IN a joint partnership with BC Dundee Enterprise, the family business of FosRich Managing Director Cecil Foster, FosRich Company Limited, a leading distributor of lighting, electrical, and solar energy products, is preparing to enter the lucrative real estate market with the build-out of its Hamptons Trelawny development, expected to come on stream later this year.

The project aims to transform approximately 100 acres of land within the scenic Salt Marsh fishing village in Trelawny into a premier residential gated community. Plans include the development of over 600 housing units and a 300,000-square-foot commercial shopping complex featuring restaurants, businesses, medical services, and a musical village intended to become a major tourist attraction.

Managing Director Cecil Foster told the Jamaica Observer on Monday, “We have completed the designs and have already received some of the necessary approvals, with the hope of receiving the remaining ones shortly, allowing us to commence work by the end of the third quarter this year.”

The prime real estate, offering views overlooking the Falmouth Pier, will feature a mix of one- to three-bedroom apartment complexes and two- to four-bedroom bungalows or detached houses.

Foster, highlighting a full suite of world-class amenities, stated that the development will be fully solar-powered and will include a swimming pool and spa, outdoor gazebos, a bird sanctuary, and jogging trails extending up to 550 metres.

BC Dundee Enterprise will primarily finance the multimillion-dollar project, with FosRich holding a 20 per cent stake in the venture.

Foster further noted during the interview with the Business Observer, “As an operator in the construction industry, FosRich will be the main supplier of materials for the development, such as pipes, solar, lighting, and electrical products.”

While prices for the units have not yet been finalised, the managing director indicated that they are likely to be quoted in US dollars. The units will be available for purchase by all buyers, including members of the Jamaican diaspora. An official unveiling is also being planned for a suitable date in the future.

The new development is conveniently located just 15 minutes from Montego Bay town centre, 10 minutes from Sangster International Airport, seven minutes from the nearest hospital, and two minutes from Falmouth Square.

Foster said of the property purchased just over two years ago, “We chose that area as we felt it offered the ideal setting for people to truly feel connected with nature. I believe that what we are creating with this community will be something everyone will be proud of and desire to live in. It is expected to come on stream this year, and therefore, I urge all potential buyers to keep an eye out.”

FosRich’s entry into the fast-growing real estate market follows its previous expansion into hardware retailing after it acquired the business of Bayside Supersaver Hardware in St James last year. Looking to expand with more projects in the future, Foster stated that the company’s share of profits from these ventures will augur well for their financial performance.

He commented, “This latest venture is expected to generate significant revenue for FosRich, as we anticipate it will greatly benefit our overall business, and we are very optimistic about the future.” He also noted that even without a significant marketing campaign, interest in the development is already very promising.

Over the past few years, FosRich has experienced impressive growth, witnessing continued increases in sales across most of its divisions. Therefore, leveraging its diversified portfolio, the company now aims to expand its reach through property development.

Although the company’s audited financial results for the last year have been delayed, annual revenues for the construction retailer in 2023 were well over $3 billion.

Foster concluded, “Our move into property development is a long-term strategy. As such, the market can anticipate more unique and exciting projects from us as we continue to develop other locations for Jamaicans to reside.”