Bessa development to cost US$22m
Published:Friday | October 26, 2018 | 12:00 AM
The KLE Group, developers of the Bessa villas in partnership with Sagicor Group Jamaica, says in a new update on the project that the St Mary development will cost US$22 million.
The developers are already taking reservations for units, which should be delivered by 2020, KLE Group CEO Gary Matalon told the Financial Gleaner.
"I can't say definitively when we will actually take deposits, but we expect that to be anytime soon," he added.
The Bessa project comprises 88 luxury seaside and river-front suites in resort-like surroundings on an eight-acre property in Oracabessa.
Matalon said that Bessa seeks to fill a void in the leisure market and that the facility would offer a product that is accessible and appealing to the hip, stylish, young, and 'young at heart'.
KLE's holds a 25 per cent stake in the project, with Sagicor Life holding the remaining 75 per cent. The company previously announced that the land for the development was acquired for US$2 million by KLE.
Buyers of Bessa units will have the option to rent them on Airbnb.
"We will also pursue a traditional rental approach as well," Matalon said.
President and CEO of Sagicor Group Jamaica Christopher Zacca said in a statement on the project that Bessa development holds strong potential for return on investment, especially given the prime location.
"We are very excited about this project. We have already seen tremendous expressions of interest in the property, so we are certainly looking forward to seeing our vision come to life with Bessa," Zacca said.