Gov't welcomes multi-billion dollar waterfront residential project

Prime Minister Andrew Holness has welcomed the decision by Sherbourne Limited to begin construction of a $2.1 billion residential development, saying globally, waterfront properties are among the highest value real estate.

Holness, speaking at the ground breaking ceremony for the project, said his administration has begun to stimulate the development as it recognises the importance of such properties.

He said that the intention is to attract people to the waterfront in an environment that is safe and gives utility for recreation, adding “once that starts to happen, it will help to change the character of the area. That, I’m certain, will add value to the development that you are doing”.

The 10-storey residence will feature 119 units, ranging from studios to two-bedroom apartments. The amenities will include a gated entrance, 150 parking spaces, an outdoor entertainment deck, ground-floor lobby and lounge, roof terrace with a fitness centre and pool, an onsite wastewater system.

The project is expected to be completed by the fourth quarter of 2025.

Holness in endorsing the project,  said he is certain that other enterprising developers are looking on to see how it turns out, “and if it is successful, East Kingston and Port Royal, as a destination for housing development, will take off”.

Director of Sherbourne Limited, Michael Lake, said that the starting prices range from J$16.2 million to J$34.6 million.

“The vast window openings within each unit will provide each homeowner with an uninterrupted view of the beautiful harbour,” he said, adding that the project  provides an opportunity for Jamaicans to invest in real estate that typically provides the greatest capital appreciation.

-CMC NEWS-

We want to hear from you! Email us at star@gleanerjm.com and follow @thejamaicastar on Instagram and on Twitter @JamaicaStar and on Facebook: @TheJamaicaStar, or on Whatsapp @ 876-550-2506.