Can-Cara Development Company is developing an 800-unit housing project in St James, in which it will be pumping $4 billion.
The complex is to be done in four phases, the company told the Financial Gleaner on Thursday, ahead of today's launch of the development, slated for the dormitory community of Irwin.
"It will be an integrated development featuring gated and non-gated phases," said Joseph Lincoln, Can-Cara's chairman and CEO.
Meadows of Irwin will be in proximity to the new western campus of the University of the West Indies announced for construction in the same community.
10- to 15-year programme
The development is just the start of a larger programme that Can-Cara plans to roll out over a 10- to 15-year span, delivering a total of 4,000 housing units to Montego Bay and its surrounding areas.
Jamaica National has partnered with Can-Cara to market Meadows of Irwin, referring to the complex as a "nature retreat style housing development", and is already touting the western university as added value to buyers.
Some 23 acres of the 147-acre property are to be retained as 'green space'.
The housing units, of two, three and four bedrooms, are priced from a low of $5.76 million up to $30 million.
Model units completed
Two model units are already completed, while a corporate office is being erected at the site.
The road infrastructure is also under construction.
The first phase of the development, which is now on the market for sale, will see the construction of 212 units with an anticipated completion date of 18 months. The first set of houses is expected to be delivered within the next six months.
"We see the development as one of the most attractive being built on 147 acres of land, which is surrounded by a river," said Lincoln.
He said that three lakes would be created on the 23 acres identified as green areas for the community.
Meadows of Irwin follows the company's flagship $3 billion development, White Water Meadows in St Catherine, completed approximately four years ago.
Can-Cara will be relying on its own funds to finance the first phase of the development, but has applied to various financial institutions for financing of the other phases.
Lincoln is hunting funds from the National Housing Trust, National Investment Fund and Jamaica Mortgage Bank, as well as Capital and Credit Merchant Bank.
Exclusive deal
The deal being negotiated with JN is exclusive to the private mortgage institution, Lincoln said.
"The agreement being worked out is a very unique one; we will be going outside the box," he said.
"JN is in the business of providing mortgages, while we are in the business of providing houses, so we will be working out a suitable arrangement," said Lincoln.
100 per cent loan facility
While the two companies have worked before on previous developments, this type of arrangement will be the first of its kind where Jamaica National will be putting up money to assist in the marketing and promotion of the development, the Can-Cara chairman said.
JN said, under the arrangement, a mortgage facility would be made available to buyers.
"A 100 per cent loan facility has been put in place for applicants seeking to make purchases of up to $10 million," said a company-issued statement quoting Wanica Purkiss, JN's mortgage and operations manager.
"With JN Home Loans, these mortgages are provided at maximum repayment terms of 35 years."
Jamaica National will open the model units for viewing Saturday and Sunday, following today's launch of the project.
sabrina.gordon@gleanerjm.com
