Kemtek marketing new residential complex, warns price will fluctuate with forex rate
Published:Sunday | October 1, 2023 | 12:08 AMAvia Collinder - Business Writer
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Kemtek Development and Construction Limited is now marketing a new residential complex in Portmore called Oak Estate that’s priced at mid-tier buyers. The project is being executed in four phases, the first of which will incorporate 144 units for...
Kemtek Development and Construction Limited is now marketing a new residential complex in Portmore called Oak Estate that’s priced at mid-tier buyers.
The project is being executed in four phases, the first of which will incorporate 144 units for delivery in June 2024.
Kemtek, which is owned and operated by the Tulloch family, has not said how much it is investing the project, the full scope of which was not disclosed.
“The financial spend is significant and will enable a wide cadre of skilled tradespersons to include construction workers, inventory and logistics administrators,” said Kemtek Director of Operations Garwin Tulloch.
Based on the $26 million to $35 million prices quoted for the units, the company is looking to earn revenue somewhere in the $4 billion range for the first phase alone. That in turn suggests the investment being made also runs into billions of dollars.
Oak Estate is being developed on lands of the Greater Bernard Lodge Development, off the Portmore Municipal Boulevard, approximately five minutes from the Mandela Highway and approximately ten minutes from Kingston.
Tulloch says the estimated date for the completion of the entire development is June 2025.
The project has been in the works for several years, and was approved by the St Catherine Parish Council in November 2020; however, the marketing of the properties for sale just began a week or so ago. Approved buyers are required to make a deposit of 10 per cent for the units. For now that deposit can run to $3.5 million but Kemtek has said the price of the units is subject to change.
“Prices are subject to fluctuations in foreign exchange. The prevailing rate of exchange will apply at the time of each distinct transaction,” the developer said. The Jamaican dollar is currently trading at more than $155 to the US dollar.
Kemtek has been in operation for more than three decades. Its former projects include Drax Hall Manor, Colbeck Manor, Drax Hall Country Club, Ottawa Apartments, Stonebrook Estate, Emerald Estate, Greenwich Estate, Crystal Shores, Keystone Phase II, Stillwell Mews, and the Jamaica Beach Resort.
The company is headed by Sylvester Tulloch as chairman and managing director since its creation in 1989.
Garwin Tulloch oversees corporate land acquisition, a quality assurance department and all contractors engaged by the company. Handel Tulloch as director of technical services has oversight of maintenance, fleet management and parts. And Karl Tulloch, director of administration and special projects, is in charge of sales and marketing, finance, human resources, information technology, and the legal functions.