Venecia places 82 lots on the market

Published: Friday | December 27, 2013 Comments 0
One of the houses being constructed by Venecia Realty Company at Jewel Estate, St Catherine. - Contributed
One of the houses being constructed by Venecia Realty Company at Jewel Estate, St Catherine. - Contributed

Tameka Gordon, Business Reporter

Venecia Realty Company Limited has brought to market another 82 lots on which it plans to build one- to three-bedroom houses through its newest development, Jewel Estate in St Catherine.

The development is sited on 16 acres of land between Linstead and Bog Walk and will see purchasers choosing their lots then selecting the units they wish to have constructed on them.

Jewel Estate is just "about five minutes from where the Linstead bypass leg of Highway 2000 currently ends," Managing Director of Venecia Realty Frank Otto told The Financial Gleaner.

The development, which may further see some lots being offered, depending on the pace of sales of the homes, offers one- to three-bedroom units priced between J$6.38 million and J$9.65 million. The prices are subject to escalation.

"What we really have are one-bedroom units with one bathroom, two-bedrooms with one or two bathrooms, and three-bedrooms with two bathrooms," Otto said, adding that each unit will be sited on 4,000-square-foot lots.

Individuals buying into the development are required to pay their deposits, submit their purchaser's data sheet and commitment letters from their lending institution then await the completion of their choice of unit, the company's brochure notes.

two-phase completion

The valuation and surveyor's reports are then prepared to complete the processing of the purchaser's loan, after which the title is transferred to the purchaser and the final payment made.

Jewel Estate will be completed in two phases, the first of which has been advertised and marks a J$200-million investment by the developers and affiliate company, Princefield Development Company.

Princefield Development Company provided the land for the housing development, Otto said, adding that the second phase will further see another J$250-million investment between the companies and their financial partners.

"We do have investors," Otto noted, though he declined to name them. The housing project will also be funded through the sales of the completed units.

"The truth is, if I were to get all 82 units sold I'd be looking at about $160 million," Otto said, adding that sales of lots would be considered if the homes did not sell fast enough.

"The intention is to build houses on the entire 16 acres. The only reason I would sell lots is if I have difficulties in selling the homes, but right now the intention is to sell homes," he said.

Jewel Estate started some six to eight months ago and has about 14 units up in various stages, Otto said. The development is slated for completion in 12 to 18 months "subject to persons buying," he added.

"In other words, we are not going to be able to draw down on loans (as developers) if the houses are not being sold. Even the institutions that lend us the money, they will not lend to us unless they see sales agreements," he said.

The gated community will not be targeting a particular market but instead is "completely open" as the developers "are not trying to build middle-income homes (per se). It can be whatever the buyer wants it to be."

The homes are designed for upward expansion with the two-bedrooms, one-bathroom homes designed to be modified to the sides and back.

"We could be moving in people in a matter of months," the developer said, noting plans to commence another development in St Catherine.

Venecia Realty is known for developments in Clarendon and St Catherine namely, Wedgewood Gardens, St Jago Pines, Keystone phase two, among others.

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