PROVEN Properties is looking at a July ground breaking for its first-ever foray into industrial real estate, the $2.5-billion (US$16-million) Kingston Gateway on Marcus Garvey Drive.

The 118,005-square-foot facility is a nod to increasing demand for storage space because of uncertainty about the reliability of the global supply chain.

“What you’re seeing is more warehousing, more storage, just to manage that risk. You don’t know what might happen so the just-in-time approach is no longer really feasible, because just-in-time might end up being six months down the road, depending on what’s happening in shipping, at the different ports, etc. So that logistics sector is one that has now become pretty attractive,” PROVEN Properties CEO Aisha Campbell told the
Jamaica Observer.

“We’ve done our commercial PROVEN Place on Lady Musgrave [Road] which is our head office now. And we are going to break into the industrial market,” she added.

December 2025 is the target completion date for the mixed-use commercial/office and warehouse complex which offers easy access to the Kingston port. It will consist of 21 two-storey units that are available for rent at US$14 per square foot annually. Kingston Gateway is being done in partnership with SAJE Logistics Infrastructure Limited whose roots go back to the Shipping Association of Jamaica.

The project reflects PROVEN Properties’ move, at least within the Kingston Metropolitan Area (KMA), away from residential builds.

“We have shifted,” Campbell told the Sunday Observer when asked if there is a general trend in the market towards commercial and/or industrial. While a spate of high-end residential properties have sprung up across the KMA in recent years, she made it clear that she does not have enough data to indicate whether that segment of the market is saturated.

“I remember there was an article where somebody said, ‘Oh, there’s a glut in the market, because we drive around and we don’t see any lights on in the apartments’. That’s not an indicator, because people will buy real estate, wait for it to appreciate and flip it. It’s an investment,” Campbell stressed.

“In Jamaica, real estate either holds its value or increases. I’ve not seen it decrease. So, for me to say categorically there’s overstock in the market, I can’t speak to that. But what I can say is that we go where we think there’s more demand and less players; it’s like any competitive environment. There are a lot of players in Kingston. We felt there was an opportunity on the north coast,” she added.

As she explained, PROVEN Properties is “loving” St Ann right now. The first quarter of 2025 is the date being looked at for the roll-out of the first phase on the $13.5-billion (US$87-million) Bahari at Runaway Bay. Work began on the first phase in April 2023 and all three phases are expected to be completed by November 2026.

The project consists of 206 units: 86 villas, 73 town homes and 48 condos. Prices range from $67 million (US$436,000) for the two-bedroom town houses with study to $98 million (US$633,000) for the three-bedroom villas. The price for the condos is yet to be determined. According to a promotional brochure, Bahari at Runaway Bay will include a state-of-the-art clubhouse complete with fitness centre, lounge, and concierge; resort-style pool; kiddies’ splash pad; multi-purpose court; jogging trail and on-site medic station.

Not surprising, based on the segment of the market being targeted.

“We are having persons invest in that to live, like retirees,” explained Campbell.

PROVEN Properties’ other St Ann project, Sol Harbour in the heart of Ocho Rios, is more of an investment option.

“We’re selling this to investors in Kingston who want that vacation property. You have your party weekend, you can come down; if you’re not using it, you can rent it out. And it’s also being sold to people in the diaspora,” said Campbell.

A $5.13-billion (US$33-million) investment, Sol Harbour consists of two modern seven-storey, high-rise towers that house 140 studios and 12 two-bedroom apartments. There’s a clubhouse with pool and gym, jogging trail, landscaped gardens, lobby lounges with concierge desk, and rooftop access.

Studios start at $36.5 million (US$235,000) while two-bedroom apartments start at $74.5 million (US$479,000).

Work began in June 2023 and the projected completion date is December 2025.

“It’s pretty much sold out,” Campbell told the Sunday Observer.

However, there are still units available at their already completed AVISTA at Bloomfield in Mandeville. The six-storey development consists of 40 studios, 20 one-bedroom and 18 two-bedroom apartments.

“It’s changed the face of Mandeville,” said Campbell.

According to the promotional material, the units each have balconies with mountain views, contemporary interiors and open floor plans. In addition to elevator access, amenities include 24-hour security, clubhouse with a heated swimming pool, lobby with concierge, fitness centre, jogging trail and assigned parking. Prices start at $22 million (US$142,000) for the one-bedroom apartments and $46.7 million (US$300,000) for the two bedrooms.

AVISTA is part of the Bloomfield mixed-use development that also includes Bloomfield Park, 100,000 square feet of commercial and retail space. It was completed in January this year.