Contrasting fates for luxury villa developments
Published:Sunday | August 1, 2010 | 12:00 AM
Likeseveralother property developments, plans for 30 new luxury villas by Half Moon Resort in St James have been put on hold.
The hotel needs commitment from buyers for at least half of the units but has not been able to spark enough interest because of the economic downturn.
Half Moon has cut the list price of the villas from between US$2.3 million to $6.5 million each, down to US$1.9 million to US$5 million, but this still is insufficient to secure business.
The Colony at Half Moon “was well received among our private invitation clients, with approximately 50 per cent of the units being subject to reservation and initial deposit”, Half Moon told Sunday Business via email.
“However, given the shift in the global economy, we determined to delay the project and will resume when the market hardens again and we have interest for all 30 luxury villas.”
ChrisBlackwell’sIslandOutpost, however, is reporting that its development on the famed St Mary beachfront property, Goldeneye, is selling and that the project is almost complete.
The Goldeneye cottages, with starting prices of US$900,000 for the one-bedroom units, are said to be 70 per cent sold, with a launch planned for October, just ahead of the official start of the winter season.
Bryant McClain, the marketing manager at Goldeneye, the former Jamaican vacation home of English writer and creator of the James Bond classics, Ian Fleming, said construction will be completed in time for the October launch.
Island Outpost broke ground for the expansion of the legendary resort in August last year. The first phase of the project included 11 beachfront cottages and a new seaside restaurant.
The architecture is classic Caribbean cottage with wood-clad exteriors, jalousie shutters and exotic outdoor showers. The 52-acre property now includes private villas, the 11 beach cottages, six secluded lagoon suites, Fleming’s original villa and the five villas built by Blackwell.
A collection of five original villas built by Blackwell, which range from one- to three-bedroom units, have been refitted and updated. The lagoon suites extend four feet out over the resort’s signature lagoon.
The Colony at Half Moon is a planned 160-acre development, to be made part of the existing rental pool at the resort, with the villa owners receiving 70 per cent of rental revenue.
The expansions had been marketed by Jamaica’s tourism officials as part of the Government’s commitment to encouraging high-end hotels along the north coast of the island dubbed Jamaica’s ‘Gold Coast’.
The master plan includes a new private-jet area at Montego Bay airport which provides high-net- worth visitors with their own immigration and customs centre.
The Colony at Half Moon was originally scheduled to be opened this year.