Moorland rolls out third real estate project
Moorland Development Company, the architects of Manchester-based Moorlands Estate and Moorlands Manor, has kicked off its third real estate project, PalmBrook, in Lacovia, St Elizabeth.
PalmBrook will be delivered in three phases, with overall spend projected at $750 million. It will feature 382 residential lots, as well as commercial space for which three lots have been earmarked.
Marketing Manager Marie Berbick said the roll-out of phases two and three will be dependent on the take-up of the first phase.
The developers previously touted developing 402 acres, but have revised the scale to 378 acres with 382 residential lots slated for delivery.
Akin to its other developments by Moorland, PalmBrook took its name from the features of the land.
"It's from the physical features of the property, which has an abundance of palms. They have also found that there are several riverheads or blue holes towards the back of the property," Berbick said.
Moorland Development has become known for its emphasis on environmental preservation and creating communities with abundant green spaces. Its last development, Moorlands Manor, was billed as the "liveable forest".
PalmBrook will also feature 190 acres of green space, the developers told Sunday Business.
"That's a continuation of the Moorland concept. We are trying to create an attractive eco-friendly, gated community and preserve as much of the natural environment as possible," Berbick said.
Work on phase one of the project began last October and is scheduled to be wrapped up by October this year, Berbick said, noting, however, that this schedule may be revised as the project is ahead of the projected completion date.
PalmBrook is targeted at middle-income earners and civil servants.
"We are really focused on that market," said the marketing manager, adding that PalmBrook's unit will be priced with a bracket accessible by the targeted groups. The listing prices were not immediately available.
PalmBrook will feature 24-hour security service, nature park, multi-purpose sporting courts, clubhouse with swimming pool, games room, gymnasium and meeting room, among others, with lots also reserved for a school and health clinic.
"What we want to do is ensure that persons who live in the parish and even those who left the parish and want to return, including those in the diaspora, can live in a secure attractive environment, ... and we want to make it as affordable as possible," Berbick said.
The development is being funded from internal resources, built from returns on the previous two developments, as well as debt from Sagicor Bank Jamaica, which also financed Moorlands Manor.
The bank was also the source of financing for acquisition of the property, the developers said.