THE Sygnus Group has deepened its push into the real estate market with a US$20-million investment in the Lakespen Industrial Park in St Catherine.

The development is aimed at supporting Jamaica’s expanding logistics and industrial sectors by providing secure, modern space for companies looking to recapitalise or grow their operations.

“We are making this investment because Sygnus believes that Jamaica should lead and champion the logistic infrastructure space in the Caribbean,” said Berisford Grey, CEO of Sygnus Capital and co-founder, during the groundbreaking ceremony.

The park, located at Cow Park in Lawrence Field, Lakes Pen, St Catherine, spans 55.4 acres, of which 46.4 acres are saleable. After accounting for roads and supporting infrastructure, the development will offer 34 serviced lots ranging from one to three acres each. The property was acquired in March 2020. Following participation in the master planning process for the wider area with a leading architectural and engineering firm, Sygnus then engaged a renowned international industrial consultancy based in Washington, DC, to conduct a comprehensive feasibility study on the development.

“That study concluded that there were over 1 million square feet of demand for industrial warehousing space in the local market,” revealed Vice President and Head of Real Estate & Project Finance, David Cummings.

He noted that the findings from the study identified a market segment distinct from major companies that already possess the capital and capacity to develop their own industrial facilities. This insight guided the decision to establish an industrial subdivision with serviced lots to be sold to businesses seeking land for industrial or commercial operations. The Lakespen Industrial Park will feature a 2.4-metre (eight-foot) perimeter wall with anti-climb security, supported by surveillance cameras and an armed security team on site. A guardhouse will be located at the entrance, and the gates are being designed to accommodate simultaneous access for trucks transporting 40-foot containers. Key infrastructure enhancements include a 70,000-gallon water reserve tank and an underground electrical distribution system, which Williams said represents a crucial business-continuity advantage highlighted by the passage of Hurricane Melissa.

“This [underground electrical distribution] was always a feature of our design and is not merely a reaction to what the recent category five hurricane has shown us,” Cummings assured.

Sygnus has already executed a contract with China Harbour Engineering Company (CHEC) and has received regulatory subdivision approvals for the development. The project remains ahead of its scheduled 2026 groundbreaking, with lot handovers targeted for the summer of 2027. Cummings noted that the decision to accelerate the start of works followed calls from Prime Minister Andrew Holness after Hurricane Melissa to ramp up productivity and economic activity. The development is one of several major industrial projects planned for the Lakes Pen and Caymanas corridor, an area increasingly being positioned as a key logistics hub. Existing logistics operations are already established nearby, while the Port Authority of Jamaica is advancing its Caymanas Logistics Hub, and the Urban Development Corporation (UDC) is developing the Raintree industrial park directly across from Sygnus’ site. Together with the transformation underway in the Bernard Lodge area, the corridor along the Mandela Highway is expected to become a critical logistics node supporting the country’s port.

“We are confident that we have made the right decisions about the approvals,” said Prime Minister Andrew Holness, addressing the audience. “All of these decisions are going to ensure that all of this area, the Caymanas area coming into Portmore, will be one very powerful logistic hub.”

Although Hurricane Melissa shook the western end of the island, Grey noted that the passage of Hurricane Melissa has not shaken Sygnus’ confidence in the opportunities ahead for its investors. Sygnus, whose mandate is to mobilise capital and channel it into productive sectors of the Jamaican economy, said the Lakespen development reflects its strategy of unlocking value in real estate to drive resilient economic growth. The project adds to the company’s portfolio, which includes One Belmont, and forms part of a real estate investment pipeline valued at more than US$300 million. These projects are at varying stages of planning and execution and are expected to be rolled out over the next three to four years. According to Grey, Sygnus’ capacity to finance large-scale local developments is supported by its ability to secure international investment funding, positioning the company as a key player in Jamaica’s infrastructure expansion.

“At the moment about 40 per cent of the money that we deploy is invested in Jamaica,” Grey shared.

He noted that while Sygnus deploys capital on behalf of its investors and actively searches for opportunities, there is still a need for Jamaican investors to be more deliberate in their participation in the alternative investment market in order to create value across the economy. He is urging pension funds, development agencies, local development banks and individual investors to adopt clear strategies for allocating capital to alternative investments.

David Cummings, vice-president and head of real estate and project finance at Sygnus, delivers remarks during the groundbreaking ceremony. (Photo: Karl Mclarty)

HOLNESS… all of these decisions are going to ensure that all of this area, the Caymanas area coming into Portmore, will be one very powerful logistic hub (Photo: Karl Mclarty)

Sygnus Capital CEO and Co-founder Berisford Grey (left) greets Prime Minister Andrew Holness (second right), while Dr Ike Johnson (second left), executive vice-president and chief operating officer of Sygnus Group, and David Cummings, Vice-President and head of Real estate and project finance at Sygnus, look on. (Photo: Karl Mclarty)