First Rock seeks refinancing for Hambani Estate as development placed under receivership

 


 

Four years after the Hambani Estates project was launched by First Rock Real Estate Investment Limited  the development has been placed in receivership by Sagicor Bank which is the financier.

Hambani Estates was  one of three major projects being developed by FirstRock. It was a  a $US13-million project which broke ground in 2021 with plans to construct and sell twelve 8,500-sq-ft luxury homes.

The units were originally priced at US$1.8 million- US$2 million, or over J$300 million,  and were  timed for completion in April 2022.

On June 4, 2025, via the Jamaica Stock Exchange, First Rock advised, of its intent to refinance the credit facility extended by Sagicor Bank Jamaica Limited surrounding the development of its Hambani Estate residential complex located at 1-3 Bamboo Avenue, Kingston 6.

The company stated, “Given the maturity of the aforementioned Sagicor Bank Facility, First Rock has engaged with a Financial Institution with a view to fully repaying the facility. Currently, Sagicor Bank has taken possession of the remaining lots.”

Hambani Estate the company outlined, “is a luxury Kingston 6 development with 12 stand-alone villas. The Project currently stands at 90 per cent completion, with practical completion having been obtained within the development already. The current loan to value is 45 per cent.

“Once the new financier is in place, we expect the project to be completed within 3 months. Hambani being the only development complex of its kind which provided the ultra-wealthy with a safe, secure and central location in the heart of Kingston 6. The units are stand-alone villas spanning 8,400 to 8,700 square feet with amenities which the clientele heavily desire. FIRSTROCK has indicated that there is currently a wait list for the three unsold units, which they plan to put on the market at the appropriate time.”

 

Caribbean Money Daily

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