FirstRock to develop $2.5b high-rise

  1. Home
  2. »
  3. News
  4. »
  5. FirstRock to develop $2.5b high-rise

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 homeowners, 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 the 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.

Share this post :

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Norman Reid

FirstRock Real Estate Investments Limited

Mr. Norman Reid is the Chairman of First Rock Real Estate Investments. He is a career Banker and has served the Financial Services Sector for over 40 years with his most recent post being Senior Assistant General Manager for Retail Banking at NCB. His expertise includes Risk Management, Leadership, Sales Management and Governance. He serves as a Director at the EXIM Bank, Access Financial Services and Growth Tech Limited. He also chairs the Sub-Committees of these Boards.

Norman holds a BA in Banking and Finance, a Diploma in Banking (ACIB) and a Diploma in Retail Banking from the BAI (BANK Administration Institute) USA. He is also a Fellow at the Institute of Banking and Financial services in the UK. Mr. Reid was also appointed as a mentor to the Emerging Leader Initiative administered by the Bank Administration Institute.