Thursday 26 November, 2020

Sygnus Real Estate invests US$4.2m in St Ann villas

The panoramic ocean view luxury development located in St Ann, is scheduled for a 2021 completion date.

The panoramic ocean view luxury development located in St Ann, is scheduled for a 2021 completion date.

Sygnus Real Estate Finance Limited (SRF) the real estate financing company within the Sygnus Group, continues to expand its reach and unlock capital for real estate development across the island.

Its newest project, a US$4.2 million ($609 million) panoramic ocean view luxury development located in St Ann, is scheduled for a 2021 completion date.

"Ocean’s Edge Country Club” is being developed by the Norma Clarke-led Genesis Construction Company Ltd and will comprise 16 luxury villas strategically positioned along the edge of the Caribbean Sea in Discovery Bay and within close proximity to celebrated tourism attractions and other luxurious villas.

SRF partnered with the developer by providing the construction financing facility for the complete project.

“Typical of the flexible approach that SRF has towards deploying capital in real estate, we’ve added our own creative twist to crafting a solution that works for our partners and us. By working closely with the client in refining the business case and fully understanding what the development entails, it builds confidence on both sides and allows us to uniquely design a mutually rewarding approach,” stated David Cummings, Vice President and Head of Real Estate and Project Finance at Sygnus

With construction set commence next month, pre-sales are very strong with just about 60 percent of the units already sold, SRF said.

The 14-month construction timeline will have units being delivered in October 2021.

The development is targeted at returning residents (many of whom have already purchased units), investors looking for good returns and families wanting a second/vacation home on the North Coast. Pre-Construction Prices begin at US$495,000 ($70.8 million).

The development will feature 16 two-storey units (2,200 sq ft each); ocean view; infinity edge pool; clubhouse; and underground utilities.

Ocean’s Edge Country Club designed by architect, Lori McIntosh, will be an important enhancement to Discovery Bay. It proposes a modern development in a historic setting with large townhouses designed with all the amenities and modern conveniences to make living comfortable and easy.

The development will be within easy reach of the Puerto Seco Beach Park, Dolphin Cove, Green Grotto Caves, Discovery Bay and many other amenities.  It will be a secure gated community, and will feature 16 two-storey units (2,200 sq ft each); ocean view; infinity edge pool; clubhouse; underground utilities and standby generator.

“The product is contemporary in design and has attracted a lot of interest as reflected by the robust pre-sales we have seen. We have a very strong pipeline of other exciting projects especially in Commercial and Industrial Real Estate that will come to market early next year.” stated Cummings.

SRF is confident that Genesis Construction has assembled an experienced professional team to execute the project seamlessly and at a very high standard.

“This project has been meticulously developed through every phase to be considered a luxury townhouse development for the most discerning buyer. Genesis is extremely happy to be partnering with Sygnus who share the same concept as we do for high quality and creativity in executing this project,” stated Norma Clarke, Director at Genesis Construction.

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