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THE WEEKLY GLEANER | DECEMBER 13 - DECEMBER 19, 2021 | www.jamaica-gleaner.com | REAL ESTATE 18 THE W EKLY G EAN R | DECEMB R 13, 2021 - JANUARY 12, 202 Glen Munro/Gleaner Writer LONDON: A PANEL of financial experts is encouraging Jamaicans across the diaspora to capitalise on favourable investment opportunities on the island. The call was made during the webi- nar, titled ‘Real Estate and Investment’, organised to celebrate The Weekly Gleaner ’s 70 years of publishing in the United Kingdom. The two-hour discussion was mod- erated by Simone Bowman, managing director of Bowman Law Caribbean, which specialises in legal advice and support to the diaspora for commercial, inheritance, probate matters and land transactions in Jamaica. The other panellists were real estate developer Andrew Issa, managing director of Coldwell Banker Jamaica Realty Ltd; Dr Kevin Brown, UK north representative for the Global Diaspora Council, who facilitates effective en- gagement with Jamaica; Nordia Teape, CEO and director of marketing, sales and branding for Integrated Diaspora Services Ltd (IDSL); Christine Campbell- Swaby, a partner at Salmon and Swaby law firm in Kingston, Jamaica; and Percival laTouche, president of the Jamaica Association for the Resettlement of Returning Residents. Describing business opportunities in Jamaica, Issa explained: “Jamaica has come out of the pandemic extremely well economically, compared to many countries across the world. “It has held up well during the last year and a half and presents a fine op- portunity for those across the diaspora to invest and buy a second home in Jamaica. This year has been one of the best for real estate investment. It is a win-win situation for investors.” Developing the theme of capitalising on financial opportunities in Jamaica, Dr Brown says there has been a shift in attitude among investors in Jamaica. He said: “The diaspora has become more nuanced in its approach to prop- erty investment. This is evident not only among the Windrush generation, but subsequent generations born in the UK, who are now looking to Jamaica to own a piece of the Rock, as we call it.” He added: “Members of the diaspora are not just purchasing property be- cause they want to return home and live in Jamaica, but because they want to invest. They realise that an invest- ment in property can be utilised by them on a short-term basis when they visit the country and rented, when they are not residing on the island. Renting on a long-term basis or a short-term basis, through AirBnB, has become a very popular alternative in Jamaica. “I think Jamaica is ready to receive more investors, and I hope a lot more of us living abroad will participate in that activity.” Christine Campbell-Swaby, an at- torney-at-law, agrees with the upbeat assessment of opportunities. She urged listeners to the webinar: “Even if inves- tors have a property portfolio, think about enhancing that.” BUSINESS OPPORTUNITIES Panellists noted that a reflection of the Jamaican administration’s grow- ing support of investors has been seen in the development of the National Financial Inclusion Strategy (NFIS), which provides funding and technical assistance for small and medium-sized enterprises. Recent amendments to the Proceeds of Crime Act have alsomade it easier for persons to open bank accounts, with one form of government-issued iden- tification for the business concern or accepting forms of identification other than government-issued identification. The Ministry of Industry has im- proved the regime that allows for busi- ness persons to use movable collateral, such as equipment and cars, as a basis for obtaining a loan from regulated financial institutions. Commenting on the plethora of investment opportunities on the Caribbean island, Dr Brown said: “Jamaica has one of the best perform- ing stock exchanges in the world and the country is seeking investors all the time, especially within agro-processing. “There is a whole range of industries which are untapped in Jamaica, that need people with good ideas and who have the entrepreneurial spirit. What is clear is that once an investor has pur- chased a home and a base, it is easier to capitalise on investment opportunities.” Integrated Diaspora Services Limited is a company that assists investors to make transactions in Jamaica when it is not possible for them to be present on the island. The transactions IDSL facilitate include shipping logistics, marketing and permit acquisition. While acknowledging that Jamaica has a glut of business opportunities to attract entrepreneurs, CEO Teape pointed out that approximately 80 per cent of persons who contact IDSL do so to enquire about the acquisition of property on the island. Commenting on the demand for real estate in Jamaica, Teape said: “Despite the negative press about Jamaica, per- sons still want to get a piece of the Rock. “The challenge is that a lot of people are not properly informed when ac- quiring property, but this is not unique to the diaspora Integrated Diaspora Services provides the information that investors need. For example, you can- not do business and acquire a prop- erty in Jamaica without a Taxpayer Registration Number and we facilitate the acquisition of this. “It’s important that investors have someone who can be trusted, such as a real estate company, who is on the ground and is able to search out places of choice.” The webinar was organised by The Weekly Gleaner as part of its 70th an- niversary of publishing continuously in the UK, and was the second of a three- part series, with the final one slated for December. Real estate investment is a win-win, says panel Simone Bowman Dr Kevin Brown Nordia Teape CONTRIBUTED PHOTOS S YGNUS REAL Estate Finance Limited and its subsidiary, Audere Holdings Limited, have launched construction of a modern office building enhanced by smart technology andmultiple-level parking spaces, to be known as One Belmont. Overall, the high-rise commercial complex will span nine floors and put 78,789 square feet of rentable space on the market by 2023, when the project is expected to be finalised. Its project team includes BYD as contractor, Peter Jervis & Associates as civil engineers, and Neustone as project manager. The edifice, designed by Virtuoso Architects and named for its address, 1-3 Belmont Road in New Kingston, will feature four levels of parking, totalling 310 parking bays, and include a terraced rooftop for recreation and social events. William Tavares-Finson, who is a director of Audere Holdings, contributed a portion of the Belmont lands being used for the project as equity. Financing of the overall $3.7- billion project was arranged by Sygnus. Audere Holdings was formed in January 2020 and is owned 70 per cent by Sygnus Real Estate Finance and 30 per cent by Tavares-Finson and his firmD.C. Tavares & Finson Company Limited, according to Companies Office of Jamaica records. Sygnus Real Estate was formed two years ago and is a member of the Sygnus Group. The real estate investment company went public and listed in October, with a number of projects either lined up or in execution, inclusive of a tractor dealership and headquarters under development in Kingston’s industrial belt on behalf of IMCA Jamaica, distributors of Caterpillar construction equipment. In the documentation released for the One Belmont development, the company incorporated a pictorial reminder of its other pending projects, which includes two luxury residential developments – Ocean’s Edge Country Club, to be built in St Ann, and Wasser Norbrook in Kingston; and an industrial complex to be called Lakes Pen Industrial Park and sited in St Catherine. business@gleanerjm.com New high-rise office complex for New Kingston David Cummings (left), vice-president and head of real estate and project finance at Sygnus Group, explains to Prime Minister Andrew Holness how their building will transform the landscape of New Kingston. Also in the photo are Berisford Grey (background, partly hidden), Sygnus Group president and CEO; William Tavares-Finson (second right) of Audere Holdings Limited; and Beder Zhang of contractors BYD. Ground was broken Tuesday at the One Belmont commercial complex. IAN ALLEN/PHOTOGRAPHER