Half of Cambridge already sold
Published:Sunday | April 14, 2019 | 12:15 AMAvia Collinder - Business Reporter
Guardian Life has secured buyers for half of the 176 apartments it just began developing in New Kingston, mainly individual investors in Jamaica and overseas, but also pension funds.
Guardian President Eric Hosin said that the company opted to place nearly two-thirds of the development on the market ahead of construction, a tenth of which is yet to be sold but already has expressions of interest from prospective buyers.
The Cambridge is a $4-billion investment and the insurance company’s second luxury development in New Kingston in two years, both of which sit in proximity to its Trafalgar Road headquarters.
Construction of The Cambridge launched on March 21. The development comprises superstudios, one-bedroom units, and eight penthouses, spanning 10 floors on two towers that have been dubbed the Edge and the Elite.
Prospective purchasers were given the opportunity to view a unit at The Hampshire, the first housing development comprising 66 units that itself was sold out before the development was completed.
“This unit is a replica of the units that will be constructed at The Cambridge,” said Hosin. “Because of our confidence in the economy, we took a decision to make only 60 per cent of the [Cambridge] units available pre-construction. We have already sold approximately 50 per cent of the full development, leaving approximately 10 per cent of the pre-construction amount available at this time,” he said.
Delivery of the Hampshire units is scheduled for this year. The Cambridge, whose units range in price from US$168,500 to US$314,280, is to be finalised by July 2020.
“The swift sales were due to a number of factors: targeted and strategic marketing of the units; the strategic location of the development; the sound and proven track record of the development; and the project team in the real estate market,” Hosin said.
The all-Jamaican development teams include architects Michael Lake and Associates; contractor Boomer Construction Limited; and structural engineer Hue Lyew Chin Engineering.