MoneyMasters to invest close to $3 billion in Montego Bay developments | Loop Jamaica

The content originally appeared on: Jamaica News

MoneyMasters Real Estate and Infrastructure Limited (MMREIF) is investing $3 billion in real estate projects in Montego Bay over the next five years.

MMREIF recently provided structured financing to well-known developers Concept Homes Limited for the construction of a luxury apartment in Reading, St James.

MoneyMasters President Claudette Crooks said the company sees Montego Bay as the next frontier to development in Jamaica.

“There is underlying support to drive demand in the area. We see Montego Bay as an expansion market that is supported by the BPO expansion. We also expect that the tourism sector will eventually return and also bring new opportunities to St James,” Crooks said.

MoneyMasters is participating in two other developments in the Montego Bay – one in the centre of Montego Bay and the other at the border of St James and Trelawny, Crooks disclosed.

A section of the luxury apartment complex developed by Concept Homes and financed by MoneyMasters Real Estate and Infrastructure Limited

MMREIF, the real estate company of securities firm MoneyMasters, raised $1.2 billion a private placement after launching in November last year. MMREIF shareholders will benefit from the investment by way of dividends and capital gains.

“We are not in the rental market. We are simply in the market of identifying undervalued assets, creating value and then converting that value to cash flow. So basically, we buy, improve significantly and then liquidate. We do some distribution and then move on,” Crooks outlined.

MMREIF plans to list on the Jamaica Stock Exchange next year.

“We have about three projects that we are in the process of implementing, and once we are at a satisfactory level, we will come back to the market for capital through the listing, and this will provide liquidity for our initial shareholders,” Crooks said.

These three projects in question include two in Kingston and another in Montego Bay.