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Sagicor places Hambani Estate Development in receivership

 
Sagicor Bank Jamaica has placed the lands under mortgages for the Hambani Estate Development owned by First Rock Real Estate Investments into receivership. 
 
This action announced Wednesday comes after what Sagicor described as months of good faith efforts to reach a fair and sustainable resolution. 
 
First Rock Real Estate says it is working to refinance the Sagicor Bank facility, which has now reached maturity.
 
The luxury Hambani Estate project, situated at 1-3 Bamboo Avenue in Kingston 6, is about 90% complete. It features 12 standalone villas designed to appeal to the ultra-wealthy. 
 
First Rock said practical completion of the project has already been achieved and there is a waitlist for the three unsold units. 
 
Once refinancing is secured, the company anticipates completing the project within three months.


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