- Rudolph Brown/Staff Photographer ALL COMMERCIAL units in the newly-completed Jamaica Post Mall, located in Liguanea, St. Andrew, have been sold.
The commercial complex sits opposite the Sovereign shopping centre on Government-owned land where the old Liguanea Post Office was located.
"It was very easy to market and sell the units," said Gordon Brown, public relations and marketing manager for the Postal Corporation of Jamaica. "Most were sold even before construction was completed."
The mall is the result of a novel approach to development, which involved the collaboration of both Government and private interests.
Mr. Brown said the shopping complex was completed in November last year, a month behind the scheduled date of completion.
The Government used the land, valued at $42 million, as equity to finance part of the $135 million project, the remainder of which was funded by a loan which the real estate development company, KES Developers, obtained from International Trust and Merchant Bank.
MASSIVE STRATA DEVELOPMENT
He said KES Developers were awarded the contract to develop the land after a tender process was completed, because they made the best offer in terms of the flexibility in their arrangements and the quality of their designs.
The new 45,000 sq. ft. commercial complex is a strata development, Mr. Brown said. Each owner of an individual unit is also a part owner of the entire complex.
As the most recent addition to Liguanea, an area with seven shopping plazas, the Jamaica Post Mall may be in for a bit of competition. However, Mrs. Jennifer Messado, spokesperson and attorney for KES Developers, said there is room for additional players in the thriving commercial area. "You can't have too many shopping areas in such an active location, it is an absolutely perfect place to do business," she said.
Mr. Brown agreed. "I don't think the new shopping complex will threaten existing businesses in the area."
