Jul 2011 Financial News

Sagicor to roll out J$2b real estate project in May Pen

Jul 22, 2011

Sagicor Jamaica is still finalising a J$2-billion plan for a commercial and residential complex in May Pen, but already the town's business association is touting its potential to grow jobs.

"Any development is always good for the community and we welcome it," Aldo Brown, president of the Clarendon Chamber of Commerce, told the Financial Gleaner. "It will add value and certainly bring opportunity for skilled and unskilled workers in the community," said Brown.

Sagicor Life Jamaica said on Tuesday that the development will be done in two phases. The commercial complex will be developed on 9.6 acres or 418,176 square feet.

The builded area will take up an estimated 120.928 square feet of space.

The designs, done by Clifton Yap Architects, suggest that it will incorporate a supermarket, pharmacy, hardware store, cinema, retail shops, a gas station, a police station, and about 539 parking spaces.

The residential complex will be adjacent. Together, the two developments will span 21.32 acres. The property, located on the southern side of the May Pen bypass opposite to the Mineral Heights housing development, is for the construction of a commercial centre of approximately 120,000 square feet.

Phase two of the project will be for the development of a gated community of two-bedroom semi-detached town houses.

The plan is still subject to planning approval.

Sagicor's last big commercial development was the Winchester Business Centre in Kingston, which got cautious reception from the market in its early debut but now hosts a mix of businesses.


Source:
sabrina.gordon@gleanerjm.com
Jamaica Gleaner
Friday July 22, 2011

http://jamaica-gleaner.com/gleaner/20110722/business/business3.html