JMMB plans real estate projects in Kingston, Mandeville Loop Jamaica

The content originally appeared on: Jamaica News Loop News

The JMMB Group is looking to capitalise on the growth potential in the commercial real estate market, targeting the development of commercial, warehousing and business process outsourcing (BPO) projects over the next two to three years.

To this end, planning has begun for two projects in downtown Kingston and Mandeville, consisting of approximately 33,000 square feet and 30,000 square feet of commercial office and BPO spaces.

Tracey -Ann Creary, corporate development manager with portfolio responsibility for the management of JMMB’s land and property holdings, outlined the financial group’s strategic direction to leverage opportunities that will add shareholder value.

Creary said JMMB is actively identifying and pursuing projects which will grow its portfolio and respond to market needs and trends.

“These two multi-billion dollar projects are expected to be completed in the next two to three years, even while JMMB Group looks to roll-out other projects in its portfolio,” she said.

Tracey -Ann Creary is the corporate development manager with portfolio responsibility for the management of JMMB’s land and property holdings.

As a newer player in the real estate market, JMMB Group is looking to plan, design, develop and construct properties and later bring to market for sale, lease or sale-leaseback.

“Real estate is not static, and as an innovator in the field, we are open to lucrative opportunities that are in keeping with our portfolio focus, and therefore will explore joint-ventures and other partnerships,” Creary said.

She noted that partnerships would enable JMMB Group to deepen and expand its reach in the real estate market, meet the investment and strategic performance criteria, and fulfill our business objectives, thereby providing returns for our stakeholders.

Over the long-term, JMMB Group will continue to build out its portfolio of greenfield and brownfield projects for other commercial projects that can facilitate agile working and other uses.

“With the Jamaican government and private stakeholders undertaking key infrastructural projects, such as the Southern Coastal Highway Improvement and the development of town centres in Morant Bay and other rural towns, we believe that this signals clear opportunities to undertake real estate projects that will create significant value that are broadly aligned with national development and Jamaica’s Vision 2030 plans.”

Investment in commercial real estate, aligns with the changing economic environment with the growing need for warehousing, business process outsourcing space and related projects that will support infrastructure development, the JMMB executive added.