Chairman- Kingston Properties Limited
Executive Director Kingston Properties Limited
The company owns 15 units in the Miami Loft II condominium complex as well as a 19-unit residential complex in 'Little Havana', South Florida. This property is expected to be converted into condominiums. "The board's decision regarding the purchase is in keeping with the goals and objectives of expanding the investment portfolio with properties that meet the total return targets," Chairman Garfield Sinclair outlined in the 2014 annual report.
Regarding the underlying real estate environment, Jamaica's real estate market continues to grow, though at a reduced rate. The Real Estate Renting & Business Activities sector registered year-over-year quarterly growth in the range of 0.0 per cent to 0.3 per cent in 2014 (0.2 per cent to 0.4 per cent in 2013). Additionally, the construction sector, which includes both residential and non-residential projects, registered positive year-over-year growth for five of the last six quarters ended December 2014 in the range of 0.1 per cent to 1.2 per cent.