Sygnus breaks ground this week on $-b 'One Belmont' real estate project
Sygnus Real Estate Finance is set to break ground for its “OneBelmont” project, slated to cost $3.2 billion.

Sygnus Real Estate Finance (SRF) will this week break ground for its “One Belmont” real estate project in New Kingston, St Andrew, slated to cost upwards of $3.2 billion

The “One Belmont” project has been described as a daring response to an evolving world and reimagines the standards of Kingston's commercial office spaces that unites design, technology and wellness to deliver a modern architectural masterpiece. Prime Minister Andrew Holness is scheduled to deliver the keynote address at the ground-breaking ceremony this Tuesday, December 7, starting at 11:00 am.

Construction is expected to last for 19 months with the Chinese construction firm of BYD Construction being awarded the contract to build. BYD is the contractor that built the Usain Bolt building on Half-Way-Tree Road, St Andrew, and the current twin towers going up on Wellington Drive, also in St Andrew.

The project will deliver approximately 79,000 square feet of commercial offices, supported by four levels of parking, rooftop entertainment for corporate events, LED lighting surrounding the building, as well as a host of other unique features.

The project is being executed through SRF special purpose subsidiary Audere Holdings Limited and work has already commenced on-site with a team, which includes Virtuoso (architects), Neustone Projects (project manager), Peter Jervis and Associates (civil engineer), CPM Consultants (quantity surveyors) and HTG Engineering Consultants (MEP engineers).

One Belmont, which is located at 1-3 Belmont Road in St Andrew, has already seen strong interest from potential tenants and investors seeking direct exposure to real estate assets. The project is scheduled to be delivered in early 2023.

In September SRF successfully secured $3.2 billion in financing for the project. The financing raised consists of a construction loan of $2.5 billion provided by National Commercial Bank and $650 million in preference shares, which was been arranged by Sygnus Capital Limited.

The $3.2-billion financing comes on the heels of SRF's $2.3-billion IPO and is part of over $7.2 billion in total financing that SRF has secured over the past five months to fund projects across various segments of the real estate asset class. SRF is a specialty real estate investment company, which uses flexible capital (debt and equity) to unlock value in real estate assets across the industrial, residential, commercial, hospitality and infrastructure segments.

BY DURRANT PATE Observer business writer

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