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Caymanas Country Club project downsized

Published:Wednesday | April 29, 2015 | 10:38 AM
Leo Taddeo, CEO and chairman of New Era Homes.

Leo Taddeo, chairman and CEO of New Era Homes 2000 Limited, says he is likely to conclude the two-phased Caymanas Country Club housing development in December 2016, but will deliver fewer homes to the market.

The real estate project at Caymanas Estate has been reduced from 853 mid-income homes, as originally disclosed in 2011 at the project launch, to 678 units; while land under development was also cut from 130 acres to 103 acres, added Desmond Young, vice-president of New Era.

Taddeo said his next real estate project would focus on low-income homes, but did not disclose the location.

The second phase of Caymanas Country Club is made up of six blocks, totalling 414 homes, half of which are already built. Construction is under way on 70 units in Block E, while the final segment to be tackled, Block F, will deliver 132 homes by the end of 2016. Phase one comprised 264 units.

The pace of take-up for Caymanas Country Club homes is fairly good, but was not performing to expectations, the New Era chairman said. Of the total 476 units built to date across both phases, 470 homes have been sold.

The development was projected to include a secured community with swimming pool, tennis courts, 'park-lets' for children in each cluster, and a commercial complex.

Taddeo said the project cost remains within the ballpark of $9 billion.

The housing units themselves have grown pricier over the four years.

In 2011 when New Era began developing the first cluster of homes, prices started at $11.5 million for the two-bedroom units and $14.5 million for the three-bedrooms. On Tuesday, Young said that the respective prices are now $12.9 million and $16.2 million.