A new townhouse development in Hellshire, St Catherine will soon be available to the market. Dubbed the Johnson Hill Estate, the 12 townhouse project is being undertaken by Global Designs and Builders Limited and should be completed by February 2010. The townhouses will range from 2,000 to 2,300 square feer, and will include porcelain tiles, solid wood doors, a generator system, a 1,000-gallon water tank and double-glaze windows.

The units are being sold for J$18 million to J$20 million, and the development which is slated to be a gated community, will also have a play area for children, a tennis court, a basketball court and pool area. The developer says he is targeting the upper middle-income home buyers, including local professionals and returning residents.

The project is being financed by the Jamaica Mortgage Bank.

In a joint venture agreement with the National Land Agency, the National Housing Trust (NHT) has contracted with Prime Development Company to build six (6) three (3) bedroom townhouses in the upscale community of Mark Way, Cherry Gardens, Kingston. The units which will go to market in August 2011, are estimated to cost J$24-million each to build, but will be advertised at market value when they go on sale. Another upscale home project being built at Paddington Terrace, Liguanea, Kingston, by the NHT is over 90% complete.

Read more at http://www.jamaicaobserver.com/business/NHT-building--24-m-uptown-apartments_7811409

During tough times it's always helpful to have some extra income. If you own your home, and could do with some extra income, you may be surprised to find out that your home could be classed as a 'lazy' or underperforming asset. This is because your home has the potential to earn you additional income in ways that you may not have thought of. If you think that you would like to earn additional income through using your home in creative ways, you should definitely read this article.

Read this article at http://blog.financiallysmartonline.com/?p=274

Bear in mind that if you plan to use your home to generate income, you should ensure that you are in compliance with any regulatory guidelines that might govern your activity.

Residential property developer New Era Homes 2000 is planning to develop 224 high-end beachfront apartments at Drax Hall in St Ann, Jamaica. The company has already received the requisite building approvals and construction should start in July 2010.  The complex will boast an underground parking garage, swimming pools, tennis courts, gazebos, restaurants, a health club, mini mart and a private beach. The development on the 14 acre property will comprise 168 two-bedrooms and 56 three-bedrooms apartments, which are to be sold for between US$350,000 and US$400,000.  

The development is projected to be completed within 36 months, with the units being presold, and completion for the first phase scheduled for February 2011.  New Era has over the past 10 years brought to the market noted St Catherine developments such as Angels I, Angels Estate II, Cedar Grove, Cedar Manor and Caribbean Estate. The NHT is a possible co-financier of the Drax Hall, St Ann project.

Read more at http://www.jamaica-gleaner.com/gleaner/20100611/business/business1.html

Sandals hotel chain bosses, Gordon 'Butch' Stewart and son, Adam Stewart, are planning to undertake a multi-family housing development in the swanky Freeport area of the resort city of Montego Bay, Jamaica. The Stewarts will utilise their holding company, Gorstew Limited, to build 12 2-bedroom apartment units and two 4-bedroom townhouses. Amenities will include swimming pools, boathouses, gazebos and a gym.  The Sandals CEO said that the planned housing development was private and was not being built for resale.

Read more at http://www.jamaica-gleaner.com/gleaner/20100606/business/business5.html

Real estate agents say there is no surplus of office space in the New Kingston business district of St. Andrew, Jamaica. While some small businesses are choosing to relocate to less expensive premises nearby, commercial rentals in New Kingston is relatively stable. Renters in the New Kingston area are primarily those that need close proximity to the financial services in the area, and since businesses pay top dollar for the address and associated services (eg parking, security), property owners will negotiate rates in order to retain clients.

Read more at http://www.jamaica-gleaner.com/gleaner/20100606/business/business8.html

The Housing Agency of Jamaica (HAJ) plans to develop some 9,800 low-cost homes and land lots across the island over the next 12 months, and Minister of Water and Housing Dr Horace Chang said, in his contribution to the Sectoral Debate in Parliament, that the Chinese were financing some 3,300 of the housing units with an injection of US$71.2 million (J$6.3 billion) in loans. Chinese company COMPLANT, which built the Greenfield stadium in Trelawny, will be the main contractor on the project, but local subcontractors and local workers will be used.

Read more at http://www.jamaica-gleaner.com/gleaner/20100521/business/business6.html

 

 

Jamaica National Building Society (JNBS), Jamaica's largest private mortgage lender, is engaged in talks with the state-owned National Housing Trust (NHT) to acquire its mortgage portfolio of more than 84,000 mortgage accounts, which generates about J$10 billion of new business each year. JNBS is selling the outsourcing plan as a cost saver for NHT, whose operating expenses are around J$4 billion. JNBS appears to be the only party to the discussions with NHT, but if the NHT agrees to the divestment, it will likely require JNBS and others to bid for the business, in accordance with government procurement rules.

Read more at http://www.jamaica-gleaner.com/gleaner/20100514/business/business3.html

Jamaica's newly created Commission of Strata Corporations, which should allow for apartments to be better maintained, hence preserving and increasing the property value, is now in place. The Strata Commission was set up after amendments to the Registration (Strata Titles) Act were passed last year, and will monitor and oversee strata developments. The commission will strengthen the means of collecting maintenance contributions, and will also have broad powers to hold strata executives and property owners to account.

Read more at http://jamaica-gleaner.com/gleaner/20100501/business/business3.html

Prime Minister Bruce Golding announced a number of new and improved benefits for National Housing Trust (NHT) contributors during his contribution to the 2010/2011 Budget debate. The new benefits become effective on May 1 and July 1, 2010, and include lower interest rates, increases in the loan ceiling and special interest rates for public-sector employees. Chairman of the NHT Howard Mitchell is confident that although the NHT is giving up $840 million in annual revenue to finance the changes, the financial integrity of the trust will not be affected.

Read more at http://www.propertiesjamaica.com/2010/04/new-benefits-for-national-housing-trust-mortgagors/