Norbrook Realty Limited, a real estate company founded by Khary Robinson, executive chairman of Norbrook Equity Partners, has announced three major development projects that will create more than 250,000 square feet of luxury commercial and residential properties in Jamaica.
The projects, which will see Norbrook investing over US$75 million across them, will include a commercial tower in Kingston and two luxury beachfront communities in Ocho Rios, St Ann.
Norbrook said it has taken a careful approach in entering the real estate development market through a mix of strategic partnerships and pre-construction sales.
“For years, we observed the real estate industry and, like any of our other business lines, we spent time and effort to understand the market and identify gaps,” said Robinson.
“Thereafter, we strategically accumulated key parcels of land, formed partnerships with proven industry experts, and developed a unique product set for a niche audience. Given our conservative nature, we then presold units to further reduce our risk. Today, we are excited to unveil three projects that we are very proud of and that will form the backbone of our formal entry into real estate development.”
Norbrook’s first project, which completely sold out pre-construction, is Bohio Villas, which is a luxury beach enclave in Mammee Bay that boasts 14 villas and vast amenities, including private beach, central pool, gym, spa, and vast greenspace for events.
“Each villa at Bohio allows its owners or guests to enjoy the privacy of a villa with four bedrooms, private pool, outdoor eating space and backyard, while having access to the superior central amenities of an exclusive luxury development. The villas were all sold turnkey, including furniture, and will be fully managed by Norbrook Hospitality. This ensures that our buyers can seamlessly enjoy their villa when they want and earn from it when they don’t,” said Robinson.
With the success of Bohio Villas, Norbrook acquired an adjoining 20 acres of beachfront to build a larger luxury oceanfront community called Banbou Cove Resort Residences. Leveraging the partners and consultants from its initial project, including architect GW Architects, construction company Relmac, project managers Neustone and financing partner JMMB, Norbrook aims to build 20 high-end villas and 36 luxury condos on the property, many of which have already been reserved by buyers.
“Banbou Cove is going to be very special as we look to create a uniquely elegant and fun community that will redefine the luxury resort residential market in Jamaica. Like Bohio Villas, the units will be sold turnkey and will be fully managed, making them easier to acquire and enjoy as an investment property and second home. We will officially launch those units for sale in the upcoming weeks, but many have already been reserved by buyers who heard about the project,“ said Robinson.
Noting it had not only targeted the luxury resort residential space but that of luxury commercial as well, culminating in the acquisition of 109 Old Hope Road which currently houses Mailpac Group, Norbrook said it aims to erect an exclusive commercial tower, including retail on the ground floor, corporate offices, short-term rental luxury condos, and even rooftop restaurants.
“In our view, 109 OHR will be the premiere commercial development in Kingston, given its location, scope and variety of offerings. Not only will it host flagship locations for Mailpac, Express Fitness and Hertz, but will deliver unique convenience and access given its central proximity to both New Kingston and the residential areas of Kingston 8 and Kingston 6. Coupled with an unparalleled view of Kingston to the sea, the development is sure to be one-of-a-kind,” said Robinson.
Despite three projects in the pipeline, Robinson said Norbrook was was eager to further its position as a leading provider in the luxury real estate market in Jamaica.
“With the amazing team of partners and consultants we have pulled together, and the clear mismatch in supply and demand in the luxury real estate space, we are excited to position ourselves as a leading provider in that market and are eager to see what the future holds for us in that arena,” said Robinson.