When it comes to building generational wealth, real estate is an ideal investment. 

With wide-ranging benefits like appreciation, tax deductions, and principal paydown, real estate investing helps you generate wealth you can pass down to your heirs. 

Michael McMorris, chairman of the VM Group, guest speaker at the official opening of Treasure Bay Estates in Great Bay, Treasure Beach, St Elizabeth, said investing in real estate offers numerous benefits. Many people, he said, shy away from real estate investments due to misconceptions that they are intimidating or require a large amount of money. 

“The sooner you start investing in property, the sooner you can begin building your portfolio. People choose real estate investment as a means to build wealth, as the real estate market tends to be less volatile than the stock market,” McMorris said. 

“Investing in real estate is relatively straightforward, and almost anyone can invest in a property. There are various reasons to invest, regardless of your age, income, or other factors,” he added. 

In addition, real estate developments, McMorris said, can significantly improve a community by revitalising neglected areas, boosting the local economy through job creation and increased spending, and enhancing the overall quality of life for residents. 

“They can also improve infrastructure, provide amenities like parks and community centres, and foster a sense of community,” he added. 

Construction projects such as Treasure Bay Estates create jobs for local contractors, tradespeople, and suppliers. Once completed, new businesses and residents can lead to more job opportunities in the area. 

New residents will spend money at local businesses, boosting the local economy. Developments generate tax revenue for the local government, which can be used to fund public services and infrastructure improvements. While master-planned communities with a mix of residential and commercial units can diversify the local economy and make it more robust. 

In addition, he said new developments often require upgrades to roads, utilities, and public transportation, benefiting the entire community.  

“Developers may include parks, community centres, and recreational facilities, enhancing the quality of life and promoting social interaction. Shopping centres, schools, and other amenities can make a community more convenient and attractive for residents,” McMorris said. 

Treasure Bay Estates is a brand-new gated community in Great Bay, Treasure Beach. This thoughtfully planned development features 132 residential lots, each approximately ¼ acre in size, with ocean and mountain views.

Each lot is sold with approved architectural plans to choose from four attractive modern designs to suit your lifestyle. Purchasers are required to complete construction within five years of purchase. 

Features include a clubhouse with pool, gym, and on-site management office, hard courts for tennis, pickleball, and other recreational activities, including a children’s playground and beautifully landscaped green spaces. 

Bernard Henry, chairman of Great Bay Joint Venture Company Limited, said they began looking at the project in 2022. The property that has been in his family for over 75 years is a significant investment, he said, for the Treasure Beach community. 

“Treasure Beach means the world to us. Our objective is not to change the culture of the community but to add to the culture. We want to establish a place for people to raise, rest, relax and enjoy. We have the best real estate partners, Keller Williams Jamaica Realty, and our intention is to grow the community,” Henry said.