Ground broken for $2.1-billion housing development in Kingston Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Sherbourne Limited will soon be bringing its J$2.1-billion residential development, Kingston Two Apartments (K2), to market.Located in Bournemouth Gardens, Kingston 2, the 10-storey residence, for which ground was broken on Tuesday, will feature 119 units, ranging from studios to two-bedroom apartments.

These will comprise 54 studios – 374 sq ft, 28 one-bedroom units – 738 sq ft, 35 two-bedroom units – 827 sq ft, and two two-bedroom super units on the ninth floor– 1,201 sq ft, all with waterfront views of Kingston Harbour.

Amenities include a gated entrance, 150 parking spaces, an outdoor entertainment deck, ground-floor lobby and lounge, roof terrace with a fitness centre and pool, an onsite wastewater system, backup generator for common areas, and water storage tanks.  

BYD Construction is the contractor for the development, which is expected to be completed by the fourth quarter of 2025.

In his keynote address, Prime Minister Andrew Holness said, globally, waterfront properties are among the highest value real estate, noting that the Government, recognising this, has begun to stimulate the development.

“Along Port Royal Road, we have put in a new revetment, a new sea wall, we have increased the boardwalk, and the intention is to do that development coming all the way along this roadway here, Norman Manley Boulevard, going all the way down to [Sir] Florizel Glasspole Drive, going down to the airport. Eventually, you are going to have a lovely facility which we call a linear park. You can jog on it, just leisure, have meetings and it will be there for the entire use and benefit of the community,” the Holness detailed.

He explained that the intention is to pull people to the waterfront in an environment that is safe and gives utility for recreation.

“Once that starts to happen, it will help to change the character of the area. That, I’m certain, will add value to the development that you are doing,” Holness said.

The prime minister, who endorsed the K2 residential development, said he is certain that other enterprising developers are looking on to see how it turns out, “and if it is successful, East Kingston and Port Royal, as a destination for housing development, will take off”.

For his part, Member of Parliament for Kingston East and Port Royal, Phillip Paulwell, noted that K2 is a significant development for the eastern end of the capital city.

“We have given the investors our assurance that I want to see this project developed as a model for the Corporate Area. We ask that where there is employment of skilled and unskilled people, we be given the first priority,” Paulwell said.

Meanwhile, Director of Sherbourne Limited, Michael Lake, shared that the starting prices range from $16.2 million, $28.8 million, and $34.6 million, for studios, one-bedroom and two-bedroom apartments, respectively.

“The vast window openings within each unit will provide each homeowner with an uninterrupted view of the beautiful harbour,” he said.Lake added that K2 provides an opportunity for Jamaicans to invest in real estate that typically provides the greatest capital appreciation.