Jamaican Teas to start construction of Manor Park apartments in August
Jamaican Teas Limited plans to begin the construction of 18 apartments at Portview Road in Manor Park, St Andrew in August.
The company will finance its latest construction project internally, CEO John Mahfood told Loop News.
Construction is expected to be completed by summer 2018, with Jamaican Teas targeting young professionals in the purchase of their first home.
“It’s going to be very nice, it’s on a hill overlooking the ocean and the one-bedrooms are reasonably priced at $15 million,” Mahfood said. “So we expect it to be in high demand.”
He also shared that the company will finish building the remaining properties at its Orchid Estate development in St Thomas in June.
Jamaican Teas completed the sale of eight houses during the three months ended December 30, 2016, three more than it did in the comparative period of 2015. This brings the total number of units sold and delivered in the Orchid Estate project to 29.
Commenting on further plans for the real estate segment of the business, the tea maker noted that the Portview development is its only other planned housing project.
“We are not a big developer and we try to do one a year,” Mahfood said.
Jamaican Teas recently signed off on a $57 million purchase of the Government of Jamaica’s 42 per cent interest in KIW International.
It plans to develop the KIW property, which is adjacent to its factory, into a modern warehouse complex.
For the three months ended December 31, 2016, Jamaican Teas’ total comprehensive income was $65.4 million, five per cent down from the $68.5 million in the comparative period in 2015.
A small loss from discontinued operations of $1.3 million for the current quarter and $4.3 million for the prior year’s first quarter are reflected in the consolidated Statement of Comprehensive Income, Jamaican Teas said in its financial statement.
The group however enjoyed growth in revenues from continuing operations to December 2016 of nine per cent, moving from $344.6 million in the first quarter of 2015, due to the increase in completion of sales of its residential units, an 11 per cent increase in sale for products in the local market and moderate growth in its supermarket by four per cent.
FEATURED PHOTO: John Mahfood