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Gore Developing $3.4b Housing Scheme In Old Harbour

Jamaica Gleaner, published: Friday | August 25, 2006

Susan Gordon, Business Reporter

Gore Developments Limited is investing $3.4 billion in a new housing scheme to be located at New Market Pen in Old Harbour, St. Catherine, financed by commercial bank loans, according to managing director Christopher Gore.

Construction starts in December.

The development to be called New Harbour Village, will provide 845 two-bedroom housing units, adding to Gore's 900-unit Ryhne Park Village, in St. James to start in September.

The 845 units at New Harbour Village, Old Harbour will be built on 52 hectares (128 acres) of land, the company said it purchased from four different families last November for just over $200 million. The Marsh family owned the largest portion.

The first set of houses will hit the market at $3.83 million.

According to Christopher Gore, just under a third of the units would be ready for sale by May 2007. "We are projecting to commence construction of 263 units in phase one of this development in December 2006 and January 2007," he said.

"All approval have been granted from the various agencies and we are awaiting approval from NEPA (National Environment and Planning Agency)."

Gore anticipates he will get the go-ahead in four to six weeks. If the price of its units holds, Gore will earn $1.01 billion on phase one sales. To break even on the invested funds, it would have to price the other 582 units no lower than $4.11 million. Gore plans to start marketing the units in October.