Attorney-at-law and consultant with the firm Myers, Fletcher and Gordon (MF&G), Natalie Farrell-Ross (right), converses with (from left) chief investment officer at JMMB, Fayval Williams, attorney-at-law and partner at MFG, Bruce Levy and the deputy chairman of the Jamaica Chamber of Commerce's Conference Board, Anthony Chang, during the recent MF&G/JCB Wednesday morning seminar at MF&G's offices in downtown Kingston.
ATTORNEY-AT-LAW AND Consultant with the firm Myers, Fletcher and Gordon (MF&G), Natalie Farrell-Ross, says that real estate development, just like any other investment, carries risk.
Mrs. Farrell-Ross, who was guest presenter, spoke on the topic: 'The Implications of the Construction Boom in Jamaica' at the recent MF&G/JCB Wednesday morning seminar at the law firm's offices in downtown Kingston. She noted some of these risks "were associated with constraints which were an inherent part of the real estate development process which individuals entering the field needed to be cognisant of."
These, she said, related to the interaction with various govern-ment agencies, the three main ones being the planning authorities such as the Kingston and St. Andrew Corporation, parish councils and the National Environment and Planning Agency, the Stamp Office as well as the Titles office.
Mrs. Farrell-Ross pointed out that several of these agencies had resource constraints, including inadequate staff and being under- equipped to deal expeditiously with the volume of work coming in. Consequently, the approval process for development plans submitted could take anywhere from 12-18 months. Mrs. Farrell-Ross suggested that Government remove these constraints in order to reduce the risk involved, as well as facilitate the sector's growth. She pointed out that a booming construction sector would make a significant contribution to Jamaica's overall economic growth.
INCREASE IN DEVELOPMENT
The attorney pointed to the recent increase in residential real estate development, which she said was accommodating the top and middle-income ends of the market. These developments, which Mrs. Farrell-Ross said
were being undertaken both by industry professionals as well as interests outside of the sector, and occurred whenever the market conditions were favourable.
She said the recent increase in National Housing Trust loans on which interest rates had been reduced was key in boosting affordability for persons seeking housing solutions.
