4 months ago
23
A six-storey apartment complex recently completed on Upper Waterloo Road in Kingston has added 47 residential units to the housing stock, nearly two-thirds of which are already sold.
The Nitram of Waterloo which consists of 47 one and two-bedroom units was completed at a cost of $1.4 billion with funding from the Jamaica Mortgage Bank and Sagicor Bank.
Anna-Kay Martin-Shirley, director of Nitram Developments, says there are 18 units left to be sold.
“We are holding the units on the sixth floor for family and for personal buyers who showed interest earlier,” she told the Financial Gleaner.
Prices for the units range from $36.5 million to $49.95 million.
The project was started in 2019 by Martin-Shirley’s late father, Phillip Martin, but there was a long delay mainly because of the COVID-19 pandemic before it was restarted in 2022. Martin died in February 2024, leaving the project to be completed by Martin-Shirley along with her two sisters Kathryn Greaux and Wendy Martin-Haddad.
The sisters have no plan to continue as property developers.
“This was a one-off project that we finished for Dad, and I have no intention to go into other developments even though I am being hounded to do so. This was thrust upon us, and we did what was destined for us to do,” said Martin-Shirley.
Jamaica Mortgage Bank provided 51 per cent of the financing for the construction of the apartments, with the other 49 per cent coming from Sagicor Bank.
Sagicor is also offering loans at 8.25 per cent per annum to purchasers of Nitram units.
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