Sale is expected to net approximately J$500 million
Entertainment, lifestyle and real estate development company, Pulse Investments is now selling residential units in its Villa Ronai development located at Old Stony Hill Road in St Andrew.
Pulse has gone to the residential real estate market with its 16-unit Pulse Lofts development at its Villa Ronai complex. The Pulse Lofts development consists of mostly studios and one-bedroom apartments with lofts.
The sale is expected to net approximately $500 million. The proceeds will be used to increase liquidity and reduce the company’s current J$750-million bond liability.
In the meantime, Pulse which has been building out its Villa Ronai Lifestyle Village, plans to retain 54 of its recently completed 70-unit Villa Ronai Lifestyle Village as well as 15 of the 30 two and three-bedroom homes now being constructed in the Villa Ronai valley.
The high end of the Villa Ronai valuation could be in excess of J$6 billion on completion. The Villa Ronai development would account for the bulk of the Pulse’s total assets, which equated to $9 billion as of June 2022.
The development is being done in two phases, ending in 2024 and 2026. Pulse operates a modelling agency but also holds income-generating properties in St Andrew at Villa Ronai and New Kingston, at Trafalgar Road.
Villa Ronai is a nine-acre property where Pulse already provides hospitality services.