Riding high on its record profits for 2020 and building on its expansion into the Cayman Islands and Florida markets, First Rock Capital Holdings is planning a new development with Jamaican millennials in mind.
Following a meeting of the board of directors of the Real Estate Board, on Thursday, First Rock garnered approval for its latest residential development, Hambani Estates, on Bamboo Avenue in Kingston, Jamaica.
The company had already received building approvals from the Kingston and St Andrew Municipal Corporation (KSAMC) earlier this year.
Hambani Estates is a multi-family development consisting of 12 single-family residences, each on its own subdivided quarter-acre lot. The project will be a low-density, highly landscaped development with a total of seven five-bedroom residences and five four-bedroom residences.
According to Pierre Shirley, executive vice-president of First Rock Group, the design intent is to create the feeling of a Jamaican Villa but with the modern amenities and features typical of a Kingston residence.
“Each residence will have outdoor terraces and balconies, with amenities including outdoor kitchens and swimming pools. The buildings are designed in the Tropical Contemporary style, with a focus on natural light, good cross ventilation throughout, and a strong connection between the indoor and outdoor spaces. The buildings will be made of reinforced concrete frames, with concrete block infill walls, and a poured concrete roof. The fenestration will consist of hurricane rated, aluminum framed glass doors and windows, with the main front door and internal doors made of local Jamaican hardwood,” he disclosed.
“We are investing over a billion Jamaican dollars to develop this property, which is slated to be complete by April 2022,” he added.
The developers have engaged Coldwell Banker Jamaica, Century 21 Jamaica, and First Rock Realty as the exclusive brokers for marketing and sale of the properties.
“We are very excited and I think this is a one-of-a-kind development. I have been in the business for 30 years and I am delighted to see this type of project come on board, especially working on it with First Rock,” Debbie Nicoll, Realtor at Century 21 Everest noted
Coldwell Banker Managing Director Andrew Issa shared similar sentiments.
“I’m extremely excited and believe that this will bring a luxurious product to the market. I think Jamaica is waiting for such a fantastic development. We are definitely looking forward to working with First Rock on this project,” Issa said.