The unfinished Kailani Grand Cayman is now for sale by the receiver after the defunct NCB who were developing this property went bankrupt. The property has been left in an exposed state for many years now being ravaged by the elements. So while savvy investors look to buy this $31M property from the receiver it comes with some major caveats that should be considered.
Future recourse and lawsuits. This property is not clean there is history here and on-going lawsuits many of which are unresolved at this time. With no estimate timeline to wrapping things up.
The building has been left exposed to the elements. There's a good chance that the rebar, concrete are no longer stable after years of exposure to the salty air.
The location is not great. So while the listing online featured on Cireba touts about how this is a great property with amazing investment potential, returns, etc... I'd be cautions buying into this.
Starting and stopping projects like these is challenging. A lot of knowledge is now lost and cannot be passed onto the new buyers. Ramping things back up with a new builder will be challenging.
This all said if I'm wrong about these points it could present a decent return opportunity for the right investor.
