Kingston Properties has successfully concluded the sale of 4 of its 19 residential condominium units, for approximately US$980,000, realizing cumulative gains of 69.5 percent over the four year holding period.
The Company, re-invested the net proceeds in a 19 unit residential apartment building in the Miami area. The property was purchased for US$1.88 million, a release from the company said. Kingston Properties is listed on the Jamaica Stock exchange and reported rental income $50.4 million, an increase of 15 percent for the six months ended June this year. Total comprehensive income for the period was $28.3 million, an increase of 7.4 percent, over the $26.3 million reported for the six months to June 2013. Comprehensive income includes, results of operating activities and foreign currency translation differences for foreign operations. The latter was positive $27.8 million for the six months in 2014 versus $33 million for the similar period in 2013.
The company owns and rents properties in Jamaica and Miami, in the United States.
Kingston Properties sells & buys apartments
September 2, 2014 by
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