Developer Peter Rousseau is placing on the market property for which the developers have created tough rules for homeowners.
Widcombe Estate, a 25-acre property, is described as the last big parcel of land left to be developed in Kingston 6, realtors from agent Coldwell Banker indicate.
To be operated by Rosemead Corporation, principals of which include Peter Rousseau, the requirements for residents are exacting.
Andrew Issa, broker at Coldwell Banker, told the Jamaica Observer: “It has been a long time since a development of this type has come on the market. We have seen similar developments of this type before that have done very well, with coordinated buildouts based on the covenant restrictions.”
A response sent from Rosemead Corporation indicates that the group will spend upwards of $900 million over 24 months on development.“In addition to the cost of purchasing the property, we have invested some $350 million in Grade A infrastructure which includes roads, drainage, sidewalks and underground conduits for services. We intend to invest another $450 million over the next 24 months,” it was stated.
The gated development is located in the hills, two minutes away from Barbican in Kingston. The price per lot is as rarefied as the location, starting at US$220,000 ($29 million.) Lot sizes range from 8,963 to 15,214 square feet.
For those who qualify for purchase, failure to adhere to the rules — including securing approval for home design — will result in actions inclusive of being prevented by security personnel from entering the community, the homeowners agreement outlines.
Realtors at Coldwell Banker Jamaica Realty — the agents for this development — believe the strict operating codes will be attractive to those desiring to reside in the exclusive community, which promises an orderly existence.
CB realtor Kaili McDonnough-Scott told
Sunday Finance, “It is the last great subdivision in Kingston. “Widcombe Estate is a big deal for the Kingston real estate market.
“The developers of Widcombe Estate have been very careful to flesh out the vision of the development. Making it gated was a must from a security standpoint, but also they want to ensure that building codes are adhered to, as well as design codes, to create some level of uniformity, although owners will have the option of building a house based on their architect’s design.”
Homeowners’ rules include the stipulation that no one should construct any building without an underground water tank or a water tank at ground-floor level painted in either a white or cream colour with a capacity of at least two days’ water supply.
Homeowners are also prevented from painting, staining or otherwise changing the colour of any exterior portion of any building or structure, or from carrying out any works to the exterior or common parts of the building without the prior written approval of the Company.
Roofing is restricted to wood shingle, clay tile, standing seam sheeting, fibreglass shake in cream, grey, natural wood, terracotta, roof tile clay or white colours.
Should homeowners desire to change the colour, quality or material of the roof of any building or structure erected on the lot they have paid for, they will need the written approval of the Company.
Approved construction can take place only from Monday to Friday between the hours of 9am to 5pm, and on Saturdays between the hours of 9am to 4pm.
Realtors at Coldwell Banker Jamaica Realty, believe the strict operating codes will be attractive to those desiring to reside in the exclusive community, which promises an orderly existence.
Kaili McDonnough-Scott told Sunday Finance, “I think that buyers who are sceptical now and don’t get in early, will want to pinch themselves in 10 years for not buying a lot, when the area is fully developed and prices become comparable with Jacks Hill and Millsborough.”
McDonnough-Scott said lot sizes range from 1/2 to 1/3 to 1/4 acre. The half-acre lots have already been sold. Out of 32 lots for sale, 10 lots have been reserved, she indicated.
Buyers will have three years to build — in line with a plan approved by the board of the corporation.
Andrew Issa said he anticipated steady sales because the development is located in Kingston 6 — an area which is in high demand.
Rosemead expressed the view that the property’s closeness to UWI, UTech, University Hospital and several high schools, including Campion College and Jamaica College, was a major selling point, along with arrangements for security.
“It has the time-tested attributes of any winning real estate investment: location, location, location. The views at Widcombe Estates are unparallelled. Every lot has spectacular views. Some have 270-degree views of the city of Kingston, others have magnificent hill views, and a few of them have both,” it was noted.