Majority of Residences at Terra Nova project depositors refunded
Published:Sunday | November 6, 2022 | 10:58 AM
The developer of the Residences at Terra Nova project in St Andrew is reporting that the majority of depositors have been refunded.
In a statement, the company said most manager's cheques for refunds had been dispatched up to Friday, November 4.
It says the others have been delayed because of new instructions received from some purchasers to send their refunds by bank wire transfers.
The Hussey family pointed out that none of the depositors' funds were used in any phase of the development, but was all held in escrow.
In fact, it was noted that to date the project has been funded entirely from the family's resources.
“No depositors' funds have been used or invested in any instrument of any kind, which can be verified by the Real Estate Board,” the statement pointed out.
“The Real Estate Board was involved in the project from the beginning, based on our intention to bring the concept of a mixed-used business complex to the desirable New Kingston location,” said the statement.
READ: Shock as Terra Nova pulls luxury apartments off market
In announcing plans to halt the development of the residential units, the Hussey family cited "differences between outcomes and expectations due to adverse external economic conditions" as the reason for the change.
When the $7 billion 14-storey development was unveiled in 2021, the developers promised a mixed-use complex with 30 fully furnished hotel suites managed by Terra Nova All-Suite Hotel and 61 luxury residences.
However, the Hussey family said the project will now only accommodate hotel suites and amenities as an extension of the existing hospitality facilities on the premises.
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