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PanJam Investment Limited's headquarters on Knustford Boulevard in New Kingston, Jamaica. (Photo: PanJam)

PanJam bets on downtown high rise, says the time is right

PanJam Investment Limited's headquarters on Knustford Boulevard in New Kingston, Jamaica. (Photo: PanJam)

PanJam Investment Limited (PanJam) plans to open the ROK Hotel by the end of 2021, saying the time is right for the Kingston waterfront development.

“Notwithstanding the considerable construction and logistical delays caused by the pandemic, we are on track to opening the ROK by the end of 2021,” PanJam said in its recently-released annual report.

“As we watch the rise of real estate projects and prices along the historic Duke, Port Royal and Harbour Streets, we know that the time for our ROK is now,” the property development and investment company added.

The ROK Hotel, located at the corner of King Street and Ocean Boulevard, will be a mixed-use property, with the top four floors for residential use, while the rest of the property will be used for the general operations of the Hilton- affiliated hotel.

Regarding what it indicates is a premium residential offering, PanJam said the development will feature “Luxury apartments with all the comforts of modern Caribbean living, located in the heart of downtown Kingston.”

The blurb on the new real estate offering states, “We have reimagined island life to give it a bit of urban edge and a heavy dose of luxe.

Rising tall above Kingston’s historic natural harbour, each unit features floor-to-ceiling windows to embrace natural light and offer expansive views.

“The ocean greets you, while the hills of St. Andrew acts as your personal backdrop.  Welcome.”

The ROK development is part of PanJam’s vast property portfolio.

“We intend to increase the size of our real estate portfolio, given its proven resiliency. In times of turmoil and uncertainty, we capitalized on our deep history of and experience in property development, management and rental. Our investments in real estate strengthen our balance sheet with assets that provide steady, predictable cash flows and hedge against inflation,” the company said in its annual report.

Through its subsidiaries, PanJam provides a wide range of property services, including rental, management and development.

In 2020, PanJam recorded a net profit of $3.5 billion (2019: $8.3 billion), while earnings per stock unit were $3.31 (2019: $7.85). Operating profit of $0.3 billion was significantly below its 2019 level of $2.8 billion, due primarily to $0.5 billion in investment losses (2019: $2.2 billion in investment income).

For 2021, the company said, “We aim to grow our securities portfolio, with specific focus on the Jamaican markets, while maintaining diversification across assets and asset types in order to hedge against shocks. The pandemic has given us an opportunity to acquire undervalued assets that should recover in the near- to medium-term.

“We want to take additional strategic equity positions. We have the capacity to provide financial support, and the expertise and experience to impart transformational leadership, all of which is needed in times such as these. We are always exploring the investment landscape for opportunities to partner with companies that meet our investment guidelines, in industries that complement our existing holdings. We expect to see more of those opportunities now,” the company added.

-Caribbean Business Report