Mon | Sep 25, 2017

Coldwell Banker marketing US$25m St Thomas property as prospective resort

Published:Sunday | August 20, 2017 | 8:00 AM
Andrew Issa, head of Coldwell Bank Jamaica Realty.

Realty company Coldwell Banker Jamaica is pitching a US$25 million ($3.2 billion) seaside property in one of the most undeveloped parishes, St Thomas, on behalf of an unnamed client.

It is currently the priciest residential lands for development in the portfolio of Coldwell Jamaica. The property called 'East End' spans 1,044 acres, according to the realtor's website.

"I will really be promoting this parish because I believe it really has that ecotourism vibe with the stunning views of the Blue Mountain behind it," said head of Coldwell Banker Jamaica Realty, Andrew Issa.

The property is largely flat with sections 50 feet above sea level. It offers white sand beaches on either side of the lighthouse located on the property, some of which features wetlands and parts of which are zoned for agriculture.

 

PUSH TOWARDS ECOTOURISM

 

He added that there are many nature attractions in its proximity. Think of Costa Rica and its successful push towards eco-tourism, Issa said.

"It's virgin land poised for resort development," he said at a midweek event called Art on Walls.

"This property is over 1,500 acres so you could have bedrooms in the middle of a lagoon. I am hoping we can attract some amount of foreign investment to this side of the island."

The Art on Walls event offered an art exhibition and real estate exhibition. The curator was Hope Brooks and the exhibition showcased works by artists Gisele Gardener, Errol Keane, Julisa Layne, and Gavin Wright.

Coldwell aims to entice its guests to buy real estate and also choose art for their new property. The company expects to host this event four times a year.

Other developments that Coldwell is promoting on behalf of clients include The Sullivan, Widcombe Estate, Kensington Gate, Golden Eye, Giau town houses, R Hotel and Whispering Seas.

Issa said St Thomas property wouldn't benefit from the planned highway but reasoned that the roadway would form part of making the parish more attractive overall.

The first phase of the Southern Coastal Highway plans to link Harbour View to Morant Bay. The second phase aims to extend the highway onward from Morant Bay to Port Antonio.

In 2001, Issa, then a broker and managing director of a real estate company, Executive Property Service Limited, officially launched Coldwell Banker Jamaica Realty as a franchise of the overseas realtor brand. Coldwell Banker was founded in 1906 and has 3,300 offices and almost 90,000 sales associates in 50 countries and territories, including Europe, Asia, Central America, and the Caribbean.

steven.jackson@gleanerjm.com