FirstRock to develop $2.5b high-rise
Published:Sunday 1:04 AM
FirstRock Real Estate Investments will begin construction of a $2.5-billion high rise in New Kingston, starting next month.
Bonne Chance, which means ‘good luck’ in English, will encompass 43 residences on a 10-storey building.
Assistant Vice-President for Real Estate Business at FirstRock Group, Denroy Pusey, says the development is targeted at first-time home owners, young professionals, institutional investors, and real estate companies. Construction is slated to start in March with 24 months to completion, according to Pusey.
“Even with that schedule, we are targeting delivery of some of the units in 18 to 20 months,” he said.
The units are still to be priced.
“We’re still working out those numbers,” said Pusey. “We want to value-engineer the project some more to make the final price as attractive as possible.”
FirstRock is heading into a new project fresh from the completion of the $2-billion Hambani Estate development, located at Bamboo Avenue in Liguanea, Kingston. The 12 villas were each priced within a range of US$1.8 million to US$2 million.
The Bonne Chance project is being financed by a combination of debt capital and cash generated from FirstRock’s operations, but Pusey did not disclose the specific financing mix.
The high-rise will be built be GARCO Construction Limited.