The St Thomas leg of the Southern Coastal Highway has landed a major investor in FirstRock Capital Holdings, which will be developing a multimillion-dollar real estate project west of the parish capital of Morant Bay.

The publicly listed real estate development and private equity company plans to develop luxury villas a short distance adjacent to the highway, thus giving much ease in terms of transportation access. The development is being undertaken as a joint venture with a private company, which FirstRock Chairman and CEO Ryan Reid said he could not disclose when the Jamaica Observer contacted him.

He however said the entity in question is a strategic partner with which FirstRock will be developing five high-end luxury villas along the stretch.

“The proposed development is slated to be the first of its kind for the parish of St Thomas and is in alignment with the Government’s overall development plans for the parish,” Reid told Caribbean Business Report.

When asked to provide more details about the real estate development, he indicated that it will be “beachfront with significant frontage”, emphasising that the development is in line with the location zoning. He admitted, too, that “the highway was a pivotal factor in our decision-making”.

The development of the highway, which will run from Harbour View, St Andrew, into the parish of Portland, is anticipated to spur much economic activity in St Thomas, long regarded as the “forgotten” parish. The investment being made by FirstRock is touted as one of many to come from the highway project.

FirstRock hits $10b in assets

He disclosed that FirstRock Group now has $10 billion in assets in just over three years of operation. FirstRock has also acquired, through its subsidiary FCH Jamaica Assets Limited, a three-acre property in Kingston 6 for US$5 million.

Net profit attributable to shareholders for the financial year ended December 31, 2021 amounted to US$3.02 million, up 16 per cent, while total expenses declined by 20 per cent to US$3.2 million. As at December 31, 2021, FirstRock had total assets of US$45 million, representing a year-over-year increase of US$25 million.