First Rock CENTURY Holdings Ltd has struck a deal to acquire a majority stake in CENTURY 21 Heave-Ho Properties Ltd, the legal franchise holder of the international CENTURY 21 real estate brand which has been led for more than two decades by businesswoman Deborah Cumming.
With the deal, the detailed terms of which were not immediately available, Heave-Ho says it has forged a significant relationship with First Rock CENTURY Holdings Limited, led by Ryan Reid, Dr Michael Banbury, and attorney-at-law/realtor Jordan Chin.
Moving forward, Cumming will remain as CEO and qualifying broker, and Chin will be operating in an executive capacity. The team of Cumming and Chin is expected to have a close working relationship to further grow the business.
TOP-3 BROKERAGE IN JAMAICA
The company’s board of directors will be chaired by Chin and has been expanded to include Reid, Banbury, Rohan Grant and Sean Shelton.
CENTURY 21 Heave-Ho Properties has been in the real estate business in Jamaica for more than 20 years, with a workforce of in excess of 50 agents, and offices in Kingston and Montego Bay, St James.
Cumming founded CENTURY 21 Heave-Ho Properties in 1998 and, under her leadership and sales drive, has built the company into one of the top three brokerages in the country.
Since founding CENTURY 21 in Jamaica, the company has been the #1 CENTURY 21 office in the Caribbean for four consecutive years and Cumming has personally been awarded the Centurion Designation for outstanding performance numerous times.
She has also gained a CIPS designation, and has served on the executive of the Realtors Association of Jamaica (RAJ), and assisted with initiating the MLS, which has been a major benefit to the industry.
In commenting on the reorganised CENTURY 21 Heave-Ho Properties, Cumming said: “I feel there will be a positive synergy between First Rock Group and CENTURY 21 Heave-Ho Properties and that together we will play a key role in the development plans of First Rock in Jamaica and the Caribbean.”
She added: “We will be able to realise on new ventures and market opportunities. This will benefit us both, and, of course, our agents.”
Chin commented: “This partnership with Deborah Cumming and the CENTURY 21 team is very exciting, the combined skills set of the executive leadership will propel CENTURY 21 forward. The reorganised team plans to significantly impact the real estate industry.”
Chin further stated “it has always been an ambition of mine to pursue a deeper role in the real estate industry and follow in my father’s [the late Dennis Chin’s] footsteps. I look forward to working with Debbie and her amazing team.”
Added Reid: “We are really looking forward to the strong working relationship with Debbie and her team. We are entering this space in a meaningful and aggressive way and will further capitalize on any potential M&A in the real estate industry across the Region. We think as a Group and Board, the space is ripe for growth capital, and especially, given the continuing outlook for the construction sector in Jamaica, the Caribbean, and naturally the direct correlation to the real estate sector.”