The upscale, exclusive luxury real estate development in Liguanea, St Andrew, Hambani Estates is creating a market uproar with calls for a revival of the luxury real estate market.

There was a run on the exclusive luxury residences by prospective buyers at the recent open house, organised by Jamaica Sotheby’s International Realty, which has been hired to market and sell units at the development. More than 100 prospective buyers were eager to view the listings at the open house held on Saturday, December 4, 2021.

So successful was the Open House that prospective buyers were making offers on the spot. Hambani Estates, which is being developed by real estate investment firm First Rock Capital Holding, is a low-density, multi-family development. The development, which was unveiled in April this year, consists of 12 single-family residences of 8,000+ square feet, priced at US$1.8-US$2 million each on its subdivided quarter-acre lot on Bamboo Avenue.

First Rock Capital Holding is hoping to revolutionise the local real estate market with its stand-alone home concept and bring to Jamaica a trend taking off in the United States and Europe. Each stand-alone residence will consist of landscaped forecourt that steps the building away from the main driveway, enclosing the cars within either a three- or two-car garage.

They will have outdoor terraces and balconies with amenities, including outdoor kitchens and plunge pools. The design intent is to create the feeling of a Jamaican villa but with the modern amenities and features expected in an upscale Kingston residence.

All units come equipped with central AC/VRF technology and all appliances. The buildings are designed in the tropical contemporary style with a focus on natural light, good cross-ventilation throughout, and a strong connection between the indoor and outdoor spaces.

The development, as promised, will be highly landscaped with a total of seven five-bedroom residences at two-storeys high and five four-bedroom homes at three levels high. First Rock Group CEO Ryan Reid said the overall development should cost more than $2 billion.

Unit prices are US$2 million each for the five-bedroom villas and US$1.8 million for four-bedroom villas. “It averages US$250 per square foot, which represents the lowest pricing locally for luxury developments,” Reid explained.

The amenities on the property include a standby generator, garbage room, metre centre, gardener storage and landscaped areas. The development team comprises Garco Construction Services, architect – Atelier-Vidal Limited, structural/civil engineer – Jentech Consultants Limited, and project manager – Plexus Architects & Planners Limited.

Marketing lead at Sotheby’s Kerrine Tulloch was confidence that the Open House would be a success stating, “We knew this Open House would be a success. We are the epitome of luxury and would, in fact, market this development well.”

Sotheby’s CEO and co-founder Julian Dixon insisted on doing things differently to affect change in the real estate industry. “For our clients, real estate professionals and Jamaica at large, we want to bring about real positive change. We hosted an Open House event like nothing before seen in the market. As Sotheby’s is a lifestyle brand, Jamaica Sotheby’s International Realty brought luxury and sophistication to the event as Hambani demands,” Dixon said.

For the open house Sotheby partnered with NCB and ATL Automotive, which had Porsche, Audi, and BMW cars on display at the event.