Sagicor Group is expecting to complete its high-end apartments The Azaleas by next year at Seymour Avenue in St Andrew.
It signals the further buildout of high-end developments, in contrast to what some realtors see as an oversupply of such properties.
“This oversupply, what are they talking about? We haven’t seen it. We haven’t even started selling and already nine units are sold,” said a source involved in the development.
Construction will run for 12 months before completion, slated for October 2020. It will feature 28 three-bedroom townhouses and eight two-bedroom apartments. Prices for the townhouses starts at US$495,000 and apartments at US$295,000. The gated community is fully secured, with community pool and other amenities. The development will target professionals who want to live close to work.
The Azaleas will be developed on one of the last remaining plots of land in the affluent ‘Golden Triangle’ zone of the capital city. The triangle runs from Liguanea to Hope Road/Old Hope Road into New Kingston. Seymour Avenue is in Liguanea and is linked to Hope Road.
Project managers are Peter Rousseau of Matrousse Holdings and Roberto Clivio of Monviso Projects Limited. Tri Star Engineering Company Limited are the lead contractors. Sagicor, which owns the property for the moment, reserved responses to Financial Gleaner queries. Rousseau gave general comments but declined to go on record.
In summer, some realtors voiced concern about developers building what they described as an oversupply of luxury apartments within a developing economy. A few weeks later, Andrew James, president of the Realtors Association of Jamaica, citing National Land Agency data for the first six months of 2019, reasoned that sale of property in the Golden Triangle was up by nearly three-quarters this year, increasing from $1.5 billion a year earlier to $2.5 billion.
Sagicor operates a financial and insurance conglomerate which includes holdings in real estate.
Sagicor holds two parcels of land on Seymour Avenue. The development of the plots has remained in limbo for nine years as the company reassessed the then cooling real estate market. Then in 2016, it received planning approvals for two real-estate projects on the avenue. The cost of developing the larger lot at the time was reportedly priced at $1.6 billion but was put on hold.
LINK ORIGINAL: Jamaica Gleaner