Proven REIT investing US$14-m in New Kingston residential development
Newly appointed CEO of Proven REIT, Aisha Campbell.
Proven REIT is investing US$14 million ($1.8 billion) in its latest residential development, which will feature 87 studio apartments on Braemar Avenue in New Kingston.
The units, which are currently in the design phase, will include one and two-bedroom studio apartments and are expected to go on sale next January.
The Braemar development sits on just under two acres of prime real estate and is designed by local architect, David Douglas.
The aim is to go for an iconic look which serves as a model in the new Kingston area, Proven Management Limited stated in a press statement, following a briefing on Wednesday.
Newly appointed CEO of Proven REIT, the real estate subsidiary of Proven Management, Aisha Campbell said the company is primarily targeting investors and young couples.
“We are pretty much targeting investors, young families, newly married couples and members of the diaspora. So we are looking at clients from both the local and diaspora market,” explained Campbell .
Meanwhile, Proven REIT is set to break ground on one of its upscale residential developments located on Millsborough Avenue, St Andrew during the last quarter of this year.
This follows strong sales of the first development in the same area, which has seen 80 per cent of the units sold to date.
The two Millsborough developments consist of luxury villas and apartments, with the 25-27 Millsborough Avenue comprising 11 luxury two- and three-storey villas and six two-bedroom apartments.
The other, at 21 Millsborough Avenue, comprises six luxury villas, two-storey and three-storey - and nine two- and three-bedroom apartments.
Providing an update on Proven REIT’s company’s investment in Mandeville, Campbell said the company is developing lands on Bloomfield Estates on Greenvale Road to construct a mixed-use development.
The Proven REIT CEO said the company has more exciting developments in the pipeline and are excited about the prospects locally and regionally.
“It’s a prime time for persons to invest in real estate - liquidity is high and interest rates are low. Real estate is a sure bet - it’s a solid investment and you can definitely get your returns there,” said Campbell, who took up the role of Proven REIT CEO three months ago.