Jamaicans in the Diaspora and the region's cultural centre, Kingston are among a strong portion of purchasers investing in the US$150 million luxury styled Palmyra Resort & Spa at Rose Hall Montego Bay.
Mobay's Jewel; Jamaicans Show Keen Interest in The Palmyra
In the last nine months the one, two and three bedroom condominium residences, penthouses and three-bedroom villas, priced from US$mid400s to $3.55 million, have become popular with locals and returning residents who are keen on making the property a second home getaway.
"Jamaicans says Palmyra is good for the country because it has established a market that competes with Miami, Florida and any other first-class, first-world destination," President of the resort, Dennis Constanzo, told Hospitality Jamaica.
According to Constanzo, his rates are 30per cent lower than the prices being offered on Miami Beach. His five star resort neighbors the elegant Half Moon and the five-diamond Ritz Carlton Rose Hall. Fast becoming the world's most sought after escape, offering the allure of a pristine 16-acre beachfront setting, the intrigue of an exotic culture and the private club lifestyle, Palmyra says it will hand over keys to its residents in early 2008.
Construction of the 299 residence commenced in June 2006 and two weeks ago when Hospitality Jamaica made a site visit, the contractors had already poured the second elevated level of the exclusive resort community.
"We are doing something never seen in Jamaica, by constructing three floors per month, and a floor every 10 days," boasted Constanzo, who added that he has achieved this because the building contractor has vast experience in the erection of high rise buildings.
The resort boast two of the best architectural and design firms in the world, Sandy Babcock and Getty's Design; they have combined their expertise with European based developer Robert Trotta who has earned the reputation of creating spectacular luxury communities after 20 years in the business.
Already, the development has driven property value up in the Rose hall area, which has been the trajectory leading the growth of the island's tourism industry. Under construction, Palmyra was selected to the exclusive Travel + Leisure's 2007 top-10list of the 100 most exciting real estate developments in the world, and was named the Caribbean's most luxurious real estate buy.
Constanzo noted that safety of the workers on the site was the most important element and not, however, having accessed a technology that has increased the efficiency of the project, he is satisfied that these modern methods were being handed down to the Jamaicans on the project.
"We are the ‘University of Palmyra'; we have training programmes on how the workers behave on site," he added.
On completion, guests of the resort community will have access to the tree 18-hole championship golf course located in the area, namely Cinnamon Hill, White Witch and Half Moon, each within five minutes of the development.
The Palmyra has redefined luxury real estate on the island. We see Palmyra as a veritable jewel in any investment portfolio.
"With Rose hall's many luxury hotels, three magnificent golf courses, shopping and an entertainment village and superior infrastructure, the gated community of the Palmyra will offer buyers the best of both worlds a good investment and a great lifestyle," Sir Kenneth Miller, CEO of Miller Global Marketing Group, New York.
