Real Estate Board gives green light

Durrant Pate/ Contributor

Real estate development company, Sygnus Real Estate Finance (SRF) can now start converting early lot reservations into binding sale agreements at its largest development project to date, Lakespen Industrial Park in St. Catherine.

This is due to the fact that the Real Estate Board has given the green light for the sale of lots in the J$4.05 billion 55-acre commercial and logistics hub, which will offer 34 serviced lots with flexible lots sizes from 0.8 to 3.0 acres to facilitate a range of business needs. The project, which caters to industrial warehousing, light manufacturing and distribution, is slated to be completed by the second half of 2027, where actual construction started two months ago.

With SRF firmly believing that industrial real estate is the next frontier in Jamaica’s march towards an investment-grade economic outlook, it views the Lakespen Industrial Park playing a leading role in that economic journey. The development, which comprises 46.4 saleable acres, will feature amenities such as landscaped common areas, an 8-foot boundary wall equipped with anti-climb security spikes, and surveillance cameras throughout the common areas.

In addition, there will be on-site rapid response security base, underground electrical distribution, a 70,000-gallon reserve potable water tank, and an engineered drainage solution for flood protection and site durability.

Collaborating with strategic partners 

SRF is actively collaborating with strategic partners to maximise value on this 55-acre industrial property, which is strategically positioned to provide exceptional connectivity with easy access to both the North-South and East-West highways, where the park is closely aligned. The plans to unlock value from this industrial property have advanced significantly, as construction activities progress as planned. 

SRF is reporting much progress with its J$4 billion nine-storey One Belmont Commercial Tower on Belmont Road in New Kingston, which was completed in 2024. The corporate office building is expecting to achieve its third tenant occupancy in 2026, as interior build-out works for some tenants have advanced on some of the remaining commercial floors. 

The monetisation of SRF’s partial exit from the One Belmont investment continued to advance with completion targeted for calendar year 2026.

Other real estate projects

Regarding its Mammee Bay, St Ann hospitality project, SRF continues to advance the value creation process for this 14-acre beachfront strategic asset with discussions and negotiations ongoing to unlock the best potential value in the asset, while pursuing approvals from various regulatory bodies. 

SRF, via its new joint venture partnership Delphin Holdings Limited, acquired a 4.9-acre property in New Court, Trelawny, with preliminary design concepts now being considered to unlock the optimal value of this asset.

The property is located approximately 18 miles east of the Sangster International Airport in Montego Bay, Jamaica’s tourism capital. Notable properties in the vicinity include: two Royalton Hotels, a new 900-room Riu Aquarelle Hotel, Planet Hollywood and the Excellence Hotel. The property is zoned for residential and/or hospitality use.