Ashford W. Meikle, Business Reporter

A section of the Eleven Millsborough development under construction at Millsborough Crescent, St. Andrew.

A new residential development, Eleven Millsborough, named for its locale in upper St. Andrew, is being positioned as the first turnkey residential development in Jamaica.

"Everything is included in each unit," said developer Peter Matalon of Matalon Homes.

"It's a complete turnkey development so that at the end of the day, you just move in with your furniture without having to do anything else."

The developer said he decided on a turnkey project to limit, if not eliminate, the post-construction work undertaken by homeowners after wrapping up their real estate purchases.

"What you find is that personalised construction destroys the parking and communal areas as well as the driveway during construction," said Matalon.

In fact, Matalon Homes is a partnership between Peter and his cousin, Joseph M. Matalon. Eleven Millsborough is their maiden development, which is to feature 15 three-bedroom townhouses - each 2,400-square feet - spread over two acres.

The units, which are priced at US$575,000 for the standard units and US$650,000 for those with basements, feature double carports and air-conditioned bedrooms, each with its own bathroom. The major appliances in the kitchen will be stainless steel with designer cabinets and solid surface countertops.

There will also be a laundry area with separate heavy-duty washers and dryers. But, perhaps, the star attraction of the development is a community pool with a private clubhouse and its controlled 24-hour security guard service.

"Everything's included," said Matalon.

Buyers will be expected to make a 30 per cent deposit on signing, 20 per cent as the foundation, another 20 per cent at first-floor slab, 15 per cent once the roof goes on, and the 15 per cent balance on completion.

"We take a reservation deposit, basically to hold the spot, and then request payment after further work is evident," said the developer.

Disheartening

"It's very disheartening for a customer to pay up to 50 per cent of the purchase price and there is no work done because the developer is tied to [a particular] timeline. I did not feel that was good business practice."

At each stage of the payment schedule, the certified quantity surveyor forwards the estimates to the lawyer who then claims from the customer.

"We started selling only when we got government approvals. This is the reverse of what most developers do who just take your money and sell from plans," said Matalon.

"Purchasers are a little more cautious. They are not prepared to give a developer their money for 18 months and so many look toward purchasing a unit at the end of the development."

There is no escalation attached to the development since the units are priced in U.S. dollars.

Completion is slated for July 2007. Real estate brokers Valerie Levy and Associates are handling the sales.

- ashford.meikle@gleanerjm.com