The downturn in Jamaica’s real estate market, is reportedly one of the reasons behind Sagicor Life pausing five real estate development projects that would have delivered dozens of new homes to the market. The projects are:
- Seymour Lands development – a plan to build 32 two-bedroom apartments and 23 three-bedroom townhouses on a 4.25 acre property located on Seymour Avenue in the Kingston 6 area. This would have been an investment of approximately J$1.6-billion. The estimated sale price on the units would have been $25 million to $40 million.
- Strathairn Avenue development – located just behind the Winchester Business Centre near Half-Way-Tree; the plan was for a small development of 30 apartments. This would have cost an estimated $250 million.
- Shortwood Road – a 30-apartment development that is still awaiting the requisite government approvals.
- Llandovery in St. Ann – a $1-billion project, providing for 120 homes along the coastline.
- A multi-storey parking garage – which was to be built in New Kingston at an approximate cost of $1 billion.
Sagicor will reportedly be waiting and watching the real estate market conditions before determining when exactly they will go full speed ahead with any or all of these projects.
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