West Indies Home Contractors (WIHCON), which has been responsible for some of Jamaica's biggest real housing projects, is planning a 1,000-home development on the outskirts of the south-coast town of Old Harbour.

Assuming the plans pass the scrutiny of planners and regulators, it would become one of the largest developments to be undertaken in this decade on that side of the island, eclipsing the New Era project.

Judith Bruce, WIHCON's administrative manager, confirmed that the project, one of two the company intends to roll out this year - the other is planned for Mona in St Andrew - but declined to provide details on cost or specific on style or design of either either, pending formal approvals from government agencies.

However, real-estate sources suggested that a development of the size being planned for Old Harbour would cost in region of $5 billion, perhaps more.

Bruce said that the scheme will be be mixed unit project of various sizes and will be called Whim.

"We would like to build some one bedrooms and so on," she said.

She said, too, that the complex was being tailored to cater to a variety of purchasers in discreet communities, which appeared to suggest that it will not be dissimilar in concept to Caribbean Estate, a 980-home gated complex in Portmore, St Catherine, that was developed by New Era Homes.

That project was valued at $4 billion.

The National Environment and Planning Agency told Wednesday Business that it had not received an application for the Old Harbour development, but said it was aware of the project.

WIHCON hopes to roll out its two new projects within this year, according to Bruce.

Word of WIHCON's new plans comes at the finalisation of another housing development called Presidential Estate that the construction company now has on the market.

WIHCON also held comment on the investment made in that project. It is, however, looking to gross more than $900 million in sales revenue, according to Wednesday Business estimates.

Bruce reported "enthusiastic response" to Presidential Estate, which was developed on 18.29 acres of Old Harbour land.

These 103 units are priced at $8,831,765, but are also subject to certified escalation.

The Mona, St Andrew, project will be on a smaller scale than Old Harbour's, but Bruce declined to say by what magnitude until after permission has been granted by the Kingston and St Andrew Corporation (KSAC), the capital city's local government.

A project in Mona will, in a sense, be a return to its roots for the Matalon family controlled construction and real estate company.

In 1958, it built 630 homes at Mona Heights the first such development in Jamaica targeting the middle classes.

In the 1990s, it partnered with the Government to tap into the funds for Venezuela under the San Jose accord to build over 10,000 homes in what is now Greater Portmore. Under the San Jose agreement, Jamaica paid cash for only a portion of the oil it imported from Venezuela and Mexico. The rest of the payment, 40 per cent, could be converted to long-term debt if used for development projects.

dionne.rose@gleanerjm.com