An artist impression of the US$1.8 million-US$2 million Hambani Estate townhouse development located at Bamboo Ave in Liguanea, Kingston.
Now at 66 per cent presold levels, FirstRock Real Estate Investments Ltd is eyeing a new year-end timeline to complete the construction and sale of its high-end Hambani residential development in Liguanea, Kingston.
The Hambani Estates, one of three major projects being developed by FirstRock, is a $US13-million project which broke ground in 2021 with plans to construct and sell twelve 8,500-sq-ft luxury homes.
The units priced at US$1.8 million- US$2 million, or over $300 million in local currency, was initially timed for completion in April 2022, but to date has only sold eight of the 12 units, with the remaining four now being readied for market.
With the anticipated completion date pushed back by more than a year, its developer FirstRock has largely attributed the delays to the novel coronavirus pandemic which it said impacted previous timelines.
Denroy Pusey, AVP of real estate business at FirstRock
“Construction of the twelve 8,500-sq-ft luxury homes has been steadily progressing, with a revised completion schedule of December 2023. The development is currently 66 per cent presold, with the remaining units now being introduced to the market to maximise profits and shareholder value,” said assistant vice-president of real estate business at FirstRock, Denroy Pusey.
“FirstRock is fully committed to completing the project according to the revised construction schedule. Almost all real estate developments that started during COVID have experienced delay, and Hambani is no exception. However, the handover of units will commence in a matter of weeks,” Pusey added.
FirstRock, which has been doubling its focus on the real estate market, is also occupied with its Bonne Chance, luxury multi-storey, 43 units high-rise building in Kingston and the Torres los Yoses in Costa Rica.
Marketing for the units are being done by Coldwell Banker, Century 21 and FirstRock Realty.
Earlier this year, FirstRock acquired a majority stake in Century 21 Heave-Ho Jamaica, with the merged operation soon to be renamed FirstRock Century Holdings Limited. The entities, in sharing similar visions for real estate development, has said that following the merger the plan is to go after greater growth in this area across the region.
Outside of Jamaica, FirstRock also has operations in Costa Rica, Guyana, and The Bahamas.
The FirstRock Group, made up of its real estate and private equity arms, in touting its business as an emerging regional conglomerate, said it has in just under five years managed to grow total assets to US$90 million, growing at a cumulative annual rate of 60 per cent.
“The group was started with a real estate investment company, FirstRock Real Estate Investments Ltd (formerly FirstRock Capital Holdings), has since expanded to include companies in various business segments. We continue to maintain our strategy of diversification across industries and jurisdictions,” stated group vice-president for finance and planning, Shaun Myers.