The Hampshire in Kingston, Jamaica.
‘The Hampshire’, in less than a week of its official ground-breaking, saw approximately 97% of the units sold.
According to veteran RE/MAX Elite Realtor, Anya Levy, this is not only an indication of the thriving Jamaican real estate market but the quality of the product and the strength of the location, developers, builders and pricing point which she described as the “sweet spot”. Buyers of ‘The Hampshire’ comprised mostly first time home owners and investors. ‘The Hampshire’ located at 9 Musgrave Avenue, in the Golden Triangle, one of Kingston’s prime residential areas. ‘The complex is strategically set in the heart of Kingston, Jamaica’s thriving commercial hub. Such a location promises superb dining, comfortable shopping, easy, hassle-free commuting and world-class entertainment.
Anya Levy of RE/Max elite
“Now is the time to plan out not just traffic flow, not just water and sewage infrastructure but let us have a plan for the security of the New Kingston area because with the regeneration of the area we can now build with security in mind,” Prime Minister of Jamaica, Andrew Holness stressed, at the groundbreaking ceremony of the developemnt. Holness further urged private investors to tap into the development of underutilized assets across Jamaica in a bid to foster economic growth by increasing the productivity of unused lands and infrastructures. He commended Guardian Life Limited on their bold move to develop the idle land. President of Guardian Life, Eric Hosin, who was present at the ground-breaking ceremony said the decision to venture into real estate development has been “well considered and well timed”. The eco- friendly apartment complex will sit on 1.23 acres of land.
“You can’t beat real estate, you can’t go wrong with this product,” Anya Levy said in an interview with ICInsider.com, as she explained that investors bought into ‘The Hampshire’ because the risk is nominal and that she has a lot of confidence in the development.
Completion of the development is scheduled for November 2018, comprises 66 units ranging from ‘super studios’ to single bedroom units with double bathrooms with sizes ranging from 706 to 1,020 square feet spanning across 6 floors. Some amenities the apartment complex will house include a rooftop recreational area with a pool and gym, 24- hour security, a coded main entrance, elevators, a standby generator, generous parking, a back-up water supply system and provision for air conditioner installations. The average property price in the area ‘The Hampshire’ is being developed, ranges between US$122,149 and US$220,000. The selling price for units start at US$144,950 (J$18.8 million) just under J$26,500 per square foot.
Developers of the complex are Guardian Life with architectural works by Michael Lake & Associates, contractors Matalon Homes.
