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Palmyra properties not selling as expected
Monday, 21 September 2009
The prolonged recession is taking a toll on the sale of properties at the multi-billion dollar Palmyra development at Rose Hall in Montego Bay, St. James.
Just over half of the units at the high end project have so far been sold.
"We anticipated being totaled sold out but the current economic recession has certainly slowed things down for everybody in the condo selling business. But we anticipate that things will pick up once we're opened and operational and people are in the buildings and paying rent (and) get to see it and experience it, we do see an up tick in sales in 2010 for sure," said Robert Trotter, Chairman of Palmyra.
<span style="font-weight: bold">He also admitted that the delays have cut into the profitability of the project</span>.
"Delays cost money ... time is money yes, but fortunately our financial position is strong enough to weather the financial storm," said Mr. Trotter.
He added that the completion of the towers is scheduled for November, December and early 2010.
<span style="font-weight: bold">Construction got underway on the 300-room high-end property just over two years ago but developers have missed completion deadlines</span>.
Monday, 21 September 2009
The prolonged recession is taking a toll on the sale of properties at the multi-billion dollar Palmyra development at Rose Hall in Montego Bay, St. James.
Just over half of the units at the high end project have so far been sold.
"We anticipated being totaled sold out but the current economic recession has certainly slowed things down for everybody in the condo selling business. But we anticipate that things will pick up once we're opened and operational and people are in the buildings and paying rent (and) get to see it and experience it, we do see an up tick in sales in 2010 for sure," said Robert Trotter, Chairman of Palmyra.
<span style="font-weight: bold">He also admitted that the delays have cut into the profitability of the project</span>.
"Delays cost money ... time is money yes, but fortunately our financial position is strong enough to weather the financial storm," said Mr. Trotter.
He added that the completion of the towers is scheduled for November, December and early 2010.
<span style="font-weight: bold">Construction got underway on the 300-room high-end property just over two years ago but developers have missed completion deadlines</span>.