Edgehill to develop 311 luxury homes for $4b
Real estate developers Edgehill Homes Limited will spend US$35 million (J$3.9 billion) to bring to market 311 luxury homes in the next three years in a phased development at Huddersfield, St Mary.
President and founder of Edgehill Homes, Rollyn Bennett, said his company chose St Mary because of a lack of available luxury rental listings in the parish in particular and an overall low supply of luxury properties across Jamaica generally.
"We saw the need for something like this because everything else was going the way of the low income, which is very well needed, but the middle class was left out of it," said Bennett.
"There was nothing you could buy that if you had $40 million, and you did not want to spend just $6 million or $7 million out of it, there is nothing in-between - and we thought we could fill that gap," he told Wednesday Business.
Edgehill is targeted at Jamaicans living overseas, as well as pre-retirees, and local investors who wish to buy for rental income, Bennett said. The development is currently being marketed in the United States, Canada and the United Kingdom, he told Sunday Business.
"It is not a low-income proposition; it's a little above low income," he said.
The luxury homes feature three designs: the Diana, Elizabeth and Victoria. Bennett said purchasers will also have the option to customise their homes.
For example: "If you want, we can put hardwood floors into it," the developer said. "We are offering a North American style whereas it's not all a cookie cutter; you can customise what you want."
Built on 63.5 acres, land for Edgehill was acquired in the early 2000s.
projected time frame
Groundbreaking for the development was in November with a projected completion date three years from now.
The first phase of the development, 112 homes, should be complete in 15 to 16 months, Bennett said.
Sale prices for the homes range between US$140,000 and US$205,000.
The final price per home, said Bennett, will depend on the lot selected and the upgrades requested by buyers.
"It depends largely on the elevation. From most of the lots, you can see the ocean, but some are more elevated," said Bennett. The premium homes will be among the most elevated.
Purchasers will also have the option of solar-powered homes at added costs.
And: "If somebody wants a helper's quarters, we will do it for you as an upgrade," said Bennett.
"Yes, we will have an architecturally controlled environment but, you tell us what you want, and as long as it fits the footprint of what we have, we will do it," he said.
Additional features of the development include a commissary, two tennis courts, a jogging trail, swimming pool and clubhouse.
With the prices quoted in US, the developer said he hoped to maintain the sale price of the homes at current levels "as long as the dollar stays the way it is".
Bennett said funding for Edgehill homes is being provided fully by Canadian financier David Morrison.
Both Morrison and Bennett have a long-standing business partnership spanning more than a decade, said Bennett, who began his career in financing.
Companies Office of Jamaica documents show that Edgehill Homes was incorporated in 2005 with Rollyn Bennett and Raphael Palmer as equal partners.