Elite High School Expresses Appreciation For Donation by Turks & Caicos Sotheby’s International Realty – December 2023

Posted on March 6, 2024 by Turks & Caicos Sotheby's International Realty

On February 28th, 2024, four students from Elite High Secondary School, accompanied by their head teacher, visited Turks & Caicos Sotheby’s International Realty to convey their gratitude for the generous donation made to the school.

Dyenyca Joseph, Roselove Til, Francisca Alexandre, Jovelane Francois, along with their head teacher Mr. Lumarvens Alexander, presented Joe Zahm, President and Broker, and Nina Siegenthaler, Vice President and Broker, with a plaque, speeches, and a video showcasing the school’s deep appreciation.

“I am very grateful for the donation made by Turks & Caicos Sotheby’s International Realty. The donation has helped the entire school with our projects, school-based assessments, and has enhanced our understanding of computers and kept us up to date with our work,” said Roselove Til.

As a company, we are dedicated to giving back whenever possible. Our ongoing commitment to supporting Elite High School has been both challenging and rewarding. Their gratitude serves as a touching reminder of the significant impact even modest contributions can have.

About Turks & Caicos Sotheby’s International Realty
Turks & Caicos Sotheby’s International Realty (TCSIR) is the premier luxury real estate brokerage firm in Turks & Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, TCSIR is the go-to resource for developers, investors, home-buyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, TCSIR is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit http://www.turksandcaicossir.com.

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

Turks and Caicos Real Estate – Year In Review 2023 YTD Comparison

Posted on January 30, 2024 by Turks & Caicos Sotheby's International Realty

Led by Significant Sales, 2023 Market Puts Exclamation Point on Happy New Year!

Wherever you were for the festive holiday and New Year’s Eve celebrations we all had plenty to celebrate and be grateful for. The fireworks along the beach closed out 2023 in fine form with a celebration on Grace Bay and beyond that was the best we have ever seen! We look forward to 2024 as we take a brief look back in this report at our successful results within our real estate market.

Of notable mention are two significant sales, one a TCI record of $88.75M for a 36-acre commercial parcel on Grace Bay known as Cotton Bay which is set to be developed into a new resort property. Details to come later this year. The other highly significant sale was a residential record of $33.5M for Sole E Mare by our own Nina Siegenthaler. Both sales helped lead the market to a new record in 2023 of $782,412,342, slightly surpassing our previous 2021 high of $768,737,714. Another contributing factor to the high sales volume was the posting of completed new developments which are defined below and within the charts and graphs in the full report.

In the Single Family Home Sector, the completion of numerous high-end villas at Emerald Estate, South Bank and Beach Enclave North Shore, many of which transacted in 2021, along with very strong new sales at The Strand, led to a whopping 104% annual increase in dollar volume ($488M vs. $238M) and a 128% increase in average price ($3,642,014 vs. $1,590,987). Of course, the record resale of Sol E Mare sale didn’t hurt! The significantly higher average price signals a new day for luxury single-family residences attached to outstanding luxury brands. With other luxury and super-luxury villas in the pipeline and under development, along with occasional re-sales, we should continue to see this average price point hold steady and establish a new normal.

The Condominium Sector, with limited existing resale inventory, decreased by 37% in dollar volume (from $182,337,530 to $114,353,700) and in unit sales by 38% (151 to 93), with average price points remaining steady in the $1.2M range. We are, though, seeing some record $/SF sales of up to $1,500 per SF for prime re-sales, often with competing bids. It appears that condo life is again highly attractive as everyone tends to enjoy having resort amenities at their fingertips. Owners are also finding that rental returns and operational standards are excellent in this sector. We have new development launches at St. Regis, The Loren and others, along with strong pending business with ARC Sky Villas at South Bank and The Point by Grace Bay Resorts and we expect both projects to break ground in the first half of 2024, on the heels of the upcoming completion of the Reserve Villas at Rock House, the second phase of this already widely acclaimed new resort.

The Land Sector was propelled by the $88.75M sale of Cotton Bay exceeding 2022 numbers by 15% ($166,507, 799 vs. $144,375,399) with average price up 70% (from $575,241 to $979,458). Another one or two significant land parcels could potentially transact in 2024 maintaining this new normal for land sales volume. Purchasers and investors remain thirsty for all forms of vacant land, from beach and waterfront, ocean view, canal front, near beachfront, and commercial, with momentum building in activity on our out-islands such as North, Middle and South Caicos.

On a macro level, the end of 2023 signals a close to the “Covid Era”, where we have experienced unprecedented growth in the luxury tourism and real estate sectors and normalized at significantly higher levels of activity and values than ever before. Watch for our 30-year review next month as we examine the past three decades of development in the TCI and analyze data for clues to potentially forecasting future trends.

Special thanks to our valued industry and community partners. We look forward to the season ahead more immediately to our 9th Annual Art Auction for the Ed Gartland Youth Center, to be held Saturday, January 27th at The Shore Club. Please contact us if you would like tickets. We hope to see you there!

We also look forward to welcoming you to our new groundbreaking IMMERSION THEATRE ™, where all our amazing developments and properties can be viewed in virtual realty on a 9’ x 16’ wall screen. We will be providing further information on this game-changing technology later this month.

Happy New Year from all of us at Turks and Caicos Sotheby’s International Realty.

Do not hesitate to reach out to your sales professional to have a conversation about our market, and to assess purchase and selling opportunities!

Find Turks & Caicos Sotheby’s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

Merry Christmas 2023 from Turks & Caicos Sotheby’s International Realty

Posted on December 23, 2023 by Turks & Caicos Sotheby's International Realty

From everyone at Turks & Caicos Sotheby’s International Realty, we extend our heartfelt gratitude and appreciation for your ongoing support.

We wish you and your families a wonderful holiday season and prosperous New Year ahead!

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales info@tcsothebysrealty.com | 1.649.946.4474

Grace Bay Resorts Continues Its Growth In Turks And Caicos With Exclusive Release Of Sales At The Point, At The Renowned Point Grace Resort

Posted on December 18, 2023 by Turks & Caicos Sotheby's International Realty

Grace Bay Resorts, one of the leading and longest-standing developers and operators of some of the finest resorts and branded residences in Turks and Caicos –– is introducing its newest resort residential offering in Providenciales, The Point, located at the award-winning Point Grace resort, a longtime member of Small Luxury Hotels of the World. On the 7th of December 2023, The Point and Turks & Caicos Sotheby’s International Realty invited a selected few on an exclusive release of sales.

Positioned alongside this historic beachfront property, this new project follows hot on the heels of Grace Bay Resorts’ stunning success at Rock House.

The Point is slated for completion in 2026 and residences range from $2.1 million two-bedroom casitas, and $2.7 – $3.6 million for two & three bedroom condominiums to $6.0m for four and five bedroom residences. Only two, double story corner Penthouses have been designed, and are priced at $11 million USD each. Early sales for The Point have been strong, with the Grace Bay Resorts’ loyal customer following having already snapped up nearly 50% of the inventory.

Grace Bay Resorts brings its 2 decades of development experience in TCI to The Point, adding this prestigious property to a successful portfolio that includes celebratedresidential and hospitality properties Grace Bay Club, Rock House, West Bay Club and the soon-to-openSouth Bank.

Developer Mark Durliat said The Point is an artful collaboration between SWA Architects and Young Huh Interior Design. It is a modern take on the original Point Grace spirit, incorporating the highest standards in materials &finishes, including 10 ft ceilings, large format Italian porcelain tiling, luxury appliances from Sub Zero and Miele, bath fixtures from Waterworks and solid timber kitchens from renowned Italian designer Scavolini, which include full walls of natural stone.

Here are a few photos from the event.

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales info@tcsothebysrealty.com | 1.649.946.4474

Over 1.2m visitors for Turks and Caicos Islands in 10 months

Posted on December 10, 2023 by Turks & Caicos Sotheby's International Realty

In a span of just 10 months, the Turks and Caicos Islands have welcomed over one million visitors, encompassing both air and cruise arrivals. The Ministry of Tourism recently released these statistics, and Tourism Minister Hon Josephine Connolly expressed her satisfaction with the growing influx of visitors and the enhanced offerings for tourists across the islands.

Renowned for its pristine turquoise waters, white sand beaches, world-class resorts, culinary diversity, cultural experiences, and natural beauty, often referred to as ‘Beautiful By Nature,’ the Turks and Caicos Islands continue to attract visitors seeking barefoot luxury and unique experiences.

The increased visitation serves as a testament to the destination’s appeal, prompting Minister Connolly to highlight the country’s efforts to diversify the product experience. She emphasized encouraging visitors to explore the culture, heritage, and various activities available for both day tours and overnight stays beyond Providenciales.

For the period spanning January to October 2023, the Turks and Caicos Islands witnessed 535,893 visitors arriving by air and 677,943 via cruise. Air arrivals for this period marked a 4.8 percent increase over 2022, representing 18 percent growth compared to the figures from 2019. Cruise arrivals, totaling 677,943, indicated a significant 30.5 percent increase compared to the same period in 2022.

Maintaining a consistent trend, the United States continued to be the leading source market, contributing 434,343 arrivals in the ten-month period. The Canadian market saw 35,606 arrivals, and the United Kingdom contributed 8,541 arrivals. Minister Connolly anticipates further increases from the UK and Europe with the introduction of Virgin Atlantic flights.

Stacy Cox, CEO of the Turks and Caicos Hotel and Tourism Association (TCHTA), emphasized that the growth across all source markets bodes well for the destination, especially leading into the US Thanksgiving holiday, as evident in the current week’s visitor arrivals.

Notably, esteemed travel and lifestyle publications such as Travel + Leisure and Conde Nast Traveler have listed the Turks and Caicos Islands among the must-visit destinations for 2024. This recognition further supports the expectation of surpassing visitation figures from both 2019 and 2022.

Sourced: Turks and Caicos Weekly News

Turks & Caicos Real Estate Association – TCREA 2023 Annual General Meeting

Posted on November 18, 2023 by Turks & Caicos Sotheby's International Realty

The TCREA Annual General Meeting of 2023, held on November 16th, 2023, at Opus, garnered a positive response with the Conference Room brimming with agents.

The Executive Members for 2022/2023 expressed formal gratitude as they concluded a successful year. The former Vice President, Robert Greenwood, Director & Senior Broker at the Regency-Christie’s International Real Estate extended thanks to each agent and broker for their contributions throughout the year. He encouraged everyone to strive for even greater achievements as they embark on a dedicated new era, emphasizing the importance of more volunteers for the association’s betterment. “I know everyone is busy, but the association needs you,” he stressed.

Joe Zahm, the President of Turks & Caicos Sotheby’s International Realty, acknowledged Veronica Delancy at Keller Williams Turks and Caicos Real Estate for arranging successful open house tours each year. Joe also highlighted the success of the TCREA/MLS, positioning it as one of the most sophisticated MLS systems in the Caribbean.

The TCREA Office Administrator and MLS Coordinator, Ashley Simmons later conducted the formal voting for the new 2024 Executive Committee. Several agents were nominated for the roles of President, Vice President, Treasurer, and Secretary. Following a mix of self-nominations and votes, the 2024 Executive Committee was announced:

President: Ian Hurdle, Founder & Director of The Agency Turks and Caicos
Vice President: Latoya Jones-Harvey, Grace Bay Realty
Treasurer: Richard Sankar, Turks & Caicos Sotheby’s International Realty
Secretary: Kirbymae Been Fulford, Christie’s International Real Estate
Ambassador: Toreth Jackson, Keller Williams Turks & Caicos

The AGM meeting adjourned with a strong sense of accomplishment. The newly elected President, Ian Hurdle, expressed his commitment to the role, pledging to follow in the footsteps of the outstanding presidents who preceded him.

CMEx To Honor Stan Hartling

Posted on November 1, 2023 by Turks & Caicos Sotheby's International Realty

Stan Hartling is a recipient of the Turks and Caicos Islands Human Rights Commission’s Humanitarian Award for sterling service to humanity

Local resort and hospitality giant, Stan Hartling, who is also a prominent figure in the Caribbean’s hospitality industry, is set to receive an honor at the Caribbean Media Exchange (CMEx) Leadership Awards and Fundraiser on December 1, 2023, in Miami, Florida.

CMEx serves as a platform to recognize and celebrate individuals who have made significant contributions to the Caribbean tourism, hospitality, and communications sectors.

Stan Hartling is well-known as the head of the Hartling Group, which encompasses several notable properties, including the Shore Club, The Palms, and the Sands. He has achieved numerous accolades throughout his career, including the prestigious Humanitarian Award from the local Human Rights Commission, acknowledging his tireless dedication to serving the community.

Two Saturday’s ago, one of Hartling’s properties, The Palms, was transformed into sea of pink, with the hosting of the annual In The Pink Cancer Breast Cancer Awareness fundraising sale extravaganza. Later this year that same property is scheduled to host the TCI Red Cross signature event – Red Hot Fashion – a fundraising fashion show to raise well-needed funds for the Red Cross. That same property also hosted the last High School Career Symposium.

The 2023 CMEx honorees represent a diverse group of individuals who have made extraordinary contributions to the Caribbean and beyond. Among them are media pioneers such as Julian Rogers, a Barbadian based in Jamaica, and Pat Montague, a Jamaican-American based in Florida. In addition to media practitioners, heads of prominent regional tourism institutions will also be recognized at this luncheon awards ceremony.

Notable figures like Nicola Madden-Greig, President of the Caribbean Hotel and Tourism Association; Michele Paige, President of the Florida-Caribbean Cruise Association; and Dona Regis-Prosper, the first female Secretary-General & CEO of the Caribbean Tourism Organization (CTO) are among the esteemed honorees. The event will also include a live travel auction, with the proceeds dedicated to supporting tourism education and charitable causes within the Caribbean.

Other distinguished honorees include Rosa Harris, Director of Tourism of the Cayman Islands and Chairman of CTO’s Board of Directors, and Joy Jibrilu, CEO of Nassau Paradise Island Promotion Board, who is the first woman to serve in this role. Beverly Nicolson-Doty, formerly the CTO Chairman and Commissioner of the U.S. Virgin Islands Department of Tourism and now CEO of the Florida-based Figment Design advertising agency, will also be recognized.

The list of awardees also features pioneering hoteliers, including Ewald Biemans, Owner & CEO of Bucuti & Tara Beach Resort in Aruba, and Kevin O’Reggio, a Jamaican-American serving as the Strategic Account Director of Wyndham Hotels & Resorts, Inc.

CMEx is dedicated to strengthening the capacity of the media, government, the travel and tourism industry, and local communities to ensure that the Caribbean region and its people benefit from the essential tourism industry. The organization also extends its support to both Caribbean and American communities through the sharing of expertise, financial contributions, and in-kind assistance.

This year’s event emphasizes collaboration with various organizations to raise funds for educational initiatives aimed at empowering the region’s youth and tourism professionals. CMEx President Bevan Springer, who also leads Marketplace Excellence, a global public relations, marketing, and media company, expressed this commitment to supporting educational initiatives and the tourism sector in the Caribbean and beyond.

Source: https://www.newslinetci.com/

2023 Turks and Caicos Real Estate – 3rd Quarter Year-To-Date Comparison

Posted on October 18, 2023 by Turks & Caicos Sotheby's International Realty

The Third Quarter Trends Sharply Upwards

While most market followers focus on Closed transactions when evaluating real estate markets, brokers, consultants, and developers take an even closer look at Conditional and Pending transactions. Conditional transactions are Accepted Offers not yet Under Contract (Pendings) and both are really a harbinger of things to come.

Quarter 3 (usually our slowest quarter) outperformed expectations and further indicates that we are increasingly a year-round market and less of a seasonal market insofar as real estate activity is concerned. Led by Single Family performance, Conditional dollar volume is up a whopping 443.65% Q3 2023 over Q3 2022 ($124,223,600) vs. ($22,850,000). Pending transactions are up 8.13% ($136,524,800 vs. $126,257,357).

This sharp rise is a real eye-opener during our typically slowest quarter, so let’s examine why: Many of these Conditional transactions are on the strength of our New Development projects led by Arc, South Bank, The Strand, The Loren, with The Point by Grace Bay Resorts and St. Regis soon to be substantially adding to the mix when their listings officially come to market. So, we should continue to see substantial rises in our Conditional Sales as our big projects pre-sell and start construction in 2024, with the Hyatt Andaz just breaking ground. This leads to our biggest differentiator in times of scarcity of (existing) inventory, and that is our awesome New Development pipeline, which promulgates our sustainable growth and satisfies a market hungry for luxury properties in TCI.

Regarding Closed transactions across all segments of the TCI market, our Q3, Y.T.D. numbers are up 10% over 2022 ($526,828,182 vs. $475,699,009), with Average prices up 49.76% ($1,572,621 vs. $1,050,009) and up 130% in the Single–Family segment ($3,492,489 vs. $1,492,127)! This is another “wow” moment and can be best explained next time you take a ride over to South Bank, The Strand, Peninsula Estate, Beach Enclave North Shore Ph 2 and others and see so many gorgeous new villas either just completed or nearing completion which have contributed to the closed numbers.

With strong demand and very scarce existing condo inventory, this aspect of the market continues to struggle (sales volume down 43.62% Y.T.D.), as there is very little re-sale activity and owners are holding on with a tight grip. When we do see quality re-sales come up, they sell quite quickly and often at record numbers. Two recent Shore Club sales are illustrative, as they each sold for over 25% higher than prior markers. However, as discussed above, these numbers should normalize as our new projects reach critical mass and start the construction and completion cycles.

As we continue to shepherd our new projects and succeed in all aspects of the market, we look forward to welcoming you back as we approach the holidays, and…introducing you to the Future of Real Estate in November.

Find Turks & Caicos Sotheby’s International Realty past Market Reports link here.

Link to PDF Report

Digital Flip-Book Link Here

Turks & Caicos Sotheby’s International Realty, Venture House, Grace Bay Road, Providenciales | info@tcsothebysrealty.com | 1.649.946.4474

Over 40% of Arc Sky Villas now reserved

Posted on October 8, 2023 by Turks & Caicos Sotheby's International Realty

Arc by Piero Lissoni, the final residential offering at South Bank

Arc, the final residential offering at South Bank, designed by master of contemporary architecture and interiors, Piero Lissoni, was inspired by the daily patterns of villa lifestyles and a sense of place. Arc not only embraces but also elevates the essence of secluded villa living, providing an unparalleled experience on the breathtaking oceanfront, nestled amidst nature yet welcoming the vast horizon.

Since sales opened, we have seen a substantial interest with six reservations, including the sale of all four-bedroom residences. Following this successful Founders Launch phase, introductory prices have since ended, and the remaining unit prices are available on request.

Each Sky Villa offers a unique layout and distinct design moments. Only two two-bedroom residences, a select number of three-bedroom and the final five-bedroom penthouse remain available for purchase.

The South Bank resort offers a range of diverse and relaxing amenities for all owners and guests to enjoy. With two signature restaurants and bars, cozy beachfront cabanas, a fire pit lounge, a marina, a second fitness center, an over-water spa, tennis and pickleball courts and two resort swimming pools, there is always somewhere to relax or explore at South Bank.

Contact us to discover more about Arc’s elevated waterfront living, designed by one of the world’s most renowned designers and serviced by one of the leading hospitality experts in the Caribbean.

See all active listings here.

See the latest availability here.

Please contact the following listing agents to arrange a private consultation.

Joe Zahm

President/Broker

c 649.231.3534 I joe@tcsothebysrealty.com

Nina Siegenthaler
Vice President/Associate Broker

c 649.231.0707 I nina@tcsothebysrealty.com

Patrick Staples
Real Estate Professional

c 649.432.3222 I patrick@tcsothebysrealty.com

Courtney Chapman
Sales Associates

c 649.431.9517 I courtney@tcsothebysrealty.com

Norman B Saunders Sr. International Airport in South Caicos is now completed

Posted on September 25, 2023 by Turks & Caicos Sotheby's International Realty

There is a new face to South Caicos.

On the brink of a remarkable resurgence, the now completed and inaugurated Norman B Saunders Sr. International Airport, is changing the accessibility to the island.

The exciting transformative endeavor of the International Airport has been much anticipated and the entire local community is thrilled to see it through. The new International Airport has enhanced South Caicos’ prominence among its sister islands and also cemented its status as a world-class destination. For potential owners and existing homeowners, investing and exploring this enchanted rustic island is now easier than ever!

Private aircraft can now directly access South Caicos, eliminating the need for an initial stop in Providenciales. Discussions are underway to reintroduce international flight services to South Caicos in 2024. The capability to accommodate larger aircraft translates into higher passenger numbers and a modernized facility that benefits the entire South Caicos community, residents, holiday makers, vacation homeowners and potential owners.

Since May, the island’s gleaming new airport terminal has been extending a warm welcome to guests from across the Turks and Caicos Islands. The newly integrated services building includes essential support facilities such as an airport fire station, state-of-the-art firefighting vehicles, and a comprehensive maintenance center. These upgrades underscore South Caicos’ commitment to safety and efficiency, highlighting its dedication to delivering a top-tier travel experience.

South Caicos is poised to become an even more enticing destination for tourists, fueling the island’s economic growth. Furthermore, the improved airport infrastructure facilitates the seamless transportation of goods and supplies, offering vital support to local businesses and fostering economic resilience. For all potential homeowners, these developments bring added convenience and the promise of increased investment value.

As South Caicos ascends to new heights with the Norman B Saunders Sr. International Airport, the allure of this extraordinary destination is bound to capture even more hearts and minds. It is indeed an opportune time to be a part of this remarkable journey!

Here are two active listings in South Caicos.

Feel free to contact the following listing agents.

Coral Villa Sailrock

2 BEDS, 2 BATHS

Beachfront

2,272 Sq. Ft

MLS: 2300556

Listing Agent: Lisa Lopes

Full listing HERE

Bell Sound – Lot 152

Residential Land

Ocean view

0.58 Ares

MLS: 2300356

Listing Agent: Michael W Bovell

Full listing HERE

About Turks & Caicos Sotheby’s International Realty

Turks & Caicos Sotheby’s International Realty is the premier luxury real estate brokerage firm in Turks and Caicos. Boasting a profound track record and significant foothold in all market segments, particularly new development and trophy properties, the firm is the go-to resource for developers, investors, homebuyers and sellers in this highly sought-after destination. With strong leadership backed by the world’s greatest international luxury real estate brand, and a diverse array of international agents representing 15 countries, Turks and Caicos Sotheby’s International Realty is influential in both the local community as well as the greater real estate industry worldwide. The firm’s signature office is ideally located in uptown Grace Bay with satellite offices at Grace Bay Club, The Palms and Point Grace. For more information please visit www.turksandcaicossir.com.

Turks & Caicos Real Estate | Caribbean

Turks & Caicos Sotheby’s International Realty is the leading luxury real estate brokerage firm in the Turks and Caicos Islands.

Category Archives: Turks and Caicos News

Elite High School Expresses Appreciation For Donation by Turks & Caicos Sotheby’s International Realty – December 2023

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Turks and Caicos Real Estate – Year In Review 2023 YTD Comparison

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Merry Christmas 2023 from Turks & Caicos Sotheby’s International Realty

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Grace Bay Resorts Continues Its Growth In Turks And Caicos With Exclusive Release Of Sales At The Point, At The Renowned Point Grace Resort

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Over 1.2m visitors for Turks and Caicos Islands in 10 months

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Turks & Caicos Real Estate Association – TCREA 2023 Annual General Meeting

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CMEx To Honor Stan Hartling

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2023 Turks and Caicos Real Estate – 3rd Quarter Year-To-Date Comparison

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Over 40% of Arc Sky Villas now reserved

Arc by Piero Lissoni, the final residential offering at South Bank

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Norman B Saunders Sr. International Airport in South Caicos is now completed

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Arc by Piero Lissoni, the final residential offering at South Bank

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