| Joint Venture Condos For Sale in Montgeio Bay, St. James Jamaica Montgeo Bay's Newest High End Luxary Condo Development Asking Price: $300,000 USD (Negotiable) PHENION ON THE RIDGE CONDOMINIUM & Sun Set Town Centre
For Joint Venture Partners Wishing to Own Premium Income generating Property. Perfect for The Real Estate Investors In You.
Phenion On The RIDGE Resort hotel condominium and Spa with its adjoining ultra modern town centre is now offering this Joint Venture opportunity to a very smart real estate investor seeking to own high end luxury housing, with spectacular ocean vistas, which can generate real income all year round while still available for private and personal use. Use as your private residence / home or vacation, this is a once in a life time opportunity. This 1,200 sq feet unit is worth over $500K on the open market, but for a Joint Venture Partner you can own for only $300K.
Developer offering Joint Venture partners opportunity to own 1,200sq feet unit for a contribution of USD $300,000.0 AND Will buy back at $380,000.00 in 12-18 months. When condominiums go to sale on the open a profit of USD$80,000.00. This is a private offering For accredited investors only.
Interior Design and Amenities
• Housing 1 ; 2 & 3 Bedroom Units starting from 1,200square feet - to – over 3,600 sq. feet; additionally there are six Penthouses of over 4,600sq feet. Minimum Investor Participation and Contribution USD$380,000.00, limited positions available. Successful Joint Venture Partners must provide; letter of intent, proof of funds as well as source of funds from a legally recognized financial institution , recognized under United States Federal Banking regulations and laws, before being accepted to partnership. For details e-mail request to and or call 561. 839.9766
or 561. 401. 6399
• The Hotel Condo will have 20 stories and will be the Montego Bay’s “Hip-strips” first mid-rise structure in over 3 decades. The Complex will stand out as a land mark and an Icon for the Montego Bay and Jamaica Tourism Landscape. If as an investor you would like to have a most desired investment property, then The Phenion On The Ridge is certainly the one to grab.
• When sale of the units begin in June 2009, the price point for the smallest 1,200sqfet units will begin at USD$ 552,000.00 . This is very competitive pricing when compared to both the cost per square foot and the size of the units to that of our closest competitor for a resort high end project is the Palmyra resort.
• The developer will be giving under its extended warrantee program a buy back guaranteed contracts at end-users buying or purchase price.
Amenities offered;
If you've been looking for the Premium and affluence of resort Celebrity Caribbean living, Phenion On The Ridge is without a question the most opulent Resort development planned for Montego Bay’s famous “Hip- Strip”. This area has become the premier entertainment spot for the tourism Mecca of Montego Bay and the Island of Jamaica whether you’re a looking for the active night life, laid back beach culture, souvenir shopping or a quiet evening dining at an international restaurant. If your preference if for local cuisine, there are several outstanding restaurants to meet the most discriminating globe trotter’s appetite. Each condominium offers stunning and dramatic views of the shimmering Caribbean, yachters, cruise lines and pleasure boast as the glide from east to west a-top the blue green Caribbean sea with absolute visibility and comes with every uncompromising service and amenity you've come to expect from a first-class, five-star resort. Phenion On The Ridge Offers a 360 degree view of Montego Bays Harbor, the Bay itself, Blue mountain views and jotting peninsula capped with white sand beaches, hosting affluent resorts and villas stretching from horizon to horizon.
Amenities include;
• Fully furnished interiors with luxurious European, American or custom designs.
• Spacious balconies with Caribbean vistas.
• Elegant Designer lobbies with cafés, DVD and Music libraries.
• Gymnasium and Spas.
• ½ mile elevated walking and jogging trail.
• State-of-the-art stainless steel appliances.
• Double oven and gourmet cook-top stove.
• 8 feet doors throughout.
• Ten Feet High ceilings
• Digital Cable
• Complementary phone service to the USA, CANADA, Europe, Porto Rico.
• Free internet access and hot spots for guests and residents .
• Ultra high-speed, wireless Internet access
• 42 inch Kitchen cabinets.
• Raised bathroom vanities.
• Granite counter tops.
• Marble window sills.
• Porcelain Tiles.
• Designer bathrooms.
• Wood floorings custom.
• Intercom system with piped music.
• High-end washer and dryer.
• Personal concierge for each residence.
• Private chef and butler available.
• Fully furnished and maintenance-free with management contract.
• Party (Fire) walls built for Quieting and sound control from neighbors.
• External Noise controls
• Solar/ renewable energy products optional.
• Fire safety equipment including smoke alarms.
• High impact windows and Doors
• Recessed and designer lighting.
• Reserved Two Car covered Parking.
• Elevator to shopping and entertainment.
• Easy access to gaming lounges.
• Professionally landscaped Roof top Gardens and loungers.
• Architectural water feature and fountains.
• Two community Designer swimming pools.
• Walk to international restaurants.
• Walk to world famous Margarita Ville.
• Elevator to four Theatres hosting local and international productions.
• 24 Hour gated security.
• Membership to World famous Doctors Cave Beach Club.
• Complementary Shuttle service to & form Sangster International Airport.
• Access to visitor tour services.
• Baby sitting services.
• Easy on demand access to Emergency Care medical service and personnel.
• Access to 24 hour Pharmacy.
• Safety Deposit services.
• Access to financial services such as ATM’s and Wire services.
• Virtual offices; short term and or long term office facilities
• Private Conference facilities for Resident owners separate from that of the public.
• Personal Postal services and boxes in private owner access only lobby facility
• Private Residental roof to barbeques and grilled Gazibo area for private parties.
• Optional management services.
• Pent house private (Spill over lounge for gusts and parties)
• Cushioned passages.
• HOA fees begins at USD$200.00 per month.
• Guaranteed Buy Back policy from Developer at minimum original purchase price.
The development and the current market offer us several opportunities and advantages;
The advantages in the local market
1. The price points for units are within the margins of the local real estate buyers, investors, and home-owners. Houses of the caliber being put on the market currently sell from US$500K and up.
2. There is still a very strong demand for real estate in Jamaica both amongst local buyers as well as international residents who have a desire to own property there. Included in this group are Caribbean born immigrants to the USA; CANADA AND THE UK who have always displayed a strong desire to retire in Jamaica or at least have vacation property there. This is therefore an assurance that investors will not be stuck with a product that will not see realistic demand.
3. There is a shortage of similar units on the open market in Jamaica and the Caribbean as a whole.
4. Most commercial lenders dealing in mortgages are willing to provide funding for both locals as well as international buyers.
5. The Jamaican government offers low cost financing to Workers while allowing them to co-borrow from other institutions. Having low interest rates and easy access to financing will be an advantage in terms of absorption.
6. The fact that the project is a hotel condominium concept, in a high demand tourist rental market, will ensure that investors and end-users real estate will maintain its value and appreciate. The area is literally built out, with only a few parcels available for developments purposes. Scarcity of the product will positively affect appreciation.
7. The developer will for the very first time in a hotel condominium allow owners to manage their own property. This will give them more control and possibly greater returns as they do direct marketing of their own units. This we believe will increase occupancy levels for those units if the owner is aggressively pursuing marketing of the units.
• The owner will also be given the added advantage of operating or subletting their units even if the reside there. I.e. they can still take in guests on a short term or long term basis. For those owners who are looking for subsidy to their income or simply making extra money, while still enjoying their condo and the Caribbean hospitality experience, this will be an asset.
• Owners will larger units can therefore operate a Bed and Break fast type operation. Again by increasing the flexibility of how owners can mange and occupy their units will increase the demand. The property can therefore be seen and function as a residence as well as an investment/ business.
8. The fact that we are catering to professionals in business persons both local and international and the fact that there are also available commercial office condos and lofts will increase our demand. While there is obviously an advantage in operating your business where you live, there is also added advantage in having security to complement your lifestyle. There is high demand for real estate in gated secure communities especially amongst business professionals who have become more and more concerned with their personal safety between leaving work or their businesses and going home. This product will provide one solution to these concerns.
9. CAREIF Ltd as apart of its warrantee policy will be offering a guaranteed buy back contract to original buyers, which can be transferred with a reassignment fee or resale contract. This will ensure that CAREIF has first refusal on premium units and will prevent the unit’s price form falling below original purchase price. Buyers will therefore have confidence that they will not be paying on a note above the re-sale value of the real estate, whether they bought it one year or 20 years ago. This buy back contract will be signed at point of purchases. Resultant cost associated to the extended warrantee program will be embedded in the selling price of the unit. A minimum fee (warrantee fee) will be charge for the additional warrantee.
10. The development will attract government incentive programs which allow the tax free importation of all building material for the project, thus reducing the actual construction budget and cost.
11. Developers and operators also have a 15 year tax free holiday on the property and its operations. Generating healthy long term income is highly likely.
12. The hotel condominium concept could also offer the end-user a tax advantage. This is not giving tax advice and the prospective investor should seek out their own tax professionals to get advice especially when dealing across international tax regimes and jurisdictions.
13. Having easy access to the airport with complementary shuttle pick up and drop off, conference facility within the complex, retail, entertainment and all the amenities of an upscale lifestyle will make this product as success.
14. The Jamaican Government gives strong support to the Hotel and tourism sector via incentive programs and advertisements internationally. This gives a marketing advantage to any hotelier on the island.
Celebration Jamaica - Major Development for Montego Bay's Gold Coast
With the Government's recent announcement that patrons will very soon be able to enjoy real casino gambling in Jamaica, the addition of Celebration Jamaica, a development which will include the island's first casino hotel, comes at the perfect time.
Celebration Jamaica will be located on 65 acres just 15 minutes from Phenion On The Ridge, this will be one of the new ‘hot-spots' for the in-crowd to enjoy and play. The project enjoys the extraordinary feature of being less than 15 minutes drive from the Montego Bay International Airport connected by a brand new 4 lane highway. The development boasts nearly one kilometer of beach front and will consist of a 4-5 star resort containing 1,500 hotel rooms, a 75,000 square foot Casino and sports bar, a state of the art discotheque, meeting space and a divisible ballroom, outdoor function area, retail space, a spectacular lobby/ lounge overlooking the Caribbean Sea, bars, restaurants, kid's club, health club and spa. In addition visitors will enjoy the 10 acre ‘Blue Mountain' water and entertainment complex with slides, lazy rivers and lagoons, a dolphin bay marine attraction, a 2,500 seat water amphitheater for concerts and entertainment as well as a world class marina. Additionally, the multilayered resort project will offer a variety of restaurants, entertainment and shopping experiences throughout. This major development enhanced and complements the affluence being offered by Phenion On The Ridge to its investors, future owners and guests as well. One of the developers projected future assumption is one of increase value and appreciation in the Phenion On The Ridge Hotel Condominium Resort. This is an excellent opportunity for the insightful real estate investor.
The projected timeline for completion of the Casino Will coincide with that of the Phenion On The Ridge, making it even more an asset as it will certainly enhance the occupancy levels of the Hotel at that time. Phenion ON the Ridge will offer shuttle service to and from the Casino.
Invest in Jamaican Real Estate, now is the time
Unlike the rest of Latin America, Jamaica has managed to attract large private-sector investments to support a rapid expansion and transformation of its infrastructure.
With a veritable domino effect, change is taking place in almost every industry corner, including real estate, tourism, banking, telecom, energy and transportation.
Along with the real estate boom comes the first Casino in Jamaica. The tremendous changes taking place provides investors with a unique ground-floor real estate opportunity. Now is the time to Invest in Jamaica and the Phenion On the Ridge hotel condominium and spa resort.
Comments
Jamaica amongst the top real estate value in the Caribbean. The island's real estate has for decades been undervalued when compared with other Caribbean destinations. Times are NOW changing with real estate values climbing, but still up to 30% more attractive to investors in terms of savings, than many other Caribbean island and even Florida.
Sir Kenneth Miller, CEO of Miller Global Marketing Group, New York
"I researched real estate opportunities in the Cayman Islands, Florida and the Bahamas and found the value to be significantly better in Jamaica."
Property buyer Robert Lawrence from Westchester, Pennsylvania.
Dawn Ruddock, Coldwell Banker Jamaica
Since 2000, Jamaica has attracted close to US$ 3 billion in foreign direct investment and created an in-flow of international expertise to help transform their economy. In 2005, Jamaica was ranked 17th by World Investment Report for foreign direct investment, a remarkable feat for a population of only 2.6 million .
Source: The Planning Institute of Jamaica
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Major Projects
Major Projects on the North Coast include
• Privatization and US$200m redevelopment and expansion of Sangster International Airport in Montego Bay, making the airport the most modern airport facility in the Caribbean. The new airport will accommodate 9 million visitors per year.
• Brand new Private Jet mini-terminal with dedicated customs and immigration.
• New ‘North coast Highway', linking the three major resort towns of Negril, Montego Bay and Ocho Rios in addition to island-wide road and highway improvements.
• Transformation of telecom sector and new nation-wide GSM digital cellular network.
• New submarine fiber-optic network linking Jamaica to North America and the rest of the world, enabling high speed internet and digital services.
• Expansion programs under way for energy, water and sewerage systems.
• Abundant natural water supply.
• Transformation of banking industry. Banking services such as financing and mortgage brokering are finally available to foreign investors wishing to purchase property.
• New Conference center in Montego Bay near Rose Hall Great House.
• Massive expansion in the tourism sector with an estimated 12.000 hotel rooms under construction along the northern ‘Gold Coast', increasing the total hotel room capacity to approximately 30,000 rooms by 2009, up from today's 17.000.
• New US$250m Trelawney Multi-purpose Stadium on the north-coast with 25.000 seats.
• Along with the real estate boom comes the first Casino in Jamaica only 15 minutes form the Phenion On the Ridge Hotel Condominium Resort and more.
Contact Information; ; or 561. or 561. 839.9766 876.
SUNSET TWON CENTRE
LIVE A THE PHENION ON THE RIDGE RESORT HOTEL CONDO AND OPERATE YOUR BUSINESS AT THE ADJOINING SUNSET TOWN CENTRE; MONTEGO BAY'S FIRST UP-SCALE PROFESSIONAL AND RETAIL SHOPPING CENTRE.
The process unfolds in two fundamental stages;
1. The Purchasing of the lease option by prospective tenants; The purchase lease option phase is when the entrepreneur decides he sees and understands the many advantages afforded to him or her under this plan. He completes the purchase by paying the agreed fees and signing the agreement. This gives the purchases the long term right of control over this particular space for the life of the lease; here known as the lease period or term. He will have control unless he fails to sign and satisfy the lease terms and conditions at the presentation of the official lease for signing by the developer and or management or representatives of either. This time has been established as the minimum six month period prior to the official grand opening of the Sunset Town Centre in Fall 2011. Terms and conditions follow in subsections; more specifically, Under Terms and condition for lease purchase option. The lease option can be resold with the approval of the management. A recording and documentation fee for any resale will be due the landlord prior to final sale. This can be paid by either party; whether the seller or the buyer.
2. The actual signing of the lease. This will occur at least six months prior to ground breaking. The owner of the lease option must now fulfill all the other terms; such as presentation of business plan, payment of required deposits of Two Months Rent and One Security which is the sum total of the equivalent of the monthly square footage charge for the space. In addition The holder of the Lease option must also advance Three months Maintenance fees for common areas which will be held in escrow. The first regular monthly payment will be made on the due date of the first monthly cycle for the payment of rent. During the life of the lease the two additional advanced payments will be held in escrow. While held in reserve and escrow, any increase in maintenance will require the differential between the original advance and the increase must be mandatorily met by the Now Tenant or lease holder.
Please not that all businesses must present a business plan, and financial statement to ensure they are capable of maintaining their commitment and obligations, to be able to not merely secure a place on the reservation list but before being qualified for the final lease document signing. If Lease option holder fails to qualify, there is absolutely no refund of the purchase money paid when the lease option was purchased. It is the responsibility of the Lease option purchaser to ensure they fully understand the consequence of not being able to finance and maintain a business before purchasing the option. They do however have the right to find a buyer before the lease signing period is arrived at. (6 months prior to grand opening ) are not simply interested in the Fees/ money for the reservation. Unless the developer is confident that the applicant is capable of delivering a quality product which complements the everyday products and services being offered in the Sunset Town Centre, they will not qualify. IT’S TOO TIME CONSUMING AND COSTLY to have tenants who don’t pay or deliver inferior products, Or refuse to pay on time or end up with their businesses closing because they did not take the time to do proper due diligence in starting a business. This is a common fact which will cause the risk of an investment in real estate to fail. That is not an option. Developers’ loyalty is to the success of these developments in favor of all investors, vendors, current and future. This often means changing the old ways of doing business.
This approach and strategy may be new to the Caribbean Commercial real estate market, however extraordinary economic situations will cause new approached in business to evolve. This will ensure we have the caliber and quality long term tenants to both satisfy the Patrons; Funding Partners as well as the investors who must also be fully protected. It also will firmly establish this very new concept to Jamaica, a move which will strengthen the real estate sectors’ ability to advance developments which are sustainable.
It works for the tenant because they not only have a fixed rate of rental for the life of their lease but they are forced to really give indebt objective thought before entering into a business and contracted commitment which brings legal and financial obligations to the Landlord. This gives them the greatest tool in fighting inflation. With no escalation in rent for long periods, this will certainly help to increase tenants income over time. Thus the tenant is in actuality, by adapting this new policy, will see significantly significant long term savings for the life of the lease, without the actually taking on the expense of costly construction. The short as well as the long term cost to the Tenant is in fact much less than if they were to build or buy in a similar facility respectively, while securing long term savings, in an up scale retail environment supported by a strong residential and tourism component. These ideal conditions are not found any where else in Montego Bay or in the entire island. There is always resistance to change. However where change makes complete sense for all, eventually people will accept them, especially when we set the trends and standards. These terms and conditions along with others to come are mandatory when it comes to the Sunset Town Centre’s policies and policy makers.
As mentioned earlier for the astute entrepreneur, this makes absolute financial and economic sense. We will offer multiple options for the prospective tenant, bearing in mind that we must maintain executive type services; retail and professional image and actuality for the benefit of all the tenants operating form the Sunset Town Centre.
Multiple options are as follows and can be changed in part or entirety without notice;
1. Lease Reservation with option to buy: - To qualify for this program, tenant must agree to buy the space within 6-12 months of official lease being offered and signed. There will be an initial minimal purchase price for the reservation at USD$100,000.0 PER 1,000SQ FEET. Within the 6-12 month period from when lease is signed. Regular lease payments are going to be paid once opening of the Town Centre is official. Tenant may choose to pay off entire option before this period, or make regular monthly lease payments plus an additional amount towards purchase balance. If full purchase is effected during this contracted period, tenant will be given a rebate 0f USD$100,000.00 towards purchase. This lease to purchase option is only available if at some time in the future the developer decides to sell. This is currently not the case.
• Tenant will buy reservation for USD$100,000.0 for up to 8K sq feet. Thereafter $14K per thousand, unless letter of undertaking presented after spaces goes on open market and Lease is signed. This is only under the lease option to buy agreement.
• Will have 6-12 months to purchase unit
• Will make regular monthly payments as defined by lease.
• Will pay an additional amount monthly towards Balance of purchase
• Tenant may take advantage of seller’s mortgage facility and finance the balance after rebate is assigned, with developer at 6% per annum over 30 years. They would therefore be financing USD$ amount (agreed selling price); plus processing and legal fees.
• If and when tenant exercises’ purchase option, by taking sellers mortgage, the tenant will no longer make lease payments. And will therefore
• Only pays mortgage note if financed.
• If not financed only management fees
• only pay management fees
• If tenant fails to purchase in time line given (6-12 financing through seller or other party or all cash); tenant will loose option at that price point, No rebate will be given but tenant may lock in lease for up to maximum period and Lease amounts locked as represented in reservation policy, including the rate per 1,000sq feet based on location chart .
2. Lease Reservation with option to buy:- must agree to buy immediately upon Developer going to open sales on the market.
• Reservation must be paid for at a minimum of USD$14,000.0 per thousand
• PROVIDE PROOF OF ABILITY TO FUND,
• Receive rebate of 100 % of Reservation amount only if purchase option is exercised.
• Close by or before Grand opening.
• IF purchase does not occur, there is no rebate and the Tenant will begin regular lease payments.
• Lock in lease payments for up to maximum time allowed under lease policy.
• May utilize sellers mortgage if offered and or available with additional deposit, as agreed by
3. Become Joint VENTURE PARTNER:- and pay the joint venture contribution immediately; taking the space at the end of construction.
4. Buy the reservation to lease:- for the long term, no options to buy.
• Where tenants choose to merely rent for the long term no purchase option, rate per 1,000sq feet will be determined by policy ; product and location.
• Ground floor reservation on space facing major roadways; reservation fee will be USD$15,000.00 per 1000 square feet. The general lease reservation policy will guide the terms of the lease.
• All other locations will be for $14,000. Per square feet; except for the 4 upper floors of commercial buildings. These upper floors will house top executive offices along with professional lofts .
• Rates will apply bases on the following ascending order;
1. 4th floor office suites will be USD$20,000.0 per 1,000sq feet of space. Plus applicable lease terms once lease is available
2. 5th floor office suites will be USD$25,000.0 per 1,000sqfeet of space. Plus terms of applicable lease
3. 6th floor office and Lofts will be USD$40,000.0 per 1,000sqfeet. Plus applicable terms and conditions.
4. 7th floor office suites and lofts will be USD$50,000.0 per 1,000 sq feet. Plus applicable leasing terms and policies.
• Please note that all leases can be for the maximum period of time in accordance to policy and terms. Which simply means a very smart shopper will see this program works out even better than buying. It leaves their credit intact since its not a loan and they none the less get premium facilities for less than a mortgages deposit on an executive type property. Even at the upper price point of USD$50K, which is less than a deposit on high end property of this type, given the person the premium space with no escalation in monthly cost, in a facility (where business is conducted ,therefore paying its way). They won’t see interest rates going up and therefore affecting them in a negative way. Where professionals lofts can be created, which allows the professional to both live and work in facility, it actually works out better that buying a flat or condo or apartment. THEY CAN WORK play and live in the same area. They done even need a car.
• While outlining all the above advantages, one major advantage for the business person or the Savvy consumer, is that all the fees and cost of getting into the facility becomes tax deductable. So in truth and in fact, they literally will not be losing any money in the long and short of it all. They will in-fact be saving money as opposed to them buying or building commercial retail property.
5. Price per square feet when selling will vary depending on where on building and use of building, e.g. medical offices will be sold at a higher value per square feet.
This is therefore how we will proceed based on a Maximum rate of USD$25.00 per sq feet per annum for the lease reservation agreement;
• Lease reservation amounts will vary depending on business or professional services and location on complex.
• Space located on the ground floor up the second floor will exclusively be retail and Banks.
• Space located on upper floors 3-7 will be professional offices, decorated to executive class. Offices will be inspected by management on a regular basis for esthetic quality and design specks.
• Medical offices will also be charged a different scale. Again being determined on which floor offices are located.
• Upper floor space can be leased for commercial lofts. They however must be maintained with the same quality and esthetics in mind, for the public space, if Lessee receives clients in Loft. Inspection will occur only in Public space if Loft is eventually bought and privately owned .
• Where Loft is leased inspection will occur in the entire space.
1. To ensure that we have a strong committed tenant for the long run (10-30 years); that tenant must be financially solid in all respects.
• Thus only tenants, who can afford to purchase the reservation for the minimum USD $14,000.0 per 1,000sq feet, will be assigned a position on the list. First come first select space.
• The is sufficient to stop persons who would other wise tie up property from doing so since they won’t have the necessary liquidity.
• It will also stop persons and businesses from taking excess space which may pose a problem later for both the developer and the tenants themselves.
• It ensure the long term tenants are brought on board since the incentive here for buying in is a freeze on long term lease where there will be 0 increases for that tenants for 1-35 years.
• The tenant will also receive an adjustment in rate of rent on a downward sliding scale bases on number of years.
2. Minimum lease period 5 years; with payment of reservation fees of $14K, per 1,000 sqfeet; determined by location. The lease will be fixed for the entire five years at the maximum rate of rent. Which means tenants will save on lease as the period is increased.
3. 1-5 years fixed at the maximum rate of rental.
4. For 1-10 years 5% reduction from the maximum rate of rental; fixed for the 10 year period.
5. For 1-20 years 10% reduction for life of lease
6. 1-30 years 20% for life of lease.
7. 1-35 years 25% for life of lease.
8. No maximum leases period.
9. Maintenance and management fees; 40-49Cents per sq feet (subject to change), will be adjusted based on inflationary trends.
• There are no refunds once reservation payment is made.
• Upon the presentation of the official lease and the tenant selects his or her space if not already assigned; tenant will pay one security deposit & two months rent at signing.
• Lease reservation is transferable upon approvals of Management. All businesses occupying complex must be approved, before Reservation is accepted and paid for. Not all businesses will be accepted. Management reserves the right to reject and or accept applications without any explanation.
• All businesses and stores including banks must agree to remain open and provide services from 9am-9pm EXCEPT FOR SUNDAY where hours will be form 10AM – 6PM.
• Extra hours will increase business and earnings for the businesses since many people who could and or cannot do their business during the normal business hours will take advantage of this safe up scale location. Having banks open later as well will allow businesses to safely make their daily transactions without the fear of travelling with cash or other valuables after stores are closed.
Management will have the responsibility to both markets the entire complex; paid form from management fees, to ensure there is absorption of the businesses in the general area. This component will bring maximum value to this prime location, which is a bonus for businesses that occupy the spaces in the complex.
Main concept here is that this complex will be operated and managed as a first in many respects. That’s one more reason for businesses coming to take advantage of this very special location.
Additionally since the tourism factor is a main part of the client base, businesses will be supported from many sources, including the many up scale resident; living in almost walking distance, which would rather do their shopping in a very safe location as opposed to going in the traditional down town areas of Montego Bay...
Terms and conditions for Purchase Lease option & Lease
The following represents the term and conditions which must be agreed TO by applicant to qualify for purchase of option on lease as well as to lease the optioned space. New and additional conditions and terms may be added at developer’s discretion as long as they don’t violate the legal rights of the signing parties.
1. All applicants must agree and affix signature to this document, the terms and conditions hereafter listed
2. Lease or lease option is not transferable unless new purchaser is qualified through the normal application process, requirements, training certification, and payment of applicable fees as it relates to documentation and approved by management.
3. All applicants to lease, purchase lease option, purchase future leases and therefore have rental rights and privileges to designated optional space must undergo and be successfully by become certified through mandatory training as stipulated by management.
4. All applicants must agree to all the terms of the lease agreement to qualify for lease option purchase or lease.
5. All applicant must present a clean police record to be qualified for lease and or lease option.
6. Persons convicted of crimes such as Child pornography, sex crimes; sale and or dealing in illicit and or illegal drugs; extortion, Intimidation; kidnapping, Theft, Assault; violent behavior; Blackmail, or have an overt obvious or admitted association with persons engaged in the aforementioned will be automatically disqualified from the application process.
7. Persons with a history of violent, boisterous offensive behavior typical of the need for anger management and conflict resolution challenges will not be qualified to purchase option an or lease either directly or indirectly.
8. Anyone found in breach of any of the aforementioned, including purchasing option or signing lease or purchasing lease through a third ort any other party, chronological or not will automatically be disqualified and with any such agreement becoming null and void at the expense of the violating party, with no refund and the lease, lease option along with another agreements and contracts withdrawn. Under such circumstances, violating party must immediately or within 14 business days, during which no business trading or transactions will be allowed to take place, remove all goods, equipment and cancel any services formally offered to the public for consumption. After this period all remaining goods will be disposed by the management and all related cost of disposal billed to violating party. Management has no obligation to warehouse the remaining goods or equipment, and violating part agrees that management may sell openly or at auction all such items if not claimed within the prescribed period not exceeding 30 calendar days.
9. Lease holders must agree to pay all monthly charges on time or face the possibility of having leases cancelled after 5 days of grace or the payment of a 15% mandatory late fee, which cannot be waved under any circumstance.
10. Applicants mandatorily must honor the designated minimum period for operating businesses hereafter considered business hours and specifically deals with the time period when the businesses are actively open to transact business with the public and does not include hours needed for the preparation and maintenance of the store facilities. The specific designated hours of operation are from 9AM TO 9PM Mondays to Saturday and 10AM TO 6PM Sundays.
11. All applicants must agree to using designated staff parking and not use parking designated for the public use.
12. All applicants must agree to redesign stock layout, displays and presentation areas at least 4 times per year, maintain a clean working environment, and allow no eating in display areas where there is patron interaction.
13. All applicants must agree to effect cleaning and disposal in designated areas of all waste; dust, rejected stock; paper and carton or other framing mechanism used in their everyday business, before leaving work area at the end of each day.
14. All applicants must agree to effect general and above general standards as it relates to customer care and satisfaction. MUST AGREE to honoring the “customer is always right concept.”
15. All applicants must understand that they will mandatorily be included in the customer satisfaction award with the results and successful winner being published and detailed reports circulated amongst the occupying businesses.
16. All applicants must send representatives to any monthly or weekly meetings pertaining to the operations and conditions, promotion of the Sunset Town centre as structured and or scheduled by management, regardless of time of week or time of day.
17. All applicants must agree and understand that Religious persuasion is not and will not be considered as an excuse for none attendance or operation of the business during mandatory opening periods for the Sunset town centre.
18. All applicants must agree to participate in all promotional ads programs for the Sunset town centre designed to benefit all the businesses within the complex. These will include discount coupons and other incentive programs.
19. All applicants must agree to implement good business practices outlined in any training/ certification program as well as in addition to any new recommended one by management.
20. All applicants must agree to keep confidential all security codes; policies , programs
21. All applicants must provide a current and detailed health certificate not exceeding the last 30 day period of application.
22. All applicants must provide four character references not exceeding the last 30 days.
23. All applicants must understand and agree that this and subsequent related agreements to this document is binding on all the heirs and executors of the signing parties, including but not limited to purchasing applicant.
Here’s the very simple explanation as to why we can and will offer tenant long term fixed leases up to 30 years. Firstly the aim of the developer is not simply to squeeze unlimited profits out of tenants, but to create a stable environment where all the participants can build a strong stable business. In fact the prime objective of the development stresses the need to create business opportunity so that businesses and entrepreneurs will cease the opportunity to open a business therefore creating much needed employment. Stable businesses means stable tenants, stable tenants means Good tenants, good tenants means less vacancies for the landlord/ developer. Less vacancies means stronger stable income and therefore profits. It more savvy, to keep rentals low over time and keep the units filled, a very simple logic that has been proven time and time again.
A strong stable economy where citizens and resident can find worthwhile employment is destined to build a higher standard of living for all. The increase in employment and earning ability for people are often the catalyst for the reduction in criminal activities. Increasing employment, reducing crime, creating increased numbers of small business will build a stronger economy, in which developments’ such as the Sunset town centre and Phenion ON the Ridge can thrive and survive long into the distant future with much success.
Further when private enterprises thrive, creating opportunities, there is less of a need to rely on Government to stimulate the economy. It’s the responsibility of private enterprise and its capital to build the economies in which they operate. Governments have proven they typically do not have the ability to grow strong capitalistic economies. Playing a responsible role in building a strong economy means developers who specialize in commercial developments must be willing to bring stability to the real estate commercial rental market by offering fixed long term leases and rental to tenants who themselves must be encouraged to do long term lease. THIS RELATIONSHIP BUILDS A STRONG COMMERCIAL RENTAL MARKET, ONE IN WHICH EARNINGS TO DEVELOPERS AND INVESTORS ARE STABLE AND DEPENDABLE over the long run. Tenants can therefore pass on savings over time to patrons, who are more likely to shop if and when they know they are receiving fair pricing.
• We brought together several leasing structure to create this unique one for future tenants seeking to build a stable business model around a stable amount for lease each month. Traditionally in Jamaica, a lease is typically from month to month, with landlord having the power and right to increase the lease per annum. This makes it almost impossible for any company to do long term accurate projection on earnings, since expenses such as rental amount are constantly changing. For a stable business model, having a fixed rate of rental per annum for the long term is the ideal situation. This is now being put in place at Sunset town centre. We would rather have long term stable tenants as opposed to a rapid turnover as rent become unaffordable due to increase by management.
• Maintenance is not fixed and will adjust to meet any inflationary trends or expenses in effecting services to tenants. Because the maintenance amount will adjust to meet any increase needs of the complexes common areas; and or benefits to tenants, developer’s income will not diminish and will remain fixed.
• As the property ages, depreciations against tax liabilities will offset some of the actual cost to the developers. This enables the Developer to reduce tax liabilities, therefore paying fewer taxes over time which helps to developer to actually keep more of the lease income.
• Cost of leases as configured will produce a profit for the developer. Because there are no increases in lease amounts for long periods up to 30 years and because there are no apparent increases to developer as result of increased inflation, especially since the increase in maintenance is passes on to tenants, the developer will maintain a constant but stable income and profit margin over the life of the lease.
• The Developer will be able to fix the rental amount to tenants for the long term lease holder because of 15 year tax rebate offered to developers whose project are tourism bases and hotel oriented. Sunset and Phenion are both tourism bases with each having hotel condominiums; and will host in bond shops as well as other tourism products directly geared towards the tourism sector. The developer can with certainty; except where government policy changes in relation to the incentive, can pass on these savings to the tenants. The developer can therefore maintain a fairly stable income amount on lease. There is therefore no desire or pressuring inflationary need to increase the cost to tenants.
• The developer has also, as part of its marketing and management policy and practice, created several complementary income generating opportunities for the complex in general. The developer will therefore self generate additional income and therefore profits over time. For strategic reason these policies cannot be discussed for one basic reason maintaining our competitive edge.
• The developers leasing policy is expected to create 90-100% absorption of its Leasable space. Assuming that this is achieved, the developer will again create long term stable income. This will also enable developer to absorb any changes in inflation to the ultimate benefit of the tenants who will not experience any increases in over all lease payments. Developer is expected to increase and maintain the demand for the complex through several marketing strategies.
• The Gold and Diamond exchange which will be an integral part of the Sunset Town Centre is geared to also bring additional income to the developer. Additional income form multiple sources such as this one is yet another tool helping to keep stable income to the developer which is passes on to tenants in fixed long term leases. Again the specifics of the strategy cannot be discussed here.
• One of the very important things to remember is that our policy is deigned to have the following results;
1. To find long term stable tenants, who can afford to maintain their lease obligation over time.
2. To create a system which is financially beneficial to both the tenant and the Landlord?
3. To eliminate from the process individuals who are incapable of understanding the benefits of the program. This process lets them know if it does or doesn’t suit them. This will also help them to find their comfort zone else where. Our policy or program will not be altered for every critic who comes along. Many of people have no real plan when it comes to open a business. This unique policy will help them to objectively decide on a serious plan of action.
4. To eliminate problem tenants, who may want to reserve space and then not have the commitment to honor the reservation agreement. This would lead to Tenants possibly walking away at the time leases are ready, thus leaving Landlord with no tenants. It therefore means that Landlord will not be placed in a position to sacrifice the reservation to individuals who may not be responsible enough to honor agreements, while loosing potentially good tenants who would and or could..
5. People who are allowed to reserve space with little or no money down , actually have nothing at all to loose. It means that they will have nothing to loose in walking away leaving the developer with no income to repay funds used to construct the development.
6. Contrary to what many people are accustomed ; it is far from unusual for tenants to buy a reservation or lease . A lease can be bought with the full lease amount for the entire lease period being paid in one lumps sum up front. Or, it may be worked into annual payments. That is the basic reason for financial institutions financing long term leases. The business would borrow to pay of the entire lease. For individuals to claim, that making and buying reservation on lease or lease itself is absolutely a new phenomenon is grossly incorrect. IF THEY are not familiar with the practice that does not mean it does not happen. Exposure and the willingness to accept new ideas is sometimes the hardest thing for many people. We often say these people are set in their ways. If we were to thing along these lines, women would dare not look out side the kitchen; people of African decent would be held to being only 33% human. The New United States Of American President; President Obama, would not and could not become President. Need I state more examples? Further as the developer we decide how, when, how much and the policy to lease our space. Any one not comfortable with that fact falls into category #3 listed above.
7. Long term tenants typically like to lease and reserve their space in developments long before developers break ground. This is to ensure they receive maximum benefits including cost of lease. Early leasers generally receive better rates. Astute business operators seek to minimize all costs. To lease long term means big savings for the tenants. It also means that the developer can justify to lenders that they will be able to service their loans for construction of the development.
8. People who understand money and how it works will endorse this strategy and program now offered by this policy, even if they are not familiar with it. To prove the value of this policy simply create expenditure chart for the life of the lease; this will in fact become a savings chart for any astute thinker.
9. Never fall for the “in Jamaica", Line. We all know that the way thing are done in Jamaica in term of business practices are not exactly ideal for the success of most businesses. This Leasing policy is merely mirroring , common practices taken from mature markets in first world countries. Where do we find the most successful economies globally? Where do we find the most mature and successful rental markets ? Where do we find stable long term leases being signed by tenants before construction ? In first world countries such as the USA. There is a reason why they have developed these systems of operations as it relates to commercial rental. They possibly did it the way Jamaicans are now accustomed in the distant past and experienced as well as proved the many flaws over time. Let’s learn from others so we don’t continue the painful experiences of our own. We must strive for first world status in all their endeavors. Anything short of that means we are lingering in failed practices. Lets not hear or even waste time with people who what to continue to do things how it is and or was done and is being done , especially when we know it does not work.
10. There are long lists of benefits. A study and revision will bring to the fore why this program makes complete sense. When we all understand the true benefits, it becomes very easy to refute any challenges to this policy.
• Where tenants choose to merely rent for the long term no purchase option, rate per 1,000sq feet will be determined by policy ; product and location.
• Ground floor reservation on space facing major roadways; reservation fee will be USD$15,000.00 per 1000 square feet. The general lease reservation policy will guide the terms of the lease.
• All other locations will be for $14,000. Per square feet; except for the 4 upper floors of commercial buildings. These upper floors will house top executive offices along with professional lofts .
• Rates will apply bases on the following ascending order;
1. 4th floor office suites will be USD$20,000.0 per 1,000sq feet of space. Plus applicable lease terms once lease is available
2. 5th floor office suites will be USD$25,000.0 per 1,000sqfeet of space. Plus terms of applicable lease
3. 6th floor office and Lofts will be USD$40,000.0 per 1,000sqfeet. Plus applicable terms and conditions.
4. 7th floor office suites and lofts will be USD$50,000.0 per 1,000 sq feet. Plus applicable leasing terms and policies.
• Please note that all leases can be for the maximum period of time in accordance to policy and terms. Which simply means a very smart shopper will see this program works out even better than buying. It leaves their credit intact since its not a loan and they none the less get premium facilities for less than a mortgages deposit on an executive type property. Even at the upper price point of USD$50K, which is less than a deposit on high end property of this type, given the person the premium space with no escalation in monthly cost, in a facility (where business is conducted ,therefore paying its way). They won’t see interest rates going up and therefore affecting them in a negative way. Where professionals lofts can be created, which allows the professional to both live and work in facility, it actually works out better that buying a flat or condo or apartment. THEY CAN WORK play and live in the same area. They done even need a car.
• While outlining all the above advantages, one major advantage for the business person or the Savvy consumer, is that all the fees and cost of getting into the facility becomes tax deductable. So in truth and in fact, they literally will not be losing any money in the long and short of it all. They will in-fact be saving money as opposed to them buying or building commercial retail property.
PRICES & SIZES OF PHENION ON THE RIDGE AND SUNSET TOWN CENTRE
Phenion on the Ridge
To be situated at 30 Queens Drive, Montego Bay, the tourism capital of the Caribbean, with magnificent, panoramic views of the Caribbean Sea, Montego Bay's chief hotel hub, and the Sangster International Airport, the Phenion on the Ridge will be Jamaica's first 7-Star All-Suite Luxury Hotel Condominium comprising 264 luxury Suites of the following sizes and price range:
1. 1-bedroom 1 1/2-bathroom 1,217ft² US$523,310 - US$973,310
2. 2-bedroom 2 1/2-bathroom 2,209-2,771ft² US$1 Million - US$1.9 Million
3. 3-bedroom 2 1/2-bathroom 2,472-3.655ft² US$1.5 Million - US$2 Million
4. 4-bedroom Penthouse 4,600ft² US$6 Million
5. Roof-top Penthouse 16,895ft² US$16 Million
Phenion on the Ridge will have such amenities and services as: Spa, fitness centre, elegant designer lobbies with Cafe; international restaurants; Night Club; English Pubs with Jamaican touch; Cocktail Lounge; Tour services; DVD & Music Library; Conference rooms, fully equipped Virtual Offices, high-speed internet; Private Butler & Chef upon request; concierge; shuttle services to and from the Airport, the yacht club, gulf courses and beach, swimming pool, and so on. The suites will be fitted with high-speed internet service, digital cable television to keep our residents and guests in-touch with the World.
We offer a window of opportunity to prospective buyers/investors, who come in early, to Joint Venture with us and receive a 1-bedroom (1,217ft²) unit in the Bhardwaj Tower for only Three Hundred and Four Thousand Two Hundred and Fifty United States Dollars (US$304,250.00). This offer is limited and we recommend that you consider this avenue to invest and receive your very own piece of Jamaica at a reduced price.
The eventual sales price of the 1-bedroom unit will start at US$523,310 and increase by US$50,000 for higher floors above the 2nd floor. The price for the Joint Venture Partnership increases also by US$50,000/floor; so, if you say, select a 1-bedroom unit on the 3rd floor then the joint venture price will be $354,250, and for a 1-bedroom unit on the 4th floor the price will be $404,250, and so on.
The Phenion on the Ridge comprises a split-level hotel condominium with the central building (the Bhardwaj Tower) from sea-level rising 12 storeys to the upper ridge level at Queens Drive, with two 9 storey wings (The Nortrice Tower and the Bradley Tower) from the top floor of the Bhardwaj Tower to the ground level at Queens Drive. The roof-top of the Bhardwaj Tower will contain the dining area, swimming pool with hot tub, bar, and so on - imagine just sitting on top of the world, enjoying a great meal with a great view.
Sunset Town Centre - Sunset Avenue, Montego Bay
We are currently accepting Pre-construction Lease Reservations.
Located on the Hip Strip of Montego Bay, the Sunset Town Centre will be Jamaica's most modern commercial centre consisting over 208,000 ft² (Net) of retail and office space, having as its main feature and attraction:-
The Rasheif Gold & Diamond Exchange Centre
A Gold, Diamond and Precious Metal Exchange Centre for the selling and buying of jewels, gold, diamonds, gems, precious metal. The entire GROUND, 1ST & 2ND Floor of the Rasheif Gold & Diamond Exchange Centre (44,160ft²) will comprise over 300 cubicles of sellers in jewellery, bars, bullion, nuggets, gems, and craftsmen who will deal in custom made jewellery as well as trading in commodities such as precious metal, etc. This Gold & Diamond Exchange Centre will be a major attraction for both local and overseas visitors alike, and we fully expect a several fold increase in Cruise ship arrival, air traffic, as well as private Yacht & jet arrivals.
The Museum with its local and international artefacts Exhibitions, will span the entire 4TH Floor of 14,720ft²; while the Art Gallery will occupy the 5TH Floor which will see Art Exhibitions of local and international renowned painters, etc, will be disposed over an area of 14,720ft². The 6TH Floor will contain the Executive Offices for the operators of the Gold & Diamond Exchange Centre, the Art Gallery & Museum.
The International Restaurants to include: Japanese, Thai, Korean, Chinese, Italian, French, Continental, Mexican, Cuban, Local, Caribbean, African, Health, Lebanese, Jewish, South Pacific, North American.
Myrle Monica Health & Treatment Centre
A 52,605ft² (net), 7-storey, fully equipped, medical centre featuring 4 Operating Theatres, Intensive Care Unit, Recovery Rooms; full diagnostics capabilities; Maternity Ward, Delivery Room; Laboratory, Medical Specialists such as Cosmetic Surgeon, ENT Specialists, Cardiologist, Neurologist, Paediatrician, Gynaecologist, Dentist, etc. and served by two (2) high-speed elevators.
The Hope Theatre & Entertainment Centre
Is an 800-seater modern giant-screen I-MAX Cineplex & Theatre (4 giant I-MAX Screens); an outdoor stage, which will see Live entertainment between the hours 11am-2pm, 7 days/week, situated opposite the international food-court (on the ground floor or the Rasheif G&DE Centre.
The Randolph Business Centre
Will contain a 3,077ft² commercial bank; Bill Payment outlet; Cambio; Cellular phone Outlet that will also provide support for the guests of the ultra-luxury 7-Star, Hotel Condominium, Phenion on the Ridge (PHASE II) as will be required from time-to-time; Conference Room; Professional Offices; Executive Offices; Virtual Offices (for the new entrepreneurs who wants to rent a well-equipped office with secretary & receptionist on an hourly basis - high-speed internet, photocopying/faxing/scanning, receiving mails, etc; and Business Document Centre.
The Antoinette
This 14-storey mixed-use building will comprise retail shops, commercial offices, and 60 luxury residential suites. There will be 4 Floors for commercial activities; namely, 4 In-Bond, Pharmacy, Commissary, Fun House, Confectionery, Book shop, Laundromat. Beauty Salon, Barber shop, Gym, Spa, Dining room, Restaurants, Night Club, Gaming Lounge, Cocktail Lounge, English Pub, Virtual Offices, Tour Centre, all for the hotel residents & specially invited guests to the hotel.
The 60 residential units will form part of the Hotel Condominium containing 2 & 3 bedroom luxury suites: the 2-bedroom 2 1/2 bathroom suites range in size from 2,308 - 2,771ft² while the 3-bedroom 2 1/2 bathroom suites range in size from 3,014 - 3,134ft². The 264-All Suite hotel condominium, Phenion on the Ridge (including The Antoinette), will be operated by a world leading, luxury hotel management franchise we will finalize soon.
This project is a first for Jamaica in many respects, one of our aim is to increase the attractions & activities of Montego Bay. It is our chief goal to make this complex the most highly prized Landmark of Jamaica - we want it to be the Empire State Building, the Buckingham Palace of Jamaica, name it. It must be one of the most photographed buildings in the world; we want to see miniature souvenirs of our complex on sale; in other words, the external design and the amenities will be such that the Sunset Town Centre will be a must see destination for all our local residents, and world travellers alike.
A revolution in business that makes absolute financial and economic sense for the astute entrepreneur.
become a primary supplier to the regional markets by establishing your operations here.
The “RASHIEF” Gold, Diamond, Jewelry and Precious Metal Exchange a RETAIL CONCEPT LAUNCHED FOR THE Very first time in the Caribbean; by CAREIF LTD, is to be located in its the New and approved High-end retail and Executive high-rise development; known as the Sunset Town Centre, in Montego Bay Jamaica and scheduled to open in September 2011 with an introduction cap lease rate of Maximum USD$25.00 per sq feet per annum, is inviting gold, diamond, Jewelry and precious metal Merchants and designer to reserve their premium space in these new facilities. Merchants, who purchase a lease option, will have an exclusive right to establish their businesses in this new development which boasts several unique as well as first world amenities. Because of its location on Jamaica’s most demanded tourist destination; the Hip-Strip, coupled with the fact of high demand for these products by local residents, the Exchange is predicted to become a primary stop over for millions of tourist both travelling to Jamaica and the region as whole. The development’s Mangers marketing strategy is to foster strong management support for the retailers in the complex include strongly directed marketing plan to the USA/ CANADA/ UK , the growing Spanish tourism Markets as well as the emerging South American affluence. Merchants must be able to satisfy management of the Sunset Town Centre that they must and will be able to supply the highest quality in design, uniqueness in design and the most competitive pricing of their products so the Exchange becomes the focal point for shoppers in north Americas and the region as a whole. ; Merchants successful in securing space for their outlets will offer design services, where the client can design their own Jewelry from affordable to opulent price points. The Rashief’s targeted clientele and market are from the very modest to the most demanding high end shopper. The exchange will also cater to patrons wishing to purchase gold bars and bullions in its pure state, for their own personal use such as doing their own design by themselves while also giving them the opportunity to convert cash into their own gold reserve.
10. To ensure that we have a strong committed Merchant for the long run (10-30 years); that tenant must be financially solid in all respects. If Management perceive that the tenant applying to purchases the lease option in not or will not be able to fulfill their long term obligation, the application will not be accepted. If we have a Applicant that is not able to satisfy us that they are viable and in a position to maintain the quality supply demand
 | | About This Property | |
| Category: | | Condos | | Address: | | Montgeio Bay
St. James
Jamaica | | For Sale By: | | Owner | | Construction Year: | | 2009 | | Area: | | 1,200 Sq. Ft | | | Bedrooms: | | 2 | | Bathrooms: | | n/a | | Sleeps: | | n/a | | Stories: | | 21 | | Parking Spaces: | | 2 | |
| | Features - Amenities | |
| - Furnished
- Appliances
- Laundry Room
- Pool
| | - Tennis Court
- Gym/Spa
- Balcony
- Cable TV
| | - Ocean View
- Mountain View
- 24 Hour Security
- High-Speed Internet
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