06 November 2019
PROVEN targets middle class for new development
PROVEN REIT is targeting Jamaica’s middle class for VIA at Braemar, its new apartment building consisting of 99 units that is to be constructed on Braemar Avenue in New Kingston.
“For all us middle class people, we are back as the middle class,” said Chris Williams, chairman of Proven REIT and CEO of Proven Limited, in his upbeat sales pitch to an amused audience at the pool bar of the AC Hotel near New Kingston on Sunday evening.
“We are going to put our foot down and ensure we have a stake in our island,” said Williams, who said that every effort had been made to keep prices as reasonable as possible.
Jamaicans want to live in style, Williams said, pointing out the luxurious amenities of the development which include a roof-top pool, outdoor lounge and business areas, a coffee shop, a reception and concierge area, and balconies for each apartment.
To emphasise his point he played a current dancehall hit, Boasty by Wiley, featuring Idris Elba, Steflon Don and Sean Paul which, on the supbject of real estate, contains the lines: “Boasty. House on the coast, G. My money so long it doesn’t know me.”
The 10-storey VIA at Braemar will have a total of 99 apartments, including 51 studio apartments, with 30 one-bedroom apartments and 18 two-bedroom apartments.
In a deal with Victoria Mutual Building Society, buyers will be able to access mortgages starting from $130,000 for a studio apartment. That studio measures 625 square feet, with a larger model of 640 square feet also available.
“For $130,000 per month you can buy one of these units,” Williams said, adding, “units are going fast”.
“You know how much that is in terms of Starbucks?” Williams asked. “I have done my calculations and that is 130 café lattes in a month!”
The price for a studio starts at $21 million.
The one-bedroom (850 square foot) apartments will sell for $27 million each, and the two-bedrooms (1,240 square foot) for $40 million. Penthouses will sell for $45 million.
“Joe Bogdanovich says he is going into a bidding war for one of the penthouses,” Williams said.
Williams later announced that all the two-bedroom units, including the penthouses, had sold within 30 minutes of the launch.
The prices, while significantly higher than the National Housing Trust loan limit of $6.5 million, are competitive when compared to similar new apartment buildings in Kingston, such as The Cambridge or 20 South, where a one-bedroom (840 square foot) apartment is estimated to cost $29 million.
Meanwhile, renting a one-bedroom apartment at 20 South can range between US$2,000 ($280,000) to US$3,200 ($445,000) per month, depending on the floor.
According to David Douglas, chief architect of acrhitectual firm DDandA, inspiration for the design came from the lush outdoors.
“The idea was to elevate and bring the natural landscape into the building. All lounges are landscaped with grass and trees and provide natural sunlight and ventilation. We even designed a sunrise lounge so residents who want to do yoga or meditate with the sunrise have that option.”
Meanwhile, Williams said efforts are being made to minimise the negative effects of the construction process to the surrounding area.
“We are going to make sure the development looks pleasing to the eye while under construcion,” he said. “So, neighbours won’t feel like they are on a building site.”
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