It certainly seems as if 2011 will be an important year for kickstarting the real estate industry in Jamaica, which, in keeping with global trends, has been relatively stagnant recently. Realtors have seen an increase in certain classes of transactions, and a number of significant new housing projects have been slated for development across the island. In addition to corporate projects, these developments range from low income residential housing to middle and upper income luxury homes.
We will first mention the Little Bay Country Club, which is the eighth major residential development by Selective Homes Limited. The mixed-residential development, is located in Negril, Hanover, and is targeted at hotel and banking executives in the resort area, as well as second home buyers. The gated property will comprise 171 residential units ranging from 650 to 3,200 sq ft. There will be seven three-bedroom villas, 72 semi-detached two-bedroom townhouses, 56 two-bedroom units and 24 studios. Selective Homes Limited is also partnering with telecoms LIME to create these units as 'intelligent homes', equipping all units with high speed Internet connections to facilitate video streaming, voice and data communication, closed-circuit surveillance, and subscriber TV.
Also worthy of note is Holland Estates, located in Trelawny, and accessible from the Martha Brae main road. This development is being touted as Jamaica’s first ‘University Town’. The development will offer duplexes along with 2 & 3 bedroom homes. The project, which when complete would cover 1,385 habitable units, is expected to take six years and will be completed over four phases. The developers, Zuccherina Developments Jamaica, have also reportedly been approached by one of Jamaica’s major public universities to construct a campus.
It was recently reported that Portmore, St Catherine, has almost reached its capacity, and so the residential housing explosion in the municipality seems pretty close to being over. However 30 units in the Phase 2 development of the WIHCON Portmore Country Club are now available for purchase, and three more housing developments for Hellshire, Portmore are slated for 2011.