Ashford W. Meikle, Business Reporter

Life of Jamaica has acquired this property at 25 Seymour Avenue, part of the Golden Triangle of expensive real estate, for $150 million. - Contributed

Insurance and financial services conglomerate, Life of Jamaica (LoJ), has snagged property in the upscale neigh-bourhood known as the Golden Triangle, paying $150 million for property at 25 Seymour Avenue, according to reliable sources, who also say the locale will be transformed into a gated community.

The property, located a few chains from the official residence of the Canadian High Commis-sioner, covers two and a half acres and was sold by Ken Tomlinson of Business Recovery Services Limited, the source indicated, under power of mortgage.

Tomlinson acted for bad debt collectors Jamaica Redevelopment Foundation Inc.

LoJ's assistant vice-president for corporate marketing, Karl Williams, while confirming the sale, did not divulge any details about the transaction except to say negotiations "had been going on for some time."

This will be LoJ's second major real estate development in as many years.

Winchester completion

On four acres of land bought from Jamaica Broilers Group about three years ago for US$3 million, the insurance company constructed Winchester Estate, a gated community comprising a mix of 20 studios, 30 one-bedroom and 10 penthouse apartments.

Phase two, the commercial development Winchester Business Centre, located next door the apartments, is scheduled for completion in March and will consist of some 48 small, medium and large units designed to accommodate professional suites, light retail, commercial and warehousing business entities.

Developing and marketing

Winchester marked the insurance company's first major venture into the real estate market since the FINSAC meltdown of the 1990s when the company had to shed a big portion of its real estate portfolio, owing to an illiquid balance sheet.

Now, LoJ is focusing more on developing and marketing rather than holding properties to grow its revenue base, a point Williams made.

Williams declined to go into details about plans for the land saying LoJ was still fleshing out ideas, but it's likely the company will be constructing a townhouse complex on the property.

"With the size of that land, and with the building regulations of 30 habitable rooms per acre, they could construct about 20 three-bedroom townhouses on the property," a real estate agent told Financial Gleaner.

In fact, Williams also alluded to this. "If you look at the neighbourhood," he said, "it will give you a better hint of plans for the property."

Duplication probable

The area, Seymour Lands - better known by its moniker, Golden Triangle - is one of Kingston's oldest and most exclusive neighbourhoods with the average home set on at least two acres of land.

Several embassies and diplo-matic residences are also located in the neighbourhood where a three-bedroom townhouse sells for about US$400,000 ($28 million).

LoJ is unlikely to duplicate the concept it developed at Winchester, and if it does, is likely to face a fight, since residents in the Golden Triangle with its strict building covenants are noted for their united opposition to commercial develop-ment in the area.

But, there is precedent: the Seymour Park commercial complex, located on Old Hope Road, is a stone's throw from Seymour Lands.

ashford.meikle@gleanerjm.com