After putting several of its real estate development projects on hold in recent years due to the downturn in the sector,
Sagicor Jamaica is re-entering the Jamaican real estate market. The company has broken ground for the construction of a 32-unit apartment complex at Strathairn Avenue, St Andrew, a $350-million investment, and is finalising a J$2-billion plan for a commercial and residential complex in May Pen.
The Strathairn Avenue development is to be located just behind the Winchester Business Centre along Winchester Road, and will consist of 32 units in total, comprising 16 studios and 16 one-bedroom apartments. The units will be outfitted with a laundry closet, a balcony and will feature covered parking, elevator service and a rooftop fitness centre. The studio units are expected to hit the market at a price of $11 million, while the one-bedrooms will each sell for $15 million.
The property for the May Pen development is located on the southern side of the May Pen by-pass, opposite the Mineral Heights housing development. Phase one of the May Pen development plan is to build a commercial centre of 120,000 square feet, while phase two will be the development of a 'gated community' of two-bedroom semi-detached town houses. The designs of the May Pen commercial centre, done by Clifton Yap Architects, suggest that it will incorporate a supermarket, pharmacy, hardware store, cinema, retail shops, a gas station, a police station, and more than 500 parking spaces.