Business

Sagicor to start building Shortwood Road apartment complex by year end

BY SHAMILLE SCOTT Business reporter scotts@jamaicaobserver.com

Saturday, May 24, 2014    

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INSURANCE giant, Sagicor Life Jamaica plans to start construction of 28 one-bedroom apartments at Shortwood Road before the end of the year.

It will spend $425 million on the project, which has already received environmental permit, with stipulated conditions from the National Environmental Planning Agency (NEPA).

Of course, the company will have to get other regulatory approvals, but once ground is broken in the fourth quarter of this year, Sagicor expects the construction to take as much as 18 months.

The Shortwood Road development was previously announced, and appears to have been stalled.

The insurance company has now signalled its intent to develop more properties both in the residential and commercial segments.

"Sagicor is not only involved in residential development, we are also developing commercial units and is in the process of putting in a water Park at Jewel Runaway Bay," the company said.

What's more, the company is still considering the build out of over 100 homes on the tranquil coastline of Llandovery in St Ann

"It will be executed at the appropriate time," Sagicor said.

For the Kingston development, Sagicor is targeting young professionals and has put a possible price tag of $18 million on each.

"The demand for units in the lower middle to middle income has seen a recovery and we see good potential in developing and marketing these units," Sagicor said.

Each home will include a balcony, and the four storey apartment complex will be equipped with an elevator as well as 54 parking spaces, Sagicor told the Caribbean Business Report in an e-mailed response.

It will also include 24 hour security, energy saving lighting technology, landscaped grounds, entertainment area, with each home having access to a storage unit.

Sagicor owns two other hotels in St Ann, Jewel Dunn's River Beach Resort and Spa and Jewel Paradise Cove.

Other properties are the R Danny Williams building in New Kingston; Sagicor Industrial Park Norman Road; Sagicor Industrial Park Freeport; Sagicor Industrial Park Marcus Garvey Drive; Sagicor Montego Bay Commercial Centre; the Sagicor Sigma building on Knutsford Boulevard, New Kingston; 78A Hagley Park Road, Kingston; Spanish Town Shopping Centre; and a vacant lot on Seymour Avenue in Kingston.

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