3 months ago
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Energy products distributor and manufacturing company FosRich is entering into real estate development, starting with a project in Trelawny.
The contractor for the complex, China Harbour Engineering Company, is expected to deliver the units 24 to 30 months after all approvals are cleared.
The development, to be called Hamptons of Salt Marsh, is being done through BC Dundee Enterprises, which is connected to FosRich Company Limited. Both companies have some owners and directors in common.
Incorporated in 2013, BC Dundee’s ownership is split among four current directors, namely Cecil Foster, 30 per cent; Marion Foster, 30 per cent; Peter Knibb, 15 per cent; and Cecil Erskine, 12.5 per cent. A fifth shareholder, Baldwin Jarrett, who holds a 12.5 per cent stake, ceased being a director in February 2022, Companies Office of Jamaica records show.
However, Cecil Foster, who is the CEO of FosRich Company, said this week that the ownership structure of BC Dundee will change as the current real estate project makes headway. BC Dundee will become an associate of FosRich, which will will end up with 20 per cent interest, while the Fosters and Knibb will own the rest.
“That change is in train as we speak, but for the time being FosRich will be involved in the project to the extent of the several inputs, construction and otherwise, that will be required to complete the project,” the FosRich CEO said.
The Fosters and Knibb are also among the top four owners of FosRich.
Salt Marsh is a sleepy fishing village in Trelawny, with a view of the Falmouth Cruise Pier, and is a short distance from the resort city of Montego Bay.
“It is so close to Montego Bay – 15 minutes; it is 10 minutes from the airport; it is seven minutes from the nearest hospital; and it is two minutes from the pier of Falmouth, and so on,” Foster said.
The Hamptons of Salt Marsh will encompass 620 units spanning 100 acres. The site comprises various parcels of land that were acquired over time.
Foster declined to comment on the size of the investment.
FosRich’s lines of business span pipe manufacturing, the supply of lighting and energy products, transformer repair, and retail hardware. Part of the service it will offer under the real estate operation is overseeing the construction of individual houses or getting the houses built for clients, a service to be targeted at persons wanting to build retirement homes in Jamaica, for example.
“They will get their quotation from us. They will pay us through the FosRich Connect international connection. Then we deliver the goods to the workman or the family member … and then we can go further, later on, to even do a little checking to see if the goods are being used in the right way and then inform them. So they can feel comfortable that when they come home in the next year or two, they’re not coming home to empty land,” Foster said.
“You’re able to buy a finished housing product if you want; or we can help you to build your own, and make sure that your money is not going in the wrong direction,” he said.
English (US) ·