Sagicor Group Jamaica (SGJ) is in the final stages of construction on its New Brunswick Village commercial and residential complex on Brunswick Avenue in Spanish Town, St Catherine.
The financial conglomerate expects to begin handing over keys to the commercial units later this year, and residential units by April 2023.
The property will feature 89 residential units and several commercial blocks and is expected to breathe new life into the old capital and provide well-needed real estate solutions for businesses and middle-income families in the fast-growing parish.
“We’re very pleased to be able to bring this development to the market in a time when many persons are looking for residential options that are accessible and well-connected to the corporate area, but do not want to, or cannot afford to live inside the metropolis,” said Donnette Scarlett, Sagicor Group Jamaica’s Senior Vice President – Group Treasury & Asset Management.
She added: “This development will also provide great value to businesses who are looking to have a stronger presence in Spanish Town, as well as consumers who will benefit from access to their products and services.”
The commercial blocks boast a total of over 40 units and will allow for businesses to access single or multiple units as desired to build out their storefronts.
Scarlett noted that Sagicor already has three main anchor clients who will set up shop at New Brunswick Village, and are in negotiation with several others.
“We can confirm now that a Sagicor Bank branch will be one of our flagship businesses for the commercial complex, and we intend for other businesses within the Sagicor Group to have a presence here in the near future,” she said. “We will also have a pharmaceutical company RA Williams Distributors Limited along with Island Grill as anchor tenants at the location.”
The commercial area of the property will be directly accessible from the main thoroughfare of Brunswick Avenue, with secured entrance and exit, while the gated residential community will be nestled at the back of the property with its own entrance and security checkpoint.
“The 89 residential units will be a combination of two-bedroom townhouses, and a mixture of apartments that are studios and one and two bedrooms,” she added.
The multibillion-dollar project is being undertaken as a joint venture with Bailey Williams Limited and will be managed by Sagicor Property Services (SPS) – the real estate management arm of Sagicor Group Jamaica.
Scarlett said the location and modern design of the facilities have been major pull factors for both commercial and residential clients so far, and she expects to see a sharp uptick in prospective commercial tenants when the doors officially open.
“The businesses are attracted to the location because it’s very visible and easily accessible, without the heavy congestion and other concerns that would have come from being in the town centre. It also has a modern facility to which they can tie their brands, and the residential community directly behind it, adds a natural flow of prospective customers,” she said.
Scarlett also highlighted the ease of access to the Angels leg of the North-South highway providing easy access to Kingston and the north coast, plus the development’s proximity to conveniences and top-rated schools in the parish.