Fonseco takes on first residential development
Published:Sunday | November 17, 2013 | 12:00 AM
Tameka Gordon, Business Reporter
Michael Fonseco's Arqcons Constructions Limited has taken on its first residential real-estate project, valued at more than $700 million. Fonseco is developing 32 units - 24 townhouses, four studios and four one-bedroom units - in Montego Bay.
"The total value of the project is over US$7 million, and we are using Fist Global Bank as financial partners," Fonseco told Sunday Business, noting the backers were providing loans of US$4 million.
Arqcons Constructions purchased the nearly four acres being used in the development of Miramar Spring Gardens some three years ago for US$550,000, Fonseco said.
Miramar, a gated complex, has been under construction since March, with a projected completion date of April 2014.
The developers are targeting mid-to high-income earners. Interest in the units has come mainly from professionals, such as lawyers and doctors, the developers say.
"About 13 units have been sold," says Coleen Samuels of Coldwell Banker Jamaica Realty, while noting that the complex has been generating interest in the market.
Upscale property
The townhouses are priced at US$345,000 and US$375,000, while the one-bedrooms are priced at US$145,000 and the studios, US$125,000, said Samuels.
Miramar is being developed along tiers to better capture the ocean view from its Spring Gardens location, and will have a swimming pool developed along the concept of a resort product, said Fonseco.
"It's three swimming pools in one - the kid's pools, a regular swimming pool and a massage pool," he told Sunday Business.
"The kid's pool is on the upper level and will overflow into the main pool, which will then flow into the lower massage pool."
Two model units at Miramar are close to completion, Samuels said. Buyers are required to pay a 'reservation deposit' of US$10,000 for the townhouses and US$5,000 for the other units.
Arqcons Constructions is known for work on the local Spanish-owned hotels such as the Grand Palladium in Lucea, Bahia Principe in Runaway Bay as well as the Secrets Hotel in Montego Bay.
The company will be rolling out another set of residential units at the end of this project, Fonseco said.
"As soon as we are finished this one, we will have another high-end development in the same area," he said.