JAMAICAN real estate firm Proven Properties has secured a US$20-million ($3.2-billion) loan from VM Building Society (VMBS) to fund its latest luxury housing development in the north coast town of Runaway Bay, St Ann. The property is developed in partnership with Skillex Development.

The financing deal extends a partnership between the two Jamaican companies that began in 2019 with the VIA at Braemar development in St Andrew.

The new project, called Bahari, will feature 120 high-end residential units including villas, townhouses and condominiums in a gated community. Amenities will include a resort-style pool, fitness centre and smart home technology.

Tricia Tucker, Proven senior finance manager, said the agreement “signals a shared belief in our ability to deliver quality housing solutions”.

VMBS CEO Paul Elliot said his institution had developed “strong comfort” with Proven after their first successful collaboration five years ago.

“Real estate development carries significant risks — from construction delays to market fluctuations,” Elliot said. “But Proven has demonstrated an ability to manage these challenges effectively.”

The developer has already sold some Bahari units ahead of completion, a trend VMBS executives say indicates strong market confidence in Proven’s projects.

Latoya Williams, VMBS assistant vice-president for lending, said a site visit to Bahari confirmed the project’s high standards.

“The attention to detail and quality of finishes met our expectations for a premium development,” Williams said.

The loan comes as Jamaica’s real estate market continues to see strong demand for gated communities, particularly in tourism-heavy parishes like St Ann where Bahari is located. Proven says construction is progressing on schedule, with first completions expected in 2025.