Fullon places first development on the market
Published:Sunday | February 16, 2014 | 12:00 AM
Tameka Gordon, Business Reporter
Fullon Properties Limited has placed it first development of eight town houses and two apartments on the market at 16 Charlton Road in Kingston.
The town houses are being sold for US$285,000 each (J$30.7 million), with four already sold. The apartments have been sold for J$19 million each, said architect and partner in Fullon Properties, Robin Baston.
The company is already seeking approval for its next project, a mix of 50 units - 25 apartments and 25 town houses - to be developed in Montego Bay, Baston said.
Construction of the Charlton units began in February 2013.
Baston said it took an investment of "over $100 million" to bring the units to market, financed up to 60 per cent by Scotiabank with the remaining 40 per cent coming from the partners in the project.
"We are covering the professional fees, the land purchase and taxes," he said.
Built on just over half an acre, 16 Charlton Road targets young professionals "who are looking for than urban feel of a town house but wants some space", but the town houses have attracted the interest of retirees because the units feature a bedroom on the ground floor.
"We have had several couples who are retiring come to look at them, and it seems as well that they would be good for a young professional who has a retired parent living with them. While we did not intend to build a granny flat and we didn't think people who were retiring would be interested, the design seems to have attracted this demographic," Baston said.
As a new developer, Fullon initially had a problem convincing the market to buy its offerings, said the architect. "But people are now seeing what we can do, so we see a lot more interest," he said.