In February 2005, I wrote about the plans for the Ritz-Carlton's Molasses Reef on West Caicos in the Turks and Caicos islands. Three years later and the project is steaming toward a December 2008 completion date. The resort is on the 11-square-mile island of West Caicos, located on the western end of the Turks & Caicos Islands archipelago. Phase I of the development includes around 30 Ritz-Carlton branded Island Villas which are more than 85% sold out.The Island Villas start at $2.4 million with two- to three-bedroom and penthouse floor plans available. Phase II will include 45 more Villas and 10 four-bedroom Ocean Cottages, single-family residences managed and serviced by The Ritz-Carlton which have private swimming pools, and a beachfront location. Prices start at $6.5 million for the cottages.

All Molasses Reef property owners will have access to the concierge services and amenities available at the 125-room Ritz-Carlton resort, including on-site concierge, a fitness room with private trainers, pre-arrival butler service, 24-hour in-residence dining, complimentary cart shuttles to Molasses Reef resort facilities, and priority reservations at the Molasses Reef Spa. The resort will also have three restaurants and a full-service spa and is also expected to open at the end of this year.