Kingston Properties looking to monetise assets quicker

 

Kingston Properties has said it is looking to monetise more assets in a bid to streamline operations.

 

CEO Kevin Richards said in addition to other projects already exited, the company is looking to sell property in New Kingston, a deal it hopes will be concluded shortly. 

 

He noted that the company has already monetised condos it had in Florida and is looking to do the same with others. 

 

"We're going to be shifting our strategy more towards a more dynamic one where that would mean the reduction in our holding period. Typically, we hold a property for five to seven years; some that are dear to our heart we hold on for much longer. But there are others that we're going to be just in them for a shorter period of time. That is a quicker to cash sort of strategy that we're going to be doing," he explained. 

 

Mr. Richards also said the company is considering more construction opportunities based on current market trends. 

 

"We've seen where the demand is primarily in warehouse and flex space. So we are looking at some of those opportunities in Jamaica and in the Cayman Islands. And we'll continue to spread our wings as far as possible. Europe is somewhere that we've been sort of eyeing for a little bit of time now," he said.