Jamaican Teas is reporting that its first real estate development, Carmen’s Court was sold out in 2 days when the units went on sale in mid-April, as buyers said a resounding, Yes!
This very first real estate project brought to market by H Mahfood & Sons Limited, a subsidiary of Jamaican Tea. Billed as charming, contemporary and ideal for property virgins and investors, the gated community on Kingsway in the prime Kingston 10 area, offered eighteen super studios of approximately 630 sq ft, with added features of private parking, a water tank and generator.
“Fifteen of the units were sold in one weekend and the remaining three are spoken for”, according to John Mahfood, Managing Director, Jamaican Teas, who believes that the development was a big winner because it had great timing, is quality real estate in a great location and affordably priced at $10.5m to $11.9m.
Since its listing on the Junior Market of the Jamaica Stock Exchange in 2010, Jamaican Teas has demonstrated that it has its finger on the pulse, in terms of innovation and expansion. The group has plans for future real estate projects, as well as growth in its supermarkets and consumer brands of Tetley Teas, Caribbean Dreams and Jamaica Blue Spring Water products.
Talk Back | But investors are wondering if the quick sell off of units is an indication that investors are opening their wallets again to invest locally as opposed to putting money in foreign assets. More importantly, is this move heralding a revival of the real estate market?
[…] which helped the improvement in revenues and profits. The results do not yet reflect sales from the completed real estate development which the group expect to be reflected in the final quarter of the fiscal year in […]