Hambani Estate Development in limbo
Published:Wednesday | June 4, 2025 | 5:34 PM
Uncertainty surrounds the next steps at the Hambani Estate Development, a luxury development in Liguanea, St Andrew.
Notices, sent nearly 12 hours apart, have left investors baffled as to what happens next.
In an early morning filing on the Jamaica Stock Exchange (JSE) at 4:41 a.m. today, developers First Rock Real Estate Investment Limited advised of its intention “to refinance the credit facility extended by Sagicor Bank Jamaica Limited surrounding the development of its Hambani Estate residential complex located at 1-3 Bamboo Avenue, Kingston 6.”
The company said, given the maturity of the Sagicor Bank Facility, FirstRock “has engaged with a financial institution with a view to fully repaying the facility,” FirstRock said, adding that Sagicor Bank has taken possession of the remaining lots.
But in a mid-afternoon statement, Sagicor announced that it had foreclosed on the development, after “months of good-faith efforts to reach a fair and sustainable resolution.”
“Sagicor Bank Jamaica has made the difficult decision to place the lands under mortgages for the Hambani Estate Development, granted to First Rock Real Estate Investments Limited, into receivership,” Sagicor said, adding that it had taken possession of all but one house lot, which has been fully paid for.
Contacted for comment, CEO of FirstRock, Ryan Reid, said he was out on field work and would issue a clarifying statement by late evening.
First Rock Capital Holdings secured a US$10 million construction loan from Sagicor Bank Jamaica for the Hambani Estates project.
This loan covered 77 per cent of the project's estimated US$13 million cost.
Hambani Estates is a 12-unit residential development with luxury standalone villas.
The Hambani development has been beset by delays since construction commenced in July 2021.
Completion was set for 18 months, but the project has missed deadlines.
FirstRock says "the project currently stands at 90 per cent completion, with practical completion having been obtained within the development already. The current loan-to-value is 45 per cent."
And in the latest development, Sagicor Bank says it has no further comment on next steps as the matter is now out of its hands.
"The lands under mortgages for the Hambani Estate Development, granted to First Rock Real Estate Investments Limited, have been formally handed over to the appointed Receiver – Business Recovery Services Limited. As such, any further decisions or public statements relating to its operations or future now fall under its purview,” the bank said in response to questions from the Financial Gleaner.
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