Left: Andrew Issa - CLAUDINE HOUSEN/STAFF PHOTOGRAPHER --
Right:
A stately property in the Golden Triangle. - IAN ALLEN/STAFF PHOTOGRAPHER
This week, Sunday Business in its continuing series on neighbourhoods, visits the upscale neighbourhood known as the Golden Triangle,where the National Housing Trust will shortly build affordable housing on the land currently occupied by the headquarters of the Commissioner of Police.
"IT WAS where the very wealthy lived. And there is also history in a lot of those homes. Well-to-do families at one time or another owned them," explained realtor, Andrew Issa, as he spoke to Sunday Business about the upscale and leafy neighbourhood referred to as the Golden Triangle.
The neighbourhood is bordered on the south by New Kingston, to the east by Lady Musgrave Road, on the west by Old Hope Road and to the north by Hope Road.
It is also one of the most expensive areas to live and several embassies are located in the area as well as diplomatic residences. Managing director of Coldwell Bankers, Jamaica, Andrew Issa explains the mystique behind this very affluent neighbourhood.
REPUTATION AND APPEAL
"The Golden Triangle's reputation came about because it's in close proximity to both New Kingston and easy access to the airport and traditionally it was where the very well-to-do lived. The lots are much larger [compared to other Kingston neighbourhoods] - an acre minimum - so even a developer who can get one of these old houses to buy is getting at least an acre to develop, so it's definitely in close proximity. In the old days the Golden Triangle was also very easy to get to downtown. The Golden Triangle has sort of been the heart of old Jamaica, the old residence of Kingston and everything else has branched off from that."
"It owes its suburban appeal to the fact that "the entire area was once a cow pasture. And it has a lovely sea breeze from the Kingston Harbour and the density is a lot lower so at the end of the day you don't feel as congested because you have such large lots."
ESTATE HOMES
"The homes that were actually built there were estate homes that were on two acres, three acres, of land. They are much grander and there is a whole look of wealth compared to Norbrook where the lot sizes are normally half acre, three quarter acre lots. The homes, with their nice [Doric] columns in the front give a stately feel which you don't get in the Norbrook or Jacks Hill area.
"Also, there is history in a lot of those homes. Well-to-do families at one time or another owned them. Another thing is that there are several embassies in that area - you have the Canadian, the Chinese, the Japanese, [French]. So that adds an international flavour to the area.
"Of course, having Vale Royal there, which is a charming residence, does add so much more to the area. It's a piece of history."
PRICES
"The average three-bedroom townhouse is in the $20 to $24 million price range, depending on the finishing. An acre of land goes for about US$1 million ($64 million). And one bedroom apartment, you are looking at least $6 million."
WILL THE PLANNED NHT DEVELOPMENT LOWER PROPERTY PRICES?
"No, because of the size of the land. Ninety per cent of the value of those homes nowadays is in the land. I don't see it happening. There is a huge demand by young professionals for the $10 to $15 million homes. NHT has identified this segment and I think the planned schemes are to satisfy this professional demand that is out there.
You will probably be looking at a one-bedroom or a studio in the $6-million dollar price range and I don't consider that low income.
There will be very high demand for these NHT homes but I don't know if they are going to be low because an acre of land in the Golden Triangle is pretty expensive and I think they want to recoup on their investment."
AREA THREATENED BY...
To be honest with you, I think the days of the Golden Triangle [grand homes] are limited in the future. For an upscale neighbourhood to retain its flavour and its value, it [must] not be a throughway, a major traffic area. What has happened is that both Seymour and Retreat avenues and Hopefield Avenue, because of Campion College, there is so much traffic now. Because of the heavy traffic, these properties are beginning to lose their real appeal. That is what retaining the whole value of an estate home is all about - being away from the traffic.
People nowadays want exclusivity. They want to be on a very quiet street. So I think it is just a matter of that whole area being torn down and apartments and townhouses eventually going up there.
Taken from The Sunday Gleaner, February 5, 2006
