The Palmyra – Montego Bay’s Award Winning Project
Massive expansion of hotel rooms has peaked the interest of real estate developers. 2004 saw the purchase of land for the island’s first beachfront luxury project by the international Resort Properties Group from Europe. The Palmyra Resort & Spa condo-hotel will offer 630 condominiums and villas once completed, and the real estate development has added a new dimension to their luxury offering by bringing globally renowned spa company E’SPA to the island. Jamaica offers one of the last hidden gems in the Caribbean for shrewd real estate investors, who can purchase a Jamaican island home with ocean view on what has been nicknamed the ‘GOLD COAST’ for prices starting as low as US$400,000. Foreign ownership of land in Jamaica is unrestricted and financing is now available through First Caribbean Bank, making the real estate offering even more tempting. Casino Legislation has been rumored to be under review, an issue of great interest to the island’s tourist industry. Casino’s would allow Jamaica to compete with other Caribbean islands that feature gaming as one of their main attractions, and add yet another facet to the destination’s offer. Currently, limited gambling with slot machines is legal. It is expected that smaller, service related companies will follow the larger companies into Jamaica to create more jobs, a phenomenon that recently has been experienced in the Dominican Republic and Mexico.
Sir Kenneth Miller, President and Founder of the UN National Committee for Habitat, a non-profit Non Government Organization associated with the United Nations, has extensive experience in collaborations between the private sector and the UN for the building of housing and creation of sustainable communities across the world. In his role as executive director and liaison between the UN National Committee for Habitat and the United Nations Center for Human Settlements, the real estate expert managed the development of private sector efforts for various international projects. “Jamaica is a prime example of successful collaboration between the government and the private sector in the creation of sustainable, economic growth,” said Miller.“The modernization and re-development of MBJ Sangster International Airport and the Northcoast Highway project, connecting the resort towns of Negril, Montego Bay and Ocho Rios, both projects with major private sector participation, have spurred unprecedented levels of foreign direct investment. Indicators suggest that Jamaica may move ahead of the other Caribbean nations in the next decade.” Miller points to the fact that in contrast to the rest of Latin America, Jamaica has managed to attract foreign investments to support a rapid expansion and transformation of its infrastructure.
Ranked a remarkable number 17th by the World Investment Report, Jamaica has attracted in excess of US$3bn in private, foreign investment in the last 3 years alone, and change is taking place in almost every industry corner, including real estate, tourism, banking, telecom, energy and transportation. In addition to a string of hotel projects, notable projects under development along the northern GOLD COAST include the 25.000 seat Trelawny Multi-purpose Stadium under construction, a new Convention Centre in Rose Hall and the new Shoppes at Rose Hall offering high end duty free shopping and entertainment. Said Miller; “All these projects bring added value to the area and will influence real estate prices in a positive direction.” The island-wide improvements have not escaped the attention of foreign real estate investors, who are realizing that Jamaica has a lot going for it and are snatching up property at a heightened pace. Importantly, services such as financing and mortgage brokering are available for the first time competitively, putting the purchase of a second home within reach for many. Said Miller; “Jamaica compares favorably with all the Caribbean islands, due to its unique culture, creative and friendly people, ideal weather, wonderful beaches and spectacular mountains and an abundant water supply. Jamaica provides an opportunity for property buyers to have it all.”
According to the New York Times, the construction of the new and luxurious Palmyra Resort & Spa has played a major role in establishing Jamaica as a serious contender on the Caribbean property scene. Superior in quality to the vast majority of other developments in the region, The Palmyra offers a safe haven for families and their investments with a luxury real estate offering not previously seen on the island. Said Sir Miller; “From a local real estate perspective, there is no question that the Palmyra Resort & Spa has jump-started the property industry and put the island on the map as a desirable second home destination. The construction of such a luxurious real estate development has huge significance for the island as a whole, and is widely thought to lead to unprecedented growth in the sector.” Pointing to the Palmyra’s magnificent destination spa by global spa specialist ESPA and the resort village’s numerous 5-star amenities; Miller said that the community promises to be the most sophisticated and complete beachfront resort in the region, exceeding the likes of Sandy Lane in Barbados, Atlantis on Paradise Island and Palmas del Mar in Puerto Rico.
According to Miller, buyers increasingly look for properties that can guarantee a luxurious, ‘no-hassle’ lifestyle. “Today’s buyers are knowledgeable and smart. They seek something better than what has been available until now, and demand a break from the ordinary ‘cookie cutter’ resorts. They want the best experience they can have, with all the latest comforts, in a convenient and safe atmosphere. The Palmyra Resort & Spa fulfils that dream.” Miller confidence in the development is due to the development company’s track record in creating quality property, such as the luxurious Castello del Nero Hotel & Spa in Tuscany, a member of luxury travel chain ‘The Leading Hotels of the World’, combined with the Palmyra’s prime location makes the development an attractive investment. “The fact that The Palmyra is located directly on the Caribbean Sea within the confines of Rose Hall, surrounded by almost a billion dollars in infrastructure, makes it the smart buy in the Caribbean region.” said the real estate guru. “With Rose Hall’s many luxury hotels, three magnificent golf courses, shopping & entertainment village and superior infrastructure, the gated community of the Palmyra will offer buyers the best of both worlds; a good investment and a great lifestyle,” concluded Miller.
For more detail please see our full detailed review at: http://www.legacyresortconsulting.com/viewResort.aspx?ResortName=The%20Palmyra&ResortId=988ee2cd-c4b9-43de-9170-3269a1f49438
Wondering whether The Palmyra is your perfect piece of real estate?
Contact Us….we can answer this and all your investment real estate questions!