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Retirement tourism project to take off
Scouting for US$20-million investment for proposed St James development Banking on growing trend of people wanting to retire in warmer climate
Janet Silvera, Hospitality Jamaica Coordinator
Jamaica's first proposed retirement tourism project - Lifestyle Villages, which is poised to make its debut at Barrett Hall, St James- needs an investment of U$20 million before it gets off the ground, says Pricewaterhouse- Coopers' (PwC) Daran Singh.
Singh and the Jamaica Trade and Invest's (JTI) Carol Straw were among exhibitors showcasing available investment products at the PWC's just-concluded Caribbean Hotel and Tourism Investment Conference (CHTIC) in San Juan, Puerto Rico.
But the project, which is being aggressively marketed, may likely find a financier sooner than later, owing to the benefits that it offers.
According to the United Nations, the global population aged 60 or over is increasing at the fastest pace ever and will increase from 700 million in 2009 to two billion by 2050.
"This major demographic change has sparked a positive trend of retiring abroad and in warmer climates," noted Singh. He added that this has led to a rise in popularity of retirement villages not just across the United States (US), but increasingly throughout the Latin America and Caribbean region.
Although admitting that the data on returning families to Jamaica was outdated, Singh said that the last survey which was done in 2001 shows, "An average of 1,200 families return to Jamaica annually, the largest number coming from the United States."
<span style="font-weight: bold">According to him some 803,911 the first-generation Jamaicans are residing in the diaspora, particularly Canada, the US and the United Kingdom (UK). "The existence of a pent-up demand among this group for high-quality retirement real estate built by a reputable developer has been confirmed during focus groups with Jamaican retirees and near-retirees in Canada, Jamaica and the UK," said Singh. </span>
<span style="font-weight: bold">Singh argues that the island was becoming more and more attractive to mature tourists,</span> "In fact, the number of stopover visitors in this segment of the market has almost doubled since 2000, making it the fastest-growing segment of Jamaica's tourism market."
He revealed that although the project is in its conceptual stage, it is investor-ready. The 429-acre project, which has in its plans retirement housing of 1,739 residential units, will be built on lands bought under the National Housing Trust.
Jamaica does have an informal retirement industry, wherein people will buy lots and build a house, but the Barrett Hall Lifestyle Village presents the island with an opportunity to diversify its already successful tourism industry. Lee Issa's Richmond Estate in St Ann is an example of a gated community targeting retired investors.
PwC has been engaged to assist the Government of Jamaica to develop the concept and find investors for the Barrett Hall project.
Located 15 miles from Montego Bay, Jamaica's tourism capital, Barrett Hall was chosen for several reasons, indicates information gleaned from a book that was used at CHTIC to attract investors.
The development is close to the beachfront, nearby health facilities, while offering a gentle sloping view of the Caribbean Sea. The fact that it is only 20 minutes from the Sangster International Airport and is in proximity to the <span style="font-weight: bold">'Elegant Corridor' </span>which boasts premier resorts such as the Ritz-Carlton Rose Hall, Iberostar Rose Hall, Half Moon, and Rose Hall Resort and Spa lend it added benefits.
Retirement villages have been very successful in the US; the top three destinations are Florida, California and Texas, which are fair-weather areas.
[email protected]
Scouting for US$20-million investment for proposed St James development Banking on growing trend of people wanting to retire in warmer climate
Janet Silvera, Hospitality Jamaica Coordinator
Jamaica's first proposed retirement tourism project - Lifestyle Villages, which is poised to make its debut at Barrett Hall, St James- needs an investment of U$20 million before it gets off the ground, says Pricewaterhouse- Coopers' (PwC) Daran Singh.
Singh and the Jamaica Trade and Invest's (JTI) Carol Straw were among exhibitors showcasing available investment products at the PWC's just-concluded Caribbean Hotel and Tourism Investment Conference (CHTIC) in San Juan, Puerto Rico.
But the project, which is being aggressively marketed, may likely find a financier sooner than later, owing to the benefits that it offers.
According to the United Nations, the global population aged 60 or over is increasing at the fastest pace ever and will increase from 700 million in 2009 to two billion by 2050.
"This major demographic change has sparked a positive trend of retiring abroad and in warmer climates," noted Singh. He added that this has led to a rise in popularity of retirement villages not just across the United States (US), but increasingly throughout the Latin America and Caribbean region.
Although admitting that the data on returning families to Jamaica was outdated, Singh said that the last survey which was done in 2001 shows, "An average of 1,200 families return to Jamaica annually, the largest number coming from the United States."
<span style="font-weight: bold">According to him some 803,911 the first-generation Jamaicans are residing in the diaspora, particularly Canada, the US and the United Kingdom (UK). "The existence of a pent-up demand among this group for high-quality retirement real estate built by a reputable developer has been confirmed during focus groups with Jamaican retirees and near-retirees in Canada, Jamaica and the UK," said Singh. </span>
<span style="font-weight: bold">Singh argues that the island was becoming more and more attractive to mature tourists,</span> "In fact, the number of stopover visitors in this segment of the market has almost doubled since 2000, making it the fastest-growing segment of Jamaica's tourism market."
He revealed that although the project is in its conceptual stage, it is investor-ready. The 429-acre project, which has in its plans retirement housing of 1,739 residential units, will be built on lands bought under the National Housing Trust.
Jamaica does have an informal retirement industry, wherein people will buy lots and build a house, but the Barrett Hall Lifestyle Village presents the island with an opportunity to diversify its already successful tourism industry. Lee Issa's Richmond Estate in St Ann is an example of a gated community targeting retired investors.
PwC has been engaged to assist the Government of Jamaica to develop the concept and find investors for the Barrett Hall project.
Located 15 miles from Montego Bay, Jamaica's tourism capital, Barrett Hall was chosen for several reasons, indicates information gleaned from a book that was used at CHTIC to attract investors.
The development is close to the beachfront, nearby health facilities, while offering a gentle sloping view of the Caribbean Sea. The fact that it is only 20 minutes from the Sangster International Airport and is in proximity to the <span style="font-weight: bold">'Elegant Corridor' </span>which boasts premier resorts such as the Ritz-Carlton Rose Hall, Iberostar Rose Hall, Half Moon, and Rose Hall Resort and Spa lend it added benefits.
Retirement villages have been very successful in the US; the top three destinations are Florida, California and Texas, which are fair-weather areas.
[email protected]