Durrant Pate/Contributor

Work has officially resumed on the problem-plagued $2-billion luxury Hambani residential project being developed by FirstRock Group at 1-3 Bamboo Avenue in Liguanea, St Andrew.

This follows the successful debt restructuring in which FirstRock successfully cleared its US$10 million debt to Sagicor Bank Jamaica, which was being used to finance its upscale residential complex. The debt restructuring was executed after Sagicor Bank moved in June this year, placing some of the remaining lots in the development into receivership to recover its construction loan to FirstRock’s subsidiary, FCH Jamaica Developers, with Mayberry Investments stepping in to provide the capital to pay off the debt.

The resumption of construction work marks a major milestone for the project and a renewed focus on delivering one of Kingston’s most anticipated luxury developments.

In a news release announcing the resumption of construction, Mayberry says it is ”proud to support this transformative project and congratulate First Rock Real Estate Investments on this important achievement”.

Hambani back in motion 

Mayberry’s CEO, Patrick Bataille, commented that his company is excited to see the Hambani project back in motion, noting, “The resumption of construction reflects the resilience and strategic execution of the team, and we remain committed to supporting the vision as the project moves towards completion.”

Hambani is set to be a landmark luxury residential development contributing to the ongoing transformation of Kingston’s urban landscape and creating meaningful economic activity through local employment and investment.  

Mayberry is congratulating FirstRock on this important achievement and looks forward to the continued collaboration as the development progresses towards its successful completion.

Construction on Hambani, which is in the Kingston 6 area, began in 2022, as a high-end gated community of 12 stand-alone villas, designed to appeal to Jamaica’s ultra-wealthy clientele. 

The development is over 90% complete. with practical completion already achieved. Hambani is the only development complex of its kind, providing the ultra-wealthy with a safe, secure and central location in the heart of Kingston 6. The units are 8,400 to 8,700 square feet with desirable amenities. 

The units entered the market at over US$2 million each, which pushed the limits of the luxury market. At current exchange rates, that price is equivalent to more than J$320 million per villa.