JAM | Nov 29, 2023

NCB signs off on US$20m construction loan for PROVEN’s Sol Harbour development in Ocho Rios

/ Our Today

Reading Time: 3 minutes
;Bruce Bowen, CEO, NCB; exchange a handshake and documents with Peter Bunting, chairman, Proven Properties Limited, to seal the deal while Aisha Campbell (right), CEO Proven Properties Limited and Raymond Donaldson (left), VP corporate and commercial banking, NCB, look on.

National Commercial Bank Jamaica Limited (NCB) has finalised a US$20 million deal with developers PROVEN Properties Limited, through its wholly-owned subsidiary Real Milford Limited.

The deal will fund a resort-style residential development in St Ann, marking the fourth major collaboration between NCB and PROVEN.

NCB says that the move demonstrates its continuous commitment to driving infrastructural growth and development across Jamaica, as the island’s largest commercial bank.

Sol Harbour, set for completion in December 2025 in Ocho Rios, St Ann, is designed to address the growing demand for high-quality accommodation while contributing to the area’s economic growth. The development will feature modern, eco-friendly condos, catering to a wide demographic.

In commenting on the deal, NCB CEO Bruce Bowen stated: “Our successful financing of the construction loan for this project is a testament to our capacity and commitment to drive major and transformative developments. We are not just a bank, but a catalyst for growth and innovation. Our ability to facilitate such large-scale financing underscores our strength and readiness to be a key player in future projects of similar magnitude and impact.”

Nestled in the heart of the city

The project consists of two seven-story high-rises with 152 units, including 140 studios and 12 two-bedroom apartments. Residents will have views of the Ocho Rios Harbour and the surrounding mountains. Amenities include a clubhouse with a gym, pool, and lounge, concierge service, jogging trails, and landscaped gardens. Its strategic location close to the Ocho Rios town centre, offers easy access to famous Jamaican attractions and key services.

 Peter Bunting, chairman Proven Properties Limited; Kyle Anderson, corporate banking relationship manager; Bruce Bowen, CEO, NCB; Christopher Williams, CEO Proven Group Limited, in conversation after finalising the deal.

Peter Bunting, chairman of PROVEN Properties Limited, expressed enthusiasm, noting that the new development is a first for Ocho Rios’ town centre in almost three decades.

“Ocho Rios, a prime tourist destination, presented an opportunity for us to lead the gentrification of our resort-residential offerings. The Sol Harbour project marks a significant advancement in our pursuit of providing innovative, high-quality residential living and resort-style amenities. This commitment, however, extends beyond meeting the demand for premium developments in the area; it resonates deeply with our commitment to positively influence the economic and social landscape of St. Ann,” Bunting said.

Raymond Donaldson, vice-president of corporate banking at NCB, added: “We are proud to collaborate with PROVEN Properties on this visionary project. It aligns perfectly with our commitment to financing large-scale initiatives that will help to re-invigorate communities. We want entities to know that our doors are open for dialogue and collaboration, where we will offer expert insight, as well as tailored solutions to meet the unique needs and aspirations of our clients.”

The Sol Harbour project is anticipated to create employment opportunities, thereby contributing positively to the local economy of St Ann. It also paves the way for future developments, establishing a new benchmark in this field.


What To Read Next