Proven REIT to build more US$1m homes
Real estate developer Proven REIT is pouring US$11 million into another luxury development at Millsborough in Kingston to be called The Cesar.
Its target market is wealthy individuals who are expected to spend US$350,000 on a two-bedroom apartment and about US$1.1 million on a villa at the complex. It would become the second high-end complex constructed by Proven at Millsborough, following Giau, which is now in its finishing stages.
Proven received planning approvals recently and will launch construction of the residences next month.
The company is moving ahead with the project at a time when realtors have been expressing concern that the high-end market for apartments could be softening. To that, Proven REIT CEO Aisha Campbell says that her company sees value in being bespoke to meet the demand for personal amenities by some clients.
“Real estate is primarily driven by location and the product. So if people feel that they are getting value for money, then you will get the market,” Campbell told the Financial Gleaner in an interview on Wednesday.
The Cesar complex will hold six villas and nine apartments, ranging from two to four bedrooms. The villas will have individual plunge pools, standby power, and standby water supply.
“There is always going to be a need for supply at the top. I do not feel that there is a glut in the market. My research does not show that. There is still demand for units in the right location – as long as we meet the needs of that segment of the market,” she said.
The complex, designed by architects Rivi Gardener and Associates, is influenced by 20th-century French sculptor Cesar Baldaccini. The project is to be completed in March 2021.