorts have a predominantly Caymanian workforce with approximately 20% work permit holders and are responsible for more than 18% of Grand Cayman’s stay over tourism.
The developers aim to double their timeshare ownership in the next 10 years to have over 30,000 international members, which they say will be achieved by increasing their international exposure with a new marketing campaign to be rolled out in the new year.
David Morritt purchased the old “Tortuga Club” in 1989 and, seeing the opportunity for a luxury resort development on the “quiet side” of Grand Cayman, developed it into Morritt’s Tortuga Club & Resort. Morritt’s Grand Resort was added some ten years later.
Looking ahead to the next decade, Morritt said, “We’ve got a great team here and I’m very proud of what we have achieved together. I’m not going to stop – we’re going to keep on building.”
