Realty Check

Wednesday, July 21, 2010

THE National Housing Trust (NHT) plans to build six upscale townhouses in the Kingston suburb of Cherry Gardens costing $141.7 million, according to just-released government data.

Prime Development Company has been endorsed to construct six townhouses each with three bedrooms and associated infrastructure at 2a Mark Way, Cherry Gardens which leads to the Hillel Academy High School on Upper Mark Way. The NHT puts the cost to build each unit in the $24-million range but the selling price will be determined when the units go to market in August 2011.
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ONE of the largest international land surveying companies, the Korea Cadastral Survey Corporation (KCSC), has signed an agreement with Geoland Title Limited, a Jamaican land management company, for the rapid expansion of the Land Administration and Management Programme (LAMP).

The Korean entity which is recognised worldwide for having the best practices in land surveying and cadastral mapping internationally, is investing millions in the project and will save the Government of Jamaica substantial expenditure.
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Monday Exchange
BY JULIAN RICHARDSON Assistant Business Co-ordinator richardsonj@jamaicaobserver.com
Wednesday, July 07, 2010

Jamaica Hotel and Tourist Association (JHTA) President Wayne Cummings says the move by Government to tighten the supervision of strata properties will help facilitate Jamaica’s transition into the timeshare market.

The Registration (Strata Titles) (Amendment) Regulations, approved in the House of Representatives in March, is aimed at providing strata corporations — which has a role to manage properties for the benefit of all unit holders — with the administrative tools to more effectively handle issues that may arise with fractional ownership or multi-dwelling complexes.
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Experts talk realty at Mayberry forum
Sunday, April 04, 2010

Every good decision is made with wise advise, and as the global recession shows signs of easing, one of the questions on the lips of the prudent investor is “should I consider real estate going forward?” That is where wise advise can come in very handy.

Mayberry Investment Limited assembled three real estate experts to examine the opportunities and threats in the industry at its monthly investor forum held at the Knutsford Court Hotel on Wednesday. The panelists were Karl Allison, founding partner at chartered (valuation) surveyor firm Allison Pitter and Company; international real estate expert Pierre Shirley; and Sandra Watson, general manager of the Real Estate Board.

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Wednesday, March 17, 2010

The Registration (Strata Titles) (Amendment) Regulations, which provides the administrative tools for Strata Corporations to administer their duties effectively, was approved in the House of Representatives on Tuesday (March 16).

Prime Minister Bruce Golding mentioned that Regulation 11(d) provided for information to be made available to the key players in the strata business, so that nobody would be taken unfair advantage of.
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BY JULIAN RICHARDSON Assistant business co-ordinator richardsonj@jamaicaobserver.com
Sunday, March 07, 2010

LOCAL engineers are exploring a number of alternative building materials which could make housing solutions more affordable in Jamaica.

The National Housing Trust lends a maximum of $3.5 million to individual borrowers and two persons can combine for a loan for a maximum of $7 million. But Jamaica Institution of Engineers (JIE) executive member Desmond Young, who has responsibility for housing matters, argues that current real estate prices are way beyond the reach of the majority of persons seeking a home.
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The Air Jamaica building, corporate head-quarters for the national carrier, is on the market for sale, as the airline counts down to a final agreement with prospective buyer Caribbean Airlines of Trinidad.

Sale of the five-storey 32,802-square foot building, located on Harbour Street and overlooking the Kingston waterfront, was expected.
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BY TANESHA MUNDLE Observer staff reporter mundlet@jamaicaobserver.com
Thursday, March 04, 2010

A pregnant former National Housing Trust (NHT) employee, who was allegedly involved in a housing racket which defrauded persons of about $10 million, was on Tuesday remanded in custody after her bail was revoked in the Corporate Area Resident Magistrate’s Court.

The accused, Stacy-Ann Garvey, also known as ‘Coleen Henry’, who is currently awaiting trial for her alleged involvement in another 2008 housing racket, is charged with eight counts of obtaining money by false pretence and two counts of conspiracy to defraud.
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Thursday, February 18, 2010

OSWALD James, the Kingston attorney accused of cheating a client of $25 million in a real estate deal, will return to the Corporate Area Resident Magistrate’s Court to answer fraud charges on April 22.

The attorney, who was arrested last year August 14 by Fraud Squad detectives, had his bail extended Tuesday when he appeared before Resident Magistrate Judith Pusey.
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