Before Kapok even finished construction, the 10-storey apartment building in Camana Bay was leased to near capacity. Demand for Grand Cayman’s newest rental property is soaring, with just a handful of the 89 units still available.
Why has Kapok proved so popular?
Seb Mirbel was one of the first tenants to move in, securing one of the prime apartments on Kapok’s ninth floor. He was drawn to Kapok as a brand-new build in a central location with unparalleled views.
“After the first viewing, I was sold with the view – a totally new perspective of the island from the ninth floor where my apartment is. Waking up with the sunrise over the Sound is something I will never get tired of,” he said. “Kapok was a one-of-a-kind proposition. There’s nothing alike in Cayman. Beautiful interiors, newly developed residential building on the Seven Mile Beach stretch, without forgetting all the advantages of being in Camana Bay.”
Mirbel is not the only tenant drawn by Kapok’s location in Camana Bay’s Town Centre, with shops, restaurants and a host of other amenities on the doorstep. Residents who either work in Camana Bay or have children at Cayman International School or Village Montessori like being a short walk from home.
“Tenants are looking for convenience, a central location and the ability to walk, which is not something many rental properties can offer,” said Kristy Rivers, who leads the team at Provenance Properties responsible for leasing the apartments at both Kapok and The Terraces in Camana Bay. “Walkability reduces people’s dependence on their vehicles. Several families at Kapok have gone from two cars to one.”
Wellness is another reason walkability is important to tenants. Residents who enjoy an active lifestyle are well-catered to at Kapok with its pool on the second floor, yoga lawn, bike racks and storage space for paddle boards and other fitness gear. As an extra bonus, Kapok is also pet-friendly.
“The demographic at Kapok is young,” said Rivers. “We conceptualised the design for families, and for working professionals who want to share. A unique offering is the guest suites, which tenants can rent for up to two weeks if they have family staying.”
Rivers acknowledges interest in Kapok is not solely due to its convenient location, thoughtful amenities, sweeping views and modern design. With an island-wide shortage of premium rental properties, Kapok’s timing was perfect.
It has also prompted renewed interest in The Terraces, Camana Bay’s original for-lease offering which came to market 15 years ago. Overlooking the harbour, The Terraces are a little more spacious than their newer neighbour and give residents front-row seats to many of Camana Bay’s popular events and festivals.
The enduring popularity of The Terraces and sky-high demand for Kapok has led Camana Bay’s real estate development team to consider what's next for the town.
“It’s prompting the company to think about another for-rent product at Camana Bay,” said Rivers.
This article was published in the June 2023 print edition of Camana Bay Times.
