Pulse Investments Limited is expecting to generate revenues of approximately $500 million from the sale of a 16-unit development now on the market.

The development situated on the eco-friendly Villa Ronai property in Stony Hill, St Andrew, is known as the Pulse Lofts and consists mainly of studios and one-bedroom apartments.

“Pulse Lofts represents about 12,000 square feet of recently constructed [apartments] with significant infrastructure including roadways, parking facilities and external utility services. Modern amenities are part of this gated community with finishes including porcelain tiles, quartz countertops, and Moen fittings,” Pulse Chairman Kingsley Cooper told the Jamaica Observer.

Considered medium-sized apartments, the measurement of a unit spans between 500 and 1,450 square feet of space. Targeted buyers are expected to come from individuals looking for a tranquil and “less concrete” experience and from among the young professionals category, as well as those investors looking for capital appreciation and rental income.

“Capital invested in the 16-unit development is approximately $380 million for construction plus land. Gross revenues from sales should be in the range of $540 million to $600 million,” Cooper further shared with the Caribbean Business Report.

The company, in another recent notice posted with the Jamaica Stock Exchange (JSE), said that proceeds from the sale will be used to increase liquidity and reduce the company’s current $750-million bond liability.

“The company will retain 54 of its recently completed 70-unit Villa Ronai Lifestyle Village as well as 15 of the 30 two- and three-bedroom homes now being constructed in the Villa Ronai Valley,” the notice further stated.

Pulse in the last few years has been moving to build out a stronger presence in the real estate, rental and attraction market. At present, the company owns and operates a number of other developments outside of its nine-acre Villa Ronai property. Some of these include its Pulse Rooms and offices at Trafalgar Road, as well as its Pulse Suites and Pulse Homes — the latter of which is now under construction. The 30-unit Pulse Homes development is expected to come to market by 2024.

The over four-decade-old company, whose assets has been significantly strengthened by its growth in the property business, up to December 2022 holds assets in excess of $10 billion.

For the six-month period ended December, total revenues for the company grew to $522 million — 21 per cent above that of the same period in the previous year. This while profits also skyrocketed to total $1.1 billion, more than $300 million above the amount it earned during the first six months of 2021.

Three-month out-turns from the company amounted to $265 million in revenues and $587 million in profit.

“We anticipate continued growth in revenues and profits in 2023 given our current trajectory, and success with Pulse Lofts at Villa Ronai will further enhance our projected results,” the chairman said.