Gas dealer Trevor Heaven is testing his prowess in real estate with a residential development of 14 townhouses, which he has put on the market in Mandeville, Manchester.

Heaven, who is using his 24 year-old company TM&T Associates to do the development said the project is being done in partnership with family members. The two-bedroom units were completed last month, some of which are up for sale at $15 million.

The development located on two-thirds of an acre of land at New Green Road in Mandeville comprises two bedrooms and two bathrooms. The smallest unit is 1,400 square feet.

Heaven, a Texaco dealer and former president of the Jamaica Gasolene Retailers Association, declined to say how much he is investing in the development.

"It is difficult to (say) ... it is a partnership between myself, my brother and some other relatives out here and in the United States. It is kind of a partnership, which I have anchored," he told the Financial Gleaner.

Building industry

Financiers include Guardian Asset Management and Bank of Nova Scotia, said Heaven.

The New Green project is TM&T's first real estate project, but Heaven says he comes to the business with a background in electrical engineering and some knowledge of the building industry.

On Monday, he opened the development for viewing.

"We are extremely encouraged by the response both for persons renting and those purchasing," he said Tuesday.

Heaven said six of the units would be retained for renting; the other eight are for sale with minimum payment of 15 per cent required to secure purchase.

Asked if he was not concerned about the economic climate in which he was now marketing the units, Heaven said he intends to be flexible if the units are not taken up.

"We are just fortunate that we are able to get to this point - to complete it under the circumstances - recognising what is going on," he said. "We fully understand the situation as it exists, and we will just have to adjust accordingly. We can't be hard and fast; if we can't sell, we will have to rent them."

He said so far three prospective buyers have shown interest.

The project was conceived in 2005 and construction began in April 2007.

dionne.rose@gleanerjm.com