Dionne Rose, Business Reporter

A graphic depiction of The Lexington apartments being built by Lexington Homes in Norbrook, St Andrew.

Developer David Stewart is transforming a 3.25 acre property in upscale Norbrook into a 28-unit luxury apartment complex - a $1 billion investment - he tells Wednesday Business.

The first eight apartments in The Lexington - each 5,000 square feet - are being pre-sold for US$950,000 (J$67.5 million), but Stewart says the price is likely to escalate to US$1.2 million (J$85 million).

Financing for the early phase project is partially by way of a $200 million loan from Jamaica National Building Society, which Stewart said he acquired at 18 per cent.

The developer also said he has acquired the land under mortgage from Jamaica National.

Upper-income bracket

"Lexington was designed mainly for the upper-income bracket ... all luxury features," said Stewart.

The development is the first large-scale project for Stewart's company Lexington Homes, which was formed in 2005.

For more than two years, the business has concentrated on building single houses on behalf of individual property owners.

"The company was mainly established to do custom homes - like dream homes," said Stewart.

He has done several houses in upper St Andrew for 'prominent Jamaicans', but Stewart also said he has designed homes for middle-income property owners.

"It was mainly design in the beginning and then we moved on to building," he said.

Construction of the units for Lexington phase one starts in June and is to be completed in October 2009.

The second phase, 20 apartments, is scheduled for 2009 with construction estimated to last 18 months.

dionne.rose@gleanerjm.com