Proven REIT to develop high-rise apartment complex in Mandeville
Proven REIT Limited is investing US$10 million or $1.3 billion in local currency in a six-storey residential high-rise under phase two of its Bloomfield development in Mandeville.
The company plans to break ground for construction in November, and gave an 18-month timeline for the completion of the apartments. The development will comprise 78 apartments – inclusive of 40 studios, with the rest being a mix of an two-bedroom apartments – ranging in price from $14.5 million to $28 million.
“It is targeted at retired professionals looking to downsize; persons in the diaspora seeking to invest in Jamaica, and general investors who see the potential market for short-term rentals,” said Proven REIT CEO Aisha Campbell.
She said focus groups have demonstrated strong demand for housing that is modern and well secured and offers independence from relatives.
Marketing to these and other groups started recently, she said.
The plan for apartments derogates from the original concept back in 2016 to build a hotel in phase two of Bloomfield.
“That was the original concept, but not the concept now,” Campbell said, adding that while Mandeville has few hotels the room count in the Manchester capital was sufficient to serve the available market.
The Bloomfield complex covers nine acres of land. Phase one is the preparation of four lots for sale to developers, one of which will become a gas station. The other three are unsold. Phase two involves the development of apartments, while the third will be the development of a business process outsourcing complex, professional offices and retail stores. Currently, Proven is in discussions with two BPO operators.