With only a few properties remaining for sale in VELA II and ground breaking scheduled for this September there is only a limited time to guarantee a place in Davenport’s most modern and sought after development in South Sound AND save tens of thousands on stamp duty.
In case you are not familiar with the term, as it is relatively new to the Cayman Islands Real Estate market; a ‘Raw Land Strata’ allows a purchaser to buy the land on which their strata unit is built on separately, and to pay the 7.5% Stamp Duty on the value of the land that the property is built on at the time of ground breaking, and not on the finished property.
Davenport Development has always strived to bring value for money in everything that they do, and have arranged the following with the Cayman Islands Government; the value of the land for each of the units at VELA II is considered to be CI$30,000, therefore the 7.5% stamp duty payable to CI Government is a mere CI$2,250 when compared to that of a finished 4 bedroom villa with a selling price of CI$625,000 would be over CI$46,000 (depending on the declared Chattels amount). Saving over CI$40,000 – we like that a lot!
Even a great One bedroom garden apartment selling at CI$255,000 can save you almost CI$20,000 in stamp duty, its rare in the Cayman property market that a developer goes so far to help buyers get on the property ladder.
So, what do you have to do to seize this fantastic but limited opportunity?
1. Contact Milestone today, we are the exclusive CIREBA listing agent for VELA II and have successfully sold out Phase I, which is ready for occupancy in August!
2. Choose which floor plan and location you would prefer, but be quick there aren’t too many left.
3. Davenport requires a 10% deposit to secure your chosen unit. This deposit is fully refundable should you change your mind, we are confident that we will find another buyer.
4. Pay your Raw Land Strata Stamp Duty to CI Government in September when davenport breaks ground on VELA Phase II.
Once ground has been broken and construction starts, the property is then considered to be under construction and stamp duty will be payable on the full value of the finished product.
Don’t dally, apply now if you answer yes to any or all of these questions:
Do you want to get on, or move up the Cayman property market ladder?
Do you like saving money and receiving excellent value for money?
Are high quality, energy efficient design and architecture important to you?
Do you value a safe and secure, family and pet friendly environment?
Do you also appreciate the fabulous outdoors, like an Olympic length swimming pool, South Sound beach and boat access and lusciously landscaped gardens?
If you answered yes to any of these questions then contact Milestone today and we will be happy to find you the right VELA to suit you, and save thousands on stamp duty for this limited time!