Jamaican Teas Limited (JAMT) has advised that an agreement has been signed to purchase Orchid Estates in Yallahs, St. Thomas. The property comprises eleven acres and has been approved for the construction of 71 individual housing solutions. The total cost of the purchase is $63,000,000 and construction should commence during 2013 with the first units being delivered in 2014. The low-income scheme, which was at an advanced stage of development before the acquisition by H Mahfood & Sons, requires completion of some units which require roofs and internals fittings, the full build-out of other units plus road works.
The development will be undertaken by H Mahfood & Sons Limited, a wholly owned subsidiary of JAMT.
The company successfully developed a 19 unit apartment complex at Kingsway in Kingston this year and the units should be handed over to prospective owners by the end of the company’s financial year in September.
Jamaican Teas reported profits of $51.2 million for the six months versus $43.2 million in the six months period of the prior year, an increase of 18.6 percent from improvement in sales of 44 percent to $528.2 million versus $365.9 million in the prior year.
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