Jamaica Gleaner

Pinnacle developers finalising financing, complex to be managed by internatio­nal hotel brand

- Avia Collinder/Business Writer avia.collinder@gleanerjm.com

DEVELOPERS OF the US$350million luxury, residentia­l highrise being built in Montego Bay will put the complex in the hands of a hotel management company to run.

The developmen­t, called The Pinnacle, is targeted at investors who, based on the prices revealed to date, are expected to pay ‘starting prices’ within the region of US$430,000 to US$961,260 to purchase units – and more for larger apartments and penthouses – from which they can expect to earn resort income. The quoted prices translate to around $67 million to $150 million in Jamaican currency. As for the larger units, the four-bedroom apartments, penthouses as well as the villas, the prices are quoted on request.

“We are working with a hotel management framework. We are in dialogue with a luxury brand,” said Tanya Golaub, chief operating officer of LCH Developmen­ts, the company behind the project.

The cost of developing The Pinnacle is shy of $55 billion at current rates of exchange. Golaub said the company was still in discussion­s around the financing for the developmen­t, without speaking to the specifics, but that the deal was soon to close.

Regardless, she noted that constructi­on, which was officially launched on the weekend, was moving ahead.

The Pinnacle project will span 17 acres and comprise four towers, each rising to 28 storeys. It will deliver 447 units, 15 of which will be villas, by the end of constructi­on, slated for 2028; and will incorporat­e a commercial centre.

“Three towers are residentia­l,” said Golaub. “There will be a hotel component in tower four,” she added.

Golaub said LCH commission­ed Global Branded Residences to do research on the design and positionin­g of the new developmen­t in Jamaica’s luxury market prior to execution.

“It showed us we are ready for luxury in Jamaica,” she said.

The Pinnacle “is an investment product; we will not be doing Airbnb,” she asserted. It will be available to internatio­nal investors “who can realise income from their units”.

The developmen­t, located at Reading in Montego Bay, is priced for the luxury market, but not the “ultra luxury” segment, said Golaub.

The closest properties to the business model LCH intends to pursue, she added, are Soleil Residences at Montego Freeport; and ROK Kingston, which is managed for owner Pan Jamaica Group by internatio­nal hotel company Hilton under the upscale Tapestry Collection by Hilton.

The Pinnacle’s residences will range in size up to five bedrooms. The cheapest price, US$430,000 ($67 million), relates to the onebedroom unit.

“These prices are set based on a market survey looking not only in Jamaica, but in the Caribbean. It is comparable to the wider Caribbean market,” said Golaub.

“Pricing goes up depending on the floor. The higher up, the views are different, and the pricing is different,” Golaub said.

LCH was created in 2019 and is sister company to Brother Concepts and Solutions, which has done housing constructi­on for Kemtek in St Catherine and is currently engaged i n the constructi­on of a new commercial centre, also in St Catherine.

LCH and Brother Concepts were also involved in the constructi­on of Soleil and Harbour City, the latter being a commercial complex located at the intersecti­on of Howard Cooke Highway and Market Street in Montego Bay.

LCH founder and CEO Yangsen Li owns one-fifth of the real estate developmen­t company, along with four partners, Shifu Huang, Ziping Chen, who is company chairman, Shijin Li and Xuedong Lin. Each of the five holds a one-fifth stake in LCH, Companies Office of Jamaica Records show.

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