Gore to spend $15 billion on new residential development

Gore to spend $15 billion on new residential development

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com

Saturday, December 05, 2015

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Gore Developments Limited (GDL) is slated to launch its newest housing development -- Montego West Village in Fairfield, St James on January 2, 2016.

The indicative cost of the three-phase housing scheme is $15 billion. It will be developed on 223 acres acquired one year ago in December 2014, Chairman Phillip Gore said Monday.

Phase one of the project comprises approximately 217 houses ,for which handover is expected to commence in September 2016, for completion in March 2017.

"Phase 2 and 3 will continue thereafter, with the entire project being completed in December 2021," Gore said.

The housing project will comprise a total of 1,174 residential lots/units ranging in size from 755 sq ft to 1,280 sq ft.

The total projected investment for phase one -- comprising 271 units -- is approximately J$2.5 billion.

The target demographic for Montego West Village, the chairman said, are "those living and working in the environs of Montego Bay and the surrounding areas who will be first time-home buyers.

"We have also been working very closely with the Diaspora in the USA, Canada, UK and other countries, and helping them to make the dream of home ownership in Jamaica a reality. Whether they are returning home to retire, want to own a vacation home, or are simply looking for a solid real estate investment, we are excited to offer them this opportunity at Montego West Village," Gore stated.

The selling price per unit for the two-bedroom, one-bathroom house of 755 sq ft in Phase 1 is J$9.5M plus closing costs, subject to certified escalations.

Later phases will include two-bedroom, two-bathroom homes of 933 sq ft and three-bedroom, three-bathroom house of 1,280 sq ft.

GDL currently has two projects ongoing: New Harbour Village III, St Catherine, comprising 992 housing units, of which approximately 75 per cent are sold; and the Coral Spring Village project located in Trelawny, which comprises of 443 houses, of which approximately 90 per cent are sold, the chairman disclosed.

With reference to recent changes in the loan ceiling for new developments, Gore said that the lowering of the interest rate and the increase in the loan ceiling from $4.5m per person to $5.5m per person "will help more persons to get affordable housing, thereby boosting housing sales and the building industry as a whole (which had been stagnating), and serve to stimulate economic growth and, in turn, increase employment opportunities within the sector."

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