$535-b investment targeted – Jamaica Observer
- EU Investment
- December 29, 2022
- No Comment
JAMAICAN developer Seve7n Builders Jamaica Limited has signed an investment agreement with Canadian financier Alpina Boutique Investment to undertake eight projects over the next six years which could run into the hundreds of billions of dollars.
The projects, which include the upgrading of an existing major hotel to five-star standard, have been costed at more than $535 billion (US$3.5 billion). Other projects to be undertaken with the investment are the development and construction of two new hotels with 300 rooms each, the development and construction of 580 luxury condominiums/apartment units, the acquisition of over 200 acres of farmland, the purchase of 99.5 acres of land to develop 216 villas and apartments, the construction of a waste management sewage system to create a clean-energy supply, the design and construction of a hydrogen power plant for renewable energy, and also the purchase of 650 acres of land to develop 3,500 smart homes with green technology.
Ground is scheduled to be broken for the first phase of the project in March. The ground will be broken in Montego Bay at a property which is to be upgraded to a five-star hotel and condominiums. Sources close to the deal refused to disclose which property, citing privacy concerns. The Jamaica Observer was however told that this will be the first of three phases in which all eight projects will be undertaken, with the expected completion date set for 2029. Apart from Montego Bay, St James, the projects are to be implemented in Discovery Bay, St Ann and Pedro Pen, St Elizabeth.
The deal under which the projects are to be executed was signed on November 29, 2022, according to a release. The agreement also included the provision of essential infrastructure in the country to support the various projects, the release continued, adding, “it is aimed at meeting the objectives set by the European Green Deal, specifically the ‘Fit for 55’ package”. Fit for 55 refers to the EU’s target of reducing net greenhouse gas emissions by at least 55 per cent by 2030.
Mohan Toramall, business development and corporate affairs manager at Alpina Investments, Inc hailed the deal, saying, “I am pleased to accentuate Alpina’s vision of creating jobs by funding projects such as Seve7n Builders Jamaica Ltd in the real estate/hotel resort industries. Moreso, I am delighted that the majority of the workers will be from the local communities in Jamaica.”
“This project will create north of 1000 plus employment [opportunities] in several sectors while improving housing quality for the locals and enriching the tourism (a five-star) quality of stay,” Evy Jovina, head of marketing and public relations at Alpina Investments, added.
Mirko Francioni, spokesperson for Seve7n Builders, commented, “Seve7n Builders Jamaica Limited will be introducing 21st century green technology and clean energy, creating a smart and sustainable community; working with local and international professionals, manufacturers, and suppliers to implement new building materials and technologies within the building industry. Most of the workers will be from Jamaica — just a handful uniquely skilled in various sectors of the manufacturing team.”
Seve7n Builders Jamaica is a newly formed company. Its partners have worked on projects in Canada, Europe, Hong Kong, and Africa. Its website, http://www.se7endevelopment.com/ says it was established to bring together international and local professionals, trades, manufacturers and suppliers, and that it is introducing the transfer of modern technology and materials within the building industry with 35 plus years of combined experience in sustainable and cost-effective housing and various project delivery. “Our goal is to introduce green technology and clean energy, also to achieve a zero carbon footprint within the building industry,” it added.
As for Alpina Investment, its website http://www.alpina.vision says it is a privately owned investment boutique firm in Canada that provides professional services in the sectors of finance, real estate, insurance, corporate services. Established in 2018 as a holding company (group companies operating since 1978), and headquartered in Vancouver, Alpina Investments has grown into a sophisticated local and international investor with a global revenue-generating asset base.
An artist’s impression of the hotel to be upgraded to five-star standard in the first phase of the US$3.5- billion real estate development to be undertaken by Seve7n Builders Jamaica Ltd over the next six years.
Mirko Francioni, spokesperson for Seve7n Builders.
TORAMALL…. I am pleased to accentuate Alpina’s vision of creating jobs, by funding projects such as Seve7n Builders Jamaica.