Sygnus Real Estate Finance invests in Ocean's EdgeFriday, July 24, 2020
Sygnus Real Estate Finance Limited (SRF), the real estate financing company within the Sygnus Group, is investing US$4.2 million ($609 million) in its newest project, a panoramic, ocean view, luxury development located in St Ann.
“Ocean's Edge Country Club” is scheduled for a 2021 completion date and is expected to set a new standard for the area.
The villas are being developed by the Norma Clarke-led Genesis Construction Company and will comprise 16 luxury villas strategically positioned along the edge of the Caribbean sea in Discovery Bay, within close proximity to celebrated tourism attractions and other luxurious villas.
SRF partnered with the developer by providing the construction financing facility for the complete project.
“Typical of the flexible approach that SRF has towards deploying capital in real estate, we've added our own creative twist to crafting a solution that works for our partners and us. By working closely with the client in refining the business case and fully understanding what the development entails, it builds confidence on both sides and allows us to uniquely design a mutually rewarding approach,” stated David Cummings, vice-president and head of real estate and project finance at Sygnus.
With construction about to commence next month, presales are very strong with just about 60 per cent of the units already sold, according to a press release.
The 14-month construction timeline will have units being delivered in October 2021. The development is targeted at returning residents (many of whom have already purchased units), investors looking for good returns and families wanting a second/vacation home on the north coast.
Ocean's Edge Country Club designed by architect, Lori McIntosh, will be an important enhancement to Discovery Bay. It proposes a modern development in a historic setting, with large town houses designed with all the amenities and modern conveniences to make living comfortable and easy.
The development will be within easy reach of the Puerto Seco Beach Park, Dolphin Cove, Green Grotto Caves, Discovery Bay and many other amenities.
It will be a secure gated community, and will feature 16 two-storey units (2,200 sq ft each), an ocean view, an infinity-edge pool, a clubhouse, underground utilities, immaculate landscaping and a standby generator.
Pre-construction prices for the villas begin at US$495,000.
“The product is contemporary in design and has attracted a lot of interest as reflected by the robust presales we have seen. We have a very strong pipeline of other exciting projects, especially in commercial and industrial real estate that will come to market early next year,” stated Cummings.
SRF says it is confident that Genesis Construction has assembled an experienced, professional team to execute the project seamlessly and at a very high standard.
“This project has been meticulously developed through every phase to be considered a luxury town house development for the most discerning buyer. Genesis is extremely happy to be partnering with Sygnus who share the same concept as we do for high quality and creativity in executing this project,” stated Norma Clarke, director at Genesis Construction.
Ocean's Edge is exclusively listed with Coldwell Banker Jamaica.
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