A small housing development company which concentrates on St Catherine-based projects is defying the recession and placing on the market, a multimillion-dollar development on one acre of land at St Jago Heights, just outside Spanish Town in the parish.

Venecia Development Company Limited says it is seeking to attract young, upwardly mobile professionals as purchasers of its studios and two-bedroom apartments.

"We are aiming at the middle- income young professionals," said Frank Otto, chief executive officer.

The 12 apartments, said to be 70 per cent complete, went on sale last month.

"We should complete it by November," he said of the development.

The 537.41-square foot studios are being sold for $6 million and the two-bedrooms, which are 1,157.90 square feet, for $13.5 million. They are not subject to escalation, according to the developer.

"The finish is a cut above the price," said Otto, putting marketing spin on the development, but declining to give any indication of how fast the houses are moving.

The development is being financed by loans from the National Commercial Bank and the Bank of Nova Scotia.

Continuing recession

Despite a soft real estate market, occasioned by the continuing recession, the principals of 20-year-old St Catherine-based Venecia, are optimistic that their latest venture will do well, based on what the company said was the sell-out last year of its 100 two-bedrooms at Wedgewood Gardens in Spanish Town.

Its other developments have included Keystone, Mitcleton Meadows, Mitcleton Heights and Vanfair Gardens, all in St Catherine.

dionne.rose@gleanerjm.com