Moorland Development launches phase 3, heads to St. Elizabeth
Moorland Development Company has launched phase three of the Moorlands Manor development under its $1.2 billion investment to deliver another 168 housing lots.
The development company will also head to St Elizabeth in 2015 to develop service lots on 120 acres of its 402-acre holding in that parish.
Moorland Development Company was formed in 2011 by employees of ALPART who pooled their financial resources to acquire reclaimed lands from their former employer.
The developers, known for their previous venture, Moorlands Estate, located in Manchester, said phase three will also include the "environmental preservation" features with the high concentration of green spaces for which their developments are known.
With close to 90 per cent of the lots in the first two phases of Moorlands Manor sold, the development company said business was good for 2014. Moorlands Manor is located about two and a half miles from Mandeville.
The housing lots are together being developed at a cost of close to $1.2 billion, financed by a $170 million loan from RBC Royal Bank (now Sagicor Bank) as well as equity from the company.
"We put in roughly $500 million from internal capital," Managing Director Carlton Maxwell previously told the Financial Gleaner, noting that the sale of lots in the first phase of the development would also help to finance its completion.
"Sales are going good," Maxwell said of Moorlands Manor.
Phase three titles
Phase three of the development commenced in June 2014 and titles for the properties are now available.
Lot sizes in the current development range from a quarter of an acre to three quarters of an acre with prices ranging from $3.7 million to $5.5 million.
Maxwell said the decision to offer such large lots was strategic as the company has billed itself as a middle income developer.
"We found that in Manchester, if you go smaller than that, what we would have to do is cut the cost of the lots, and to go below that would (also) create a cluster. The green element that we are focusing on would also be missed," he said. The size of the lots also helps with marketing the development to returning residents, a niche for which Manchester is known.
The company said that while it is still fine-tuning the name and other elements of the St Elizabeth development, some 420 lots will be placed on the market.
Moorland Development Company will spend approximately $750 million to bring the lots to market.
The St Elizabeth project is slated to begin in the fourth quarter of 2015, Maxwell said.