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.

Twitter LinkedIn Email Save as PDF
More Deals
15 Nov 2019 | Deals

Appleby advises China Automation Group on HKD 391,998,649 Scheme of Arrangement

Appleby represented China Automation Group (“CAG”) on a Cayman scheme of arrangement (“Scheme...

13 Nov 2019 | Deals

Appleby advises Ascendent Capital Partners on education-related investment

Appleby acted as Cayman Islands counsel to Ascendent Capital Partners (ACP) on its USD150 million in...

Contributors: Rebecca Jack
11 Nov 2019 | Deals

Appleby advises China Tianbao Group Development on its global offering and main board listing on the Hong Kong Stock Exchange

Appleby advises China Tianbao Group Development on its global offering and main board listing on the...

Contributors: Huiyan Liew
22 Jul 2019 | Deals

Appleby advises Vanke Property (Overseas) Limited on its HKD 1,138.34 million transaction

Appleby acted as BVI, Cayman Islands and Jersey counsel for Vanke Property (Overseas) Limited (Vanke...

24 Jun 2019 | Deals

Appleby advise Palatine Private Equity on its investment in SMP Partners

Appleby acted as legal counsel to Palatine Private Equity LLP (Palatine) on its recent investment in...

5 Feb 2019 | Deals

Cayman Islands Court rules against Palladyne on sanctions and dismissal by Libyan Investment

The Financial Services Division of the Grand Court of the Cayman Islands has ruled to dismiss in the...

Contributors: Anna Snead
13 Dec 2018 | Deals

Appleby advises on ZEDRA’s acquisition of JP Integra Group

Corporate Partner Jacob MacAdam and Associate Dean Bennett, both based in Appleby’s Cayman Islands...

Contributors: Dean Bennett
22 Feb 2018 | Deals

Appleby advises Butterfield in connection with its acquisition of Deutsche Bank’s Global Trust Solutions business

Appleby (Cayman) Ltd. (Appleby) advised The Bank of N.T. Butterfield & Son Limited (Butterfield) in ...