Ministry secured truthful value for waterfront land

Ministry secured fair price for waterfront land


Waterfront property purchased by CIG

(CNS): The Ministry of Tourism’s response to a freedom of information request shows that government secured a reasonable price for the property it recently acquired on the George Town waterfront. The land, purchased last year from Cayman Falls, cost the public purse CI$5.6 million, which was $550,000 less than the asking price of CI$6.15M and $140,000 less than its “fair market value”.

The land will be used for a new tourist attraction and training centre and aims to encourage more local people into hospitality and present a true Cayman face to visitors.

According to the documents released by the Lands and Survey Department and Cabinet, the purchase of the land was approved last December. It is just over one acre and located across the street from Kirk’s Supermarket on North Church Street, next door to the Coral Sands Resort.

Independent valuations completed for Cayman Falls assessed the property as worth between…