PROVIDENCIALES, Turks & Caicos — Just a few feet off the powdery white sand of Grace Bay Beach, the swank set of this island south of the Bahamas has gathered to launch yet another gleaming five-star condo/resort development.

Women in flowing sundresses sip champagne while lounging in white cube-shaped poolside pavilions. Gift bags emblazoned with the resort name — CAYA, a sister property of the posh Grace Bay Club slated to open in 2010 — hold bottles of Grey Goose vodka. Fireworks light up the night sky as Ain’t No Stoppin’ Us Now booms from the sound system.

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