The Discovery Bay corridor in St Ann is set to house a new real estate development as Kefordco Limited breaks ground for its Azure vacation and luxury residential units.

The ground-breaking exercise which took place yesterday signals the start of the 18-month project which is expected to be completed by September 2023.

The project, estimated at over one billion dollars, is to see the construction of a gated residential apartment complex situated on one acre of ocean-front land at Lot 3 Dairy in Discovery Bay. It will comprise 41 luxury one- and two-bedroom apartments along with some three-bedroom penthouse units. The units are being offered at a starting price of US$225,000 per one- bedroom unit and US$580,000 per penthouse.

“We have already started to experience significant interest in the project, which so far has reservation agreements for approximately 65-70 per cent of the units even before breaking ground,” said Leacroft Forden, managing partner of Kefordco Ltd, during an interview with the Jamaica Observer last Wednesday.

“The market has been responding positively, particularly the Diaspora and we expect to sell off this project within seven-eight months,” he added.

The project, being funded from about 30 per cent of owner’s equity, is to have the remaining funds provided by a yet-to-be determined financial institution. “We haven’t made a decision as yet but we are actively negotiating with most of them and we’re hoping to make a decision in a next week or so,” Forden said.

The development, which follows the construction of the Ocean’s Edge townhouse complex with which the company was also involved, marks the first six-floor condo apartments for the area.

Touting the strong economic prospects for the on-the-rise communities located just outside the busy Ocho Rios resort town and metres away from North Coast Highway, the developers have viewed the area as being ripe for investment. Located also just within walking distance of popular tourist sites including Puerto Seco Beach, Dolphin Cove and Green Grotto Caves, the development is also expected to drive commerce and increase traffic along the corridor.

Further along the stretch, a similar wave of development which has been taking place recently in neighbouring areas such as Drax Hall, has welcomed large franchise operators such as KFC and Starbucks and previously, luxury bus company Knutsford Express, companies that have also expressed an interest in tapping the emerging commercial opportunities endemic to these highly trafficked tourist areas.

“We have researched the area extensively for the last two-three years and we have seen the significant interest from our previous development. We are also seeing significant interest from the diaspora wanting investment properties and short-term rentals and we are moving to respond to these demands. As such, we are looking for further investments within the same area along Discovery Bay and Runaway Bay,” Forden also told Sunday Finance.

Kefordco, a local real estate development firm, was etablished in 2020 by partners Forden, a banker, and partner Corey Robinson, an architect. The directors, who described themselves as having decades of experience in construction, project management, architecture and design, share a vision for the company to use the skill sets available to help in carving out a niche for the business in the mid-range luxury apartment market.

“We have a townhouse development earmarked for Manor Park now in the planning stage and we also have a number of other opportunities on the table, but will manage them accordingly,” Forden further said, in noting some other pipeline projects for the company.