Are you interested in making a real estate investment in Jamaica?
With Victoria Mutual Building Society (VMBS) offering a 6.85 per cent special interest rate and several value-added incentives for Jamaican nationals and other potential Canadian investors interested in accessing mortgages, now will be the ideal time.
Senior VMBS officials along with Jamaican developers and realtors were in the Greater Toronto Area (GTA) last week to provide advice on how to access a VMBS mortgage and purchasing homes in Jamaica.
“Individuals leave their home countries for various reasons, but they never actually leave emotionally,” said VMBS Senior Vice-President and Chief Operating Officer, Peter Reid. “They still have family in the countries of their birth and many make annual visits. Owning an asset in their home country is something some look forward to doing and this is a golden opportunity for that.”
Reid, who spent six years in the GTA attending York University’s Glendon College and working at Scotiabank before returning to Jamaica, said the developers were selected based on their ability to complete their projects on time and within budget.
“As Jamaica’s oldest financial institution, we obviously have a track record and our integrity to maintain,” said Reid who was a vice-president at Scotiabank in Jamaica before joining VMBS 30 months ago. “That means we have to choose carefully, which we did. The partners here with us have also been around for quite a while, they are proven and they have a very good product in various locations across the island.”
The developers who came to the GTA included West Indies Home Contractors, Kentek Development & Construction Ltd. and KENCASA Construction & Project Management.
KENCASA has partnered with Zuccherina Developments Jamaica on the Holland Estates project in Trelawny that’s being built on 192 acres of coastal land in four phases. A central feature of the project is the University of Technology’s western campus which houses the educational institution’s Faculty of Hospitality and Tourism.
“Holland Estates is unique because it’s going to be the first university town that has ever been built in Jamaica,” said KENCASA President and Chief Executive Officer, Kirk Kennedy. “It will include a kiddies’ park in each of the four phases, a jogging trail, a waste water treatment plant and social services. In addition, space will be allocated for the construction of a chapel with historic features. It’s going to be the place of choice for persons who want to live, do business, raise families and enjoy a healthy lifestyle.”
VMBS director, Paul Barnett, said the new housing projects should be appealing to nationals who have spent a considerable time in Canada and other parts of the Diaspora.
“Many of these people are approaching retirement and they are making plans for the future that includes spending the winter in Jamaica,” he said.
Coldwell Banker Jamaica Realty, one of the country’s largest real estate companies, was also represented at the “Mortgage Talk Time” presentations at Peter & Paul Banquet Hall in Scarborough and the Jamaican Canadian Association centre.
The VMBS Toronto office – led by chief representative officer Denise Sinclair – hosted the meetings.
“Our interest in the community has not only been to promote our products and build our brand but also to make long term investments in nation building,” she said. “The investments made through our corporate outreach initiatives will help to ensure that our country’s future is well secured.”
Established in 1878 by the then Kingston Parish Church rector and a group of clergymen to meet the needs of the “deserving thrifty”, VMBS has a network of branches in Canada, the United States and England.
Mortgages and savings rank high on the company’s suite of products and services.
BY RON FANFAIR