PM Welcomes $3.7Bn One Belmont Development

•  Prime Minister, the Most Hon. Andrew Holness, welcomed the $3.7Bn investment in the One Belmont corporate building in Kingston as a further testament to the growing investor confidence in the country. 
• The project, being executed through a partnership between Sygnus Real Estate Finance and Audere Holdings Limited, will deliver 79,000 square feet of Class A corporate office space, supported by four parking levels. Prime Minister Holness said that the development is in keeping with the Government’s focus on positioning Kingston as the premier city in the English-speaking Caribbean, wanting it to be the centre of trade, commerce, finance and to be the place of choice. 
• The building will include hurricane-impact-resistant glass in addition to post-pandemic features. It’s been designed with a suite of technological features, such as touchless elevators, touchless doors, touchless Kohler bathroom fixtures, and an automated infrared camera system for non-intrusive camera checks. It will also include rooftop entertainment for corporate events, LED lighting surrounding the building, as well as a host of other unique features. 
• Financing for the project includes a $2.5Bn billion construction facility from the National Commercial Bank (NCB) and a further $650 million in preference shares on top of the equity via Audere Holdings Limited. The construction is slated to be completed by April 2023. This investment speaks to the recovery in local investment and business confidence. It also forecasts support for continued growth in the construction sector and construction-related companies.

(Source: JIS News)