Proven secures US$20m funding for St. Ann development

 

Proven Properties has secured a US$20 million loan from National Commercial Bank Jamaica (NCBJ).

 

The funds will be used to finance a "resort style" residential development in St. Ann, dubbed Sol Harbour.

 

Co-founder and Chairman of Proven, Peter Bunting, says the market has shown great interest in the offering. 

 

"Pretty much all the units are sold or reserved. Sometimes the team chooses to hold back a few units for later in the cycle closer to delivery of the units, because we've seen, for example, in some of our other projects, that the price appreciation between those who bought off the plan and those who waited until the project was almost at completion, was significant, and the early investors were able to make a good turn on their money even before the sale was closed, finally, and the properties were delivered," he noted.  

 

The project is set for completion in December 2025, at a total price tag of about US$25 million.

 

Sol Harbour will consist of two seven-storey high-rises with 152 units, including 140 studios and 12 two-bedroom apartments.