CBR
search

FosRich plans 2022 completion of billion-dollar development project

With the first phase of its super store and warehouse development at 76 Molynes Road almost complete, FosRich Company Limited says it is working assiduously to have the full project completed and fully operational by 2022.

Managing director of FosRich, Cecil Foster, said that the mega development project, which is to be fully financed from private equity funding, is to further assist the company with strategically building out its growth objectives over the next few years.

“The development is going to be pretty huge in value and will run over a billion dollars of which we are working with a strong pension fund on that. We expect the entire project to be completed by year 2022.

“What we are building next door is a state-of-the-art distribution and super store. What will happen is that the 30,000 square feet of distribution centre will be ready in the next few weeks for us to move in and then we do the front part which is going to be a 110,000 square feet four stories high of super store, offices and other spaces,” he told the Business Observer at a forum held recently.

The new space, which is located just across the road from its current flagship operation on Molynes Road, Kingston, is to be retrofitted with shops and stores to be subletted to different operators including business process outsourcing (BPO) entities, restaurants, gyms and other spaces befitting modern business requirements.

“We are already receiving significant interest from entities to occupy the spaces. The space is being built for these businesses to occupy for their own purposes,” Foster said.

The over 25-year-old company, which the managing director said was started in harsh economic times from a small space at the back of Princeville Plaza in St Andrew, has over the last few years seen exponential growth and is also now a publicly listed company on the junior market of the stock exchange securing annual revenues of over $1.8 billion. In its last financial year ended December 2020, the company recorded net profits of $125.6 million – a $16 million increase over that of the previous year.

“FosRich started with two people and we have grown to become a company with almost 150 staff members 26 years later, with about 11 different locations across our business and warehouse spaces, we are now the local partners for international companies including Phillips, Siemens, Nexans, and more recently Huawei,” he added.

The lighting and electrical company, which in recent years has ventured into other services to include transformer repairs along with the manufacture of PVC pipes and conduits, said that it was looking forward to secure more growth for the future.

“Going forward, with our 2026 plan, which kicks off next year – we will look to see how we can fund other plans for the future,” Foster said.