Dionne Rose, Business Reporter
Peter Matalon, developer of Coco Palm townhouses in Water Works, St Andrew.
Developer Peter Matalon is investing almost $900 million to develop three acres of property on prime residential lands in the community of Manor Park/Waterworks in upper St Andrew.
Matalon left West Indies Home Contractors (WIHCON) three years ago to form his company, Matalon Homes Limited, in partnership with his cousin, Joseph M. Matalon. This project, called Coco Palm, is his second development, having completed a 15-unit townhouse complex at Millsborough, St Andrew. Those homes were three-bedroom homes.
private, gated community
The Manor Palk/Waterworks scheme will be a private, gated community comprising 28 single-family townhouses, Matalon told Sunday Business.
The homes, to be priced at between US$495,000 and US$620,000 (J$35.64 million- J$44.64 million) with no escalation fees, will target a mix of young professionals and retirees. The more expensive price tag will be for a handful of basemen units. The sizes will range from 2,555 square feet to 3,467 square feet.
"It will be with everything, all the appliances, all of your fixtures, chandelier in the dining room. This is complete and finished," Matalon said.
Construction began in July shortly after getting permission from the Kingston and St Andrew and Corporation, said Matalon, and is expected to be completed in the first quarter of 2010.
Features of the development include metal-shake roofing, porcelain tiles, door, window and ceiling moulding, a community pool and clubhouse, designer cabinets, granite countertops and stainless-steel appliances.
Matalon said he plans to put the units on the market in the next three weeks. He said he already has several interests in the units. A local bank is financing the project.
Prospective buyers will be required to make five instalments on the property, with a 30 per cent deposit on signing, followed by 20 per cent in 120 days, 20 per cent in 240 days, 15 per cent in 360 days and 15 per cent on completion.
A graphical illustration of the finished homes at Coco Palm. - contributed
dionne.rose@gleanerjm.com
