Hambani lifts First Rock ahead of $700-m test
...Sales cover costs and support debt repayment as audit delay adds pressure
FIRST Rock Real Estate Investment Limited says its Hambani Estates development has generated enough sales to cover project costs and support debt repayment, as it faces a $700-million bond maturing this month and delays in its audited financial results.
Seven units in the Kingston 6 development have reached practical completion and are under contract, with proceeds from sales to date sufficient to cover all expected costs associated with the development, according to Mayberry Investments Limited, which arranged the project’s financing.
The update was released on April 30, the same day the company disclosed a further delay in publishing its audited financial statements for 2025, now expected by May 15 after missing an earlier March 1 deadline.
The Hambani Estates development was placed in receivership in 2025 by Sagicor Bank Jamaica after First Rock failed to meet repayment obligations tied to the project, following construction delays and weak sales.
Following receivership, the Hambani project was refinanced through corporate notes arranged by Mayberry Investments Limited, with sales proceeds now enabling phased early repayments to noteholders.
First Rock regained control of the development in September 2025 after repaying the Sagicor facility with a US$15-million note carrying a 14 per cent interest rate and maturing in March 2027.
“The pace of construction and strength of sales at Hambani Estates have exceeded expectations,” Mayberry Chief Executive Officer Patrick Bataille said.
Mayberry said unit prices have increased from about US$1.8 million at launch to roughly US$2.3 million, with further increases expected as additional units are completed.
Hambani Estates comprises 12 luxury townhouses in Liguanea, St Andrew, and is being marketed to high-end buyers and investors.
First Rock’s financial statements for the nine months to September 2025 show total liabilities rose to US$40.5 million, up from US$31.5 million at the end of 2024, reflecting higher borrowing following the refinancing of project debt, while cash and cash equivalents stood at US$5.36 million.
The company reported net profit of US$1.04 million for the nine-month period, with earnings of US$31,000 in the September quarter, according to the same filing.
