C&H Property Developers Limited will start construction on a luxury townhouse development at Stilwell Road, St. Andrew, next month, having secured loan financing from First Global Bank, says developer Charles Hines.

Hines told Sunday Business that he is investing $97.4 million in the Stilwell Gardens project.

The property to be developed under joint venture is just under 4,447 square metres in size, according to the blueprints.

The land, said Hines, was put up by C&H's joint-venture partner, whose name he would not disclose.

The sloping property is earmarked for 11 townhouses comprising one-bedroom units of 1,382 square feet, and two-bedrooms of 1,890 square feet, designed by architects Archon Associates.

pricing of units

The units have been priced at $18.5 million and $20.5 million, respectively, and are being marketed by Go Realty Jamaica as a corporate residential development in a country-style setting.

Hines said he expects to complete the units by November of this year. His next project, he also tells Sunday Business, will be done just off Highway 2000.

To be called Victoria Gardens, the development will target middle-income earners, and will be priced in the $7 million to $10 million range, he said.

There is a big market out there for middle-income bracket home buyers, said Hines. They cannot afford the $20 million homes and can also do better than the $4 million lots.

richard.deane@gleanerjm.com