Tuesday, March 5, 2024
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HomeDevelopmentsJamaica welcomes $2.5B housing development

Jamaica welcomes $2.5B housing development

By Rochelle Williams

KINGSTON, Jamaica, (JIS) – FirstRock Real Estate Investments (FREI) will soon be bringing its $2.5-billion luxury residential development, Bonne Chance, to market.

Located at 8A Brompton Road on the outskirts of New Kingston, the nine-storey, mid-level high-rise complex will feature 43 units, ranging from studios to penthouse suites. The ground-breaking ceremony was held last Thursday, February 23.

It will comprise 31 studios – 700 sq. ft.; 10 one-bedroom units of approximately 1,100 and 1,800 sq. ft., and two, two-bedroom penthouses, 1,900 sq. ft. and 3,000 sq. ft.

Amenities include underground parking and one surface grade, providing a total of 72 parking spaces.

It also boasts an infinity pool that is suspended from the second floor, and entertainment spaces, gym, yoga deck, and roof-top running track, and garden terrace.

The smart building will be fully monitored by 24/7 security. It will also be equipped with electrical monitoring, intercom system, and a standby generator. Construction is slated for approximately 24 months.

Minister of industry, investment, and commerce, senator Aubyn Hill, who brought greetings at the ceremony, said the development represents a significant investment in providing housing solutions in Kingston and St Andrew.

“This development represents an opportunity for those who live and work within the Corporate Area and can afford solutions like these to purchase and live in close proximity to where they work and where the services they need are accessible,” he argued.

Hill said private developers such as FirstRock are critical to meeting the overwhelming demand that exists in the housing sector.

Head of Real Estate Business, FirstRock Capital Resource (FCR) Limited, Denroy Pusey, said the target markets include first-time homeowners, real estate investors, institutional investors – pension funds, banks, and real estate investors.

“We have secured approval from all the relevant government agencies to start work right away,” Pusey informed.

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