Amendments to the Registered Land Law passed in 2017 enable a landowner to subdivide a traditional land parcel into a series of three dimensional volumetric parcels, but the real estate sector has been slow to take advantage of this new tool.
Davenport Development Ltd. has become the first developer to obtain planning approval for a volumetric subdivision – in connection with its ‘Arvia’ project, a luxury 96 home development in Grand Harbour – which will allow it to offer significant stamp duty savings to purchasers.
Counsel Adam Johnson commented, “This is a great example of the Cayman Islands Government taking a proactive approach to meet the evolving needs of the jurisdiction. Davenport has a reputation for being innovators in the sector, and so we are proud to have worked with their team to deliver a ground breaking solution for their latest project.”
Partner Norman Klein added, “The introduction of volumetric titles in 2017 is the most significant and innovative advancement to Cayman Islands property law since the Strata Titles Registration Law was originally passed in 1973. This will prove to be as useful a tool for developers and landowners in the years to come as developments become more sophisticated. We were very pleased to assist Davenport with Cayman’s first volumetric plan.”
The property team at Appleby is acknowledged as the leader in commercial property work in the Cayman Islands. They have been involved in the most significant transactions in Cayman and have been recognised as leaders in Corporate Real Estate by PLC Which Lawyer. The team also received top-tier 2019 rankings in Chambers Global and Legal 500.