Business

Historic day for Gore Developments

BY KARENA BENNETT
Observer business reporter
bennettk@jamaicaobserver.com

Friday, May 25, 2018

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Construction company Gore Developments Limited has invested $200 million in a Parker impact crusher machine to handle very dense limestone on its new quarry in Hellshire, St Catherine.

The machine, which started operating yesterday, has the capacity to produce up to 500,000 tonnes of aggregate annually, enough to make the company self-reliant as well as guarantee the supply of raw material such as marl and stone for the construction of more affordable homes.

Project manager for Gore Developments Ltd Israel Pinchas has estimated that the company will need approximately 300,000 tonnes of aggregate to meet housing demand annually.

Aside from the equipment, which was shipped from England, Gore Developments has spent another $200 million on preparing five acres of land for the quarrying operations.

Gore Developments has, for the past 30 years, built an average of 600 to 800 homes annually. However, it is the first time that construction company has ventured into quarrying operations. The company has employed 10 new personnel to work at the quarry and has also engaged 60 contract truckers and five other heavy equipment operators.

“It is important for the company to contain costs in order to minimise escalation costs to our houses,” Chairman and CEO Phillip Gore said, while describing yesterday as a historic day for the company.

Ultimately, Gore Developments hopes, to cut the cost of sand and stones used in the construction of the houses by approximately 48 per cent by the third year of operation. The cost reduction should enable the company to continue building affordable houses for the existing market, as well as venture into projects providing starter units to the lower end of the market.

So far Gore Developments has accrued savings of 20 per cent on marl obtained from the quarry.

Phoenix Park Village in Bernard Lodge, Greater Portmore, is Gore Developments' latest project. The gated residential complex is expected to comprise 1,999 homes done in phases over the next five years. The company is also halfway through delivering 1,174 homes in Montego West Village, Montego Bay, where aggregate from the quarry were used.

Phoenix Park will deliver single family two-bedroom houses at prices ranging between $9.5 million and $11.5 million. Lot sizes range between 3,500 and 4,500 square feet.

Montego West village will feature both two-bedroom and three-bedroom houses ranging between $10.5 million and $17.5 million. Both developments will cost the company upwards of $10 billion.

Over the last 15 years, Gore Developments has built and handed over 12,000 homes in 18 developments.

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