Pulse lofts hit the market

 

    


Management at Pulse Investments Limited indicates that the company is currently pursuing both rentals and sales for increased earnings in its real estate division. 

Pulse Lofts at Villa Ronai consist of sixteen of the 66 residential units, collectively known as Pulse Lofts. These are now on the market for sale as a gated community.

These are studios, 1- and 2-bedroom units. Management notes in the company’s new annual report that while some of these units may be retained by the company for guest rentals, some will be sold to increase liquidity and / or reduce debt.

Construction for Pulse Suites at Villa Ronai Pulse Suites at Villa Ronai which is slated to offer 66 semi-residential and 4 commercial facilities which are now complete. They consist of a mix of one and two bedroom units, for short and medium term stays, guest suites, studios and apartments for overnight occupancy.

Management states that the target market is “ upper mid to upper market segments, targeting visitors and Jamaicans alike.”

In 2021 Pulse Investments successfully concluded negotiations for a $1.1 billion seven year bond, arranged and underwritten by Barita Investments Ltd. This followed the Company’s capital raise of $1.2 billion earlier which consisted of a $440 million short term loan and a $760 million note extended to the Company by a related party. This amount was used to acquire the Villa Ronai property and retire debt.

The funding was needed for the real estate projects underway. At the completed Villa Ronai Suites, facilities include restaurants, club house, spa, pool, with artwork projected as a calling card. It is expected, management said that functions and events will be core revenue generating activities at Ronai, utilizing three function areas.

In another project, Pulse Homes at Villa Ronai construction delays were experienced due to the passing of former chairman and its main driver, Kingsley Cooper. The project was earmarked to be a 30-unit mix of 2 and 3 bedroom homes set in an eco friendly, lifestyle community, in the St. Andrew Hills, 5 minutes from Kingston’s Manor Park.

As outlined in the 2024 annual report, Pulse In 2024 Pulse developed a range of real estate products commencing in the early 1990s, after the company’s Chairman acquired property at Trafalgar Road in New Kingston and gave Pulse control through a long term lease at peppercorn rental rates.

This continued in the mid 1990s with the acquisition of the Villa Ronai property at Old Stony Hill Road in St Andrew. These properties provided the Company with rental income from shops, offices, guest rooms, restaurants, beauty service providers, bars, event spaces, storage facilities, wedding facilities and spas.

Management noted, “Pulse created lifestyle communities at both properties, in a synergistic relationship with the Company’s original business lines of fashion, entertainment, media, model management and related services.”


Photo credit: Villa Ronai by baginszki.com

Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Email austanny@yahoo.com

 




Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more