Dionne Rose, Business Reporter

Life of Jamaica, the insurance-based group, says it is about to start its residential development in Kingston's sought-after golden triangle region, which will bring up to 55 homes to the market at between $25 million and $40 million a piece.

"The demand for them is very high so we are waiting on approvals to go to market," said Rohan Miller, LOJ's vice-president for investment.

"What we are trying to do is to create a complex with a good amount of green area with the landscaping being a big part of the project," he said.

LOJ is projecting to spend $1.6 billion to develop the four-and-quarter acres of land it acquired on Seymour Avenue last year.

AWAITING APPROVAL

The project was expected to be off the ground already, but is still awaiting final approvals from the local planning authority.

LOJ plans to construct 32 two-bedroom apartments and 23 three-bedroom townhouses.

Life of Jamaica's most recent real estate development was the Winchester Road project, near Half -Way Tree, on four acres of land acquired from Jamaica Broilers Group.

That mixed development, completed last year, was comprised of 20 studios, 30 one-bedroom and 10 penthouse apartments.

There is a also a commercial building next door with 69 business units.

All the residential and commercial units at Winchester were sold, Miller said.

With the Seymour Avenue development geared towards the high end of the market and purchasers expected to shell out big bucks, Miller said LOJ was planning carefully to meet their requirements and tastes.

"You need to spend a lot of time designing to make sure we get it right - that when we go to the market, it's what the consumer is demanding," he said.

dionne.rose@gleanerjm.com