MONTEGO BAY – Jamaica National Building Society (JNBS) is set to increase its near 60% market dominance in residential mortgages with a recently established partnership to be exclusive marketers of Meadows of Irwin, a nature-retreat style housing development in Irwin, St. James.
Deemed “A Touch of Paradise” the multibillion- dollar development, which is located approximately seven minutes from Montego Bay, will be an integrated community of 800 homes, featuring some 23 acres of green space. The meandering Montego River is adjacent to the property and adds to the naturalistic feel of the development.
This project by Can-Cara Development Limited, according to Wanica Purkiss, JNBS Mortgage and Operations Executive, “satisfies a surge in the demand for reasonably priced gated communities in the Montego Bay area.”
“The unique design of the development sets it apart from others, in that it incorporates aspects of nature that make for comfortable living. It is ideal for first time home buyers and is an excellent real estate investment opportunity,” Mrs. Purkiss says.
“With the other developments currently under way in that location, property values in the Irwin area have been rising at an impressive rate; therefore if the buyer considers appreciation over time, they will be getting good value for their money,” she informs.
Mrs. Purkiss believes that the development’s attractiveness has been greatly impacted by its proximity to the future site of the University of the West Indies Western Campus.
She discloses that prices for the homes start as low as $5,700,000, with split level units commanding a price of just over $11 million. The Mortgage and Operations Executive announces that “a 100% loan facility has been put in place for applicants seeking to make purchases of up to $10 million. With JN Home Loans, these mortgages are provided at maximum repayment terms of 35 years.
“This is an additional benefit we have availed to the market at this time. Previously, the Mortgage For Her facility was the only means of securing 100% mortgage financing to our customers. However we decided to do something extra special to ensure that more people can access one or more of these houses,” Mrs. Purkiss says.
“Prospective owners also have ready access to pre-approvals throughout the JNBS network locally and overseas; and at the Can-Cara Sales office. Additionally JNBS Sales Representatives are available for individual appointments at the buyers convenience,” the Mortgage Executive outlines.
Mrs. Purkiss states that the partnership provides mutual benefits including access to “a pool of potential mortgagors and buyers, including members of the Diaspora, who are ready and willing to purchase these units.”
“The establishment of this partnership,” Mrs. Purkiss states, “allows the Society to further fulfill its commitment to helping Jamaicans both locally and overseas to find their way to home ownership.”
Meanwhile Chairman and Chief Executive Officer of Can-Cara Development Limited, Joseph “Junior” Lincoln, disclosed that some $4 billion is being invested into this project. He expects the alliance with JNBS to be as successful as the previous partnership some years ago.
“Given our success with the Whitewater Meadows project after a United Kingdom (UK) tour with JNBS in 2000, we expect to benefit in a like manner in the sale of these units. As a matter of fact, we have already planned to attend JNBS’ real estate fair in the UK at the end of May this year.”
“We respect JNBS as one of the major players in the market and we have done very well in the past with them, which is the main reason JN was our first choice for the exclusive marketing and promotion of this development,” he continues.
Meadows of Irwin is slated to open Friday (March 14). The Minister of Housing and Water the Hon. Dr. Horace Chang is the keynote speaker, while the Mayor of Montego Bay, representatives from the Jamaica Mortgage Bank, the National Investment Fund and several other financial institutions will attend the event.
