Jamaican Teas to develop Orchid Estates
Jamaican Teas Limited, through its property subsidiary H. Mahfood and Sons, has purchased 11 acres of land in St Thomas for what will be its second real-estate project.
The company disclosed last week that it has signed an agreement to purchase Orchid Estates in Yallahs for J$63 million.
Jamaican Teas said in its filing that construction has been approved for 71 two-bedroom houses on which work should commence this year. Delivery of the first units is expected in 2014.
John Mahfood, managing director of Jamaica Teas, said the purchase of the property from Jamaica Mortgage Bank is complete, but that there were outstanding issues being sorted out by the Real Estate Board involving a former owner of the land, who held the property before Jamaica Mortgage Bank took it over.
H. Mahfood and Sons' first real estate project was the development of an 18-studio apartment complex at Kingsway in Kingston. The development spent $120 million and earned more than J$100 million in profit, Mahfood previously told The Gleaner, returns which would be disclosed in the company's September quarter results.
The property subsidiary also plans to develop studio apartments at Manor Park and Barbican in Kingston.