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Jamaica announces $3.7 billion – One Belmont Development

By Chanel Spence

KINGSTON, Jamaica, (JIS) – Prime minister, Andrew Holness, has welcomed the $3.7-billion investment in the One Belmont corporate building in Kingston as a further testament to the growing investor confidence in the country.

The project, being executed through partnership between Sygnus Real Estate Finance and Audere Holdings Limited, will deliver 79,000 square feet of Class A corporate office space, supported by four levels of parking.

Speaking during the ground-breaking ceremony on Tuesday December 7, prime minister Holness said that the development is in keeping with government’s focus on positioning Kingston as the premier city in the English-speaking Caribbean.

“We want Kingston to be the centre of trade, commerce, finance and to be the place of choice,” he noted.

The prime minister commended the developers for including environmental considerations as part of the project through hurricane-resistant and energy-saving features.

The development, located at 1-3 Belmont Road in New Kingston, is seen as a response to the realities of the current work environment, uniting design, and technology to create an architectural masterpiece with state-of-the-art features that promote the health, safety, and comfort of those who will utilise the space.

It will include rooftop entertainment for corporate events, LED lighting surrounding the building, as well as a host of other unique features.

Prime Minister, Andrew Holness (centre), breaks ground for the construction of the One Belmont development in New Kingston on Tuesday (December 7). Others (from left) are Beder Zhang of contracting firm, Build Your Dreams Construction Limited; Director of Audrere Holdings Limited, William Tavares-Finson; Co-Founder and President of Sygnus Group, Berisford Grey; and Vice President and Head of Real Estate and Project Finance of Sygnus Group, David Cummings.[Photo:Michael Sloley]
Vice president and head of Real Estate and project finance at Sygnus Group, David Cummings, said that the building will include hurricane-impact-resistant glass in addition to post-pandemic features.

“It’s been designed with a suite of technological features, such as touchless elevators, touchless doors, touchless Kohler bathroom fixtures, and an automated infrared camera system for non-intrusive camera checks,” he informed.

Cummings said that financing for the project includes a $2.5 billion construction facility from the National Commercial Bank (NCB) and a further $650 million in preference shares on top of the equity via Audere Holdings Limited.

The construction is slated to be completed by April 2023. Build Your Dream Construction Limited has been awarded the contract for the works.



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