Universal Mortgage to develop residences for St Ann
Published:Sunday | April 17, 2022 | 12:06 AM
Universal Mortgage Company (UMC), a family-owned business chaired by Ernal Richards, will be developing a residential complex at Priory, St Ann, costing around $700 million.
The 310-acre property overlooks the Richmond Housing Estate.
UMC acquired the former sugar cane lands close to a decade ago and secured change-of-use and subdivision approvals from regulators for the real estate project.
The development, to be called Caribbean Swiss Housing Estate, comprises 360 lots for construction of townhouses, apartments, and other three-bedroom units targeted at middle-income home buyers.
UMC has already spent $100 million on land acquisition and infrastructure works and says it is close to a deal with joint venture partners for the other $500 million to $600 million needed to start construction on phase one of Caribbean Swiss in six months.
Richards estimates that phase one should be completed in 12-18 months.
UMC will also be developing property at Lilyfield and is also seeking joint venture partners to build housing units on 125 acres at the Strawberry Hill Royal Country Club, about 30 minutes’ drive from Priory. The Lilyfield residences will be targeted at middle and lower-middle income earners.