Real Estate entrants roll out The Landings
Tameka Gordon, Business Reporter
Montego Bay businessmen Derrick Shim and Robert Moo Young have partnered with Build Rite Construction Company Limited to add 32 units to the housing stock in St James in a development called The Landings.
The development, to be located in Spring Gardens on the outskirts of Montego Bay, will comprise 16 studios and 16 two- bedroom apartments of 872 square feet and 1,500 square feet, respectively.
The project will cost "approximately $480 million", Natalie Gardener, sales representative for the development, told Wednesday Business, and is the first real estate development for Shim and Moo Young.
The developers broke ground for construction in July and have set a target date of August 2015 for completion.
"The project will be financed by a commercial bank," Gardener said, with funding also coming from Shim, Moo Young and principal of Build Rite Construction, Owen Campbell. They, however, declined to detail the financing arrangement behind the venture or the ownership stake held by the parties.
The Landings is a single -phase development situated on two-and-a-half acres overlooking the sea and is located minutes away from downtown Montego Bay, said Gardener.
Land for the development was previously acquired by Shim and Moo Young, the sales representative said.
"The units are competitively priced and will, no doubt, attract professionals looking for a secured luxury home near to town, those who need a place to visit or vacation while in Montego Bay and those who are seeking it as an investment opportunity," Gardner said.
The studio units are priced at US$131,000 to US$137,000, with the two bedrooms being sold for US$ 219,000 to US$ 229,000, a press advertisement notes.
"What accounts for the difference in the prices is the floor on which you purchase it. The ground floor would be cheaper than the fourth floor," she said, adding, prices are not subject to escalation.
The Landings is designed as two blocks, each with four floors. Each floor has two apartments and two studios.
Purchasers will be required to make a 20 per cent downpayment on signing their contracts, with an additional payment of 15 per cent due 60 days after. Final payment is "on completion" of the units, the advertisement states.
The gated community is designed with electronic gate intercoms and a "single entrance to a secured two-story lobby area for each building". Each floor also features a changing area for helpers and washroom.