Gore Developments to invest $15b in Montego West Village
Published:Tuesday | January 5, 2016 | 12:00 AMTameka Gordon
Gore Developments Limited says it is pouring $15 billion into its next residential project called Montego West Village over six years, with the first set of houses scheduled to hit the market later this year.
Gore plans to build 1,174 residential units in three phases, the first set of which will be handed over starting at the end of this summer and up to March 2017.
"Phase two and three will continue thereafter, with the entire project being completed in December 2021," the company said in written responses to queries.
Montego West Village will sit on 223 acres in Montego Bay, St James, that was purchased by Gore a year ago. The company was imprecise on how the project is being financed.
"The split is 50/50 equity and financing from loans," said Joanne Padgett, marketing and sales coordinator.
The real estate developer is spending $2.5 billion to develop the first phase, and expects to sell to locals and overseas buyers at starting prices of around $9.5 million, which is subject to escalation and closing costs.
"Whether they are returning home to retire, want to own a vacation home, or are simply looking for a solid real estate investment, we are excited to offer them this opportunity at Montego West Village," the company said.
The smaller units - 217 in total - will be delivered in phase one with the later phases delivering the larger two-bedroom, two-bathroom homes and three-bedroom homes, Gore Developments said.
Padgett said the company has collected 149 deposits since it began marketing the phase one units on Saturday.