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.

Share
Twitter LinkedIn Email Save as PDF
More Deals
31 May 2023 | Deals

Appleby advises Pegasus Digital Mobility Acquisition Corp. on its entry into a business combination with the Schmid Group

Appleby is advising NYSE-listed Pegasus Digital Mobility Acquisition Corp. (“Pegasus”), a specia...

23 May 2023 | Deals

Appleby advises Black Spade Acquisition Co on its proposed merger with VinFast

This will be the largest US listing by a company from Vietnam.

29 Mar 2023 | Deals

Appleby’s Hong Kong office advises Seacon Shipping on its HKD386.8 million listing on the main board of the Hong Kong Stock Exchange

We are pleased to assist Seacon Shipping which ranked first among ship management service providers ...

24 Jan 2023 | Deals

Appleby advises Wejo Group Limited on its entry into a business combination with TKB Critical Technologies I

Appleby is acting as Bermuda and Cayman Islands counsel to Nasdaq-listed Wejo Group Limited, a globa...

19 Dec 2022 | Deals

Appleby advises Lifezone Metals on its de-SPAC Business combination with NYSE-listed GoGreen Investments Corporation

Appleby has acted as Isle of Man and Cayman Islands counsel to Lifezone Metals, developer of cleaner...

1 Nov 2022 | Deals

Appleby advises Endurance Acquisition Corp. on its de-SPAC business combination with SatixFy Communications Ltd.

Appleby is pleased to have acted as Cayman Islands legal counsel to Endurance Acquisition Corp. (NAS...

12 Oct 2022 | Deals

Appleby advises Karate Combat – The First Professional Sports League to launch a DAO

Appleby’s Global Technology and Innovation Group has advised Karate Combat on its transition to a ...

5 Oct 2022 | Deals

Appleby advises Silver Crest Acquisition Corporation on successful completion of US$1.4 billion de-spac with Tims China

Appleby is pleased to have acted as Cayman Islands legal counsel to Silver Crest Acquisition Corpora...

7 Sep 2022 | Deals

Appleby’s Hong Kong office advises Graphex Group limited on its USD 11.7 million listing on the NYSE American LLC stock exchange market

On 26 August 2022, Graphex Group’s underwriters have exercised their over-allotment option to purc...