Tewani nearing completion of $1b G-Tech building
Published:Sunday | October 15, 2023 | 12:05 AM
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Real estate developer Gordhandas ‘Gordon’ Tewani says a third building under construction at the G-Tech Park in Portmore is now costing him more to build. The investment has spiked to $1 billion, reflecting “higher construction cost, inflation, and...
Real estate developer Gordhandas ‘Gordon’ Tewani says a third building under construction at the G-Tech Park in Portmore is now costing him more to build.
The investment has spiked to $1 billion, reflecting “higher construction cost, inflation, and the land alongside design specifications”, said Tewani. However, he did not say what the original budget had been.
The final unit will have the same design as the preceding two. It encompasses, 80,000 square feet of rentable space over three floors, 105 parking bays, and 90 commercial grade toilet facilities.
The first two buildings at G-Tech Park are occupied by outsourcing firm Ibex but Tewani has not disclosed whether he has already signed a tenant for the current structure, which is nearing completion.
Meanwhile, Ibex last week said it will be holding a job fair in search of 2,000 new workers which are needed in Portmore and Ocho Rios locations.
The G-Tech location is one of five already operated by the outsourcing firm in Jamaica.
Tewani says he has also turned his attention to projects in Kingston, but says there are not yet at the stage for execution.
“There are some in Kingston but these are in the planning phase so no specifications are available as of now,” he said.
The developer remains bullish about Portmore, although his company Portmore Holdings has no further projects in the short term, citing the continuing expansion there by both outsourcing firms as well as well-known brands, such as PriceSmart, Fontana and Juicy Patties.
However, he said, to support development: “Infrastructure, like roads, sewage and water systems need to improve and more housing solutions are needed.”
“Land for development is available, however, owners are holding on for higher prices,” he added.
Gordon Tewani began development of G-Tech Park back in October 2019. It was then announced as a $3.5 billion project, encompassing all three buildings, that would deliver 4,500 additional business process outsourcing jobs for Portmore.
The project was initially scheduled to wrap up by spring of this year but has breached its 18-month construction timeline.