- Prime Minister, the Most Hon. Andrew Holness, on Thursday (March 21) broke ground for Guardian Life Limited’s 176-unit luxury apartment complex in New Kingston.
- The $4-billion housing development, dubbed ‘The Cambridge’, will be built on three acres of land located at 2 to 4 Musgrave Avenue, Kingston 5.
- Mr. Holness lauded the financial services company for investing in its second real estate project.
Prime Minister, the Most Hon. Andrew Holness, on Thursday (March 21) broke ground for Guardian Life Limited’s 176-unit luxury apartment complex in New Kingston.
The $4-billion housing development, dubbed ‘The Cambridge’, will be built on three acres of land located at 2 to 4 Musgrave Avenue, Kingston 5.
Mr. Holness lauded the financial services company for investing in its second real estate project.
“The Government appreciates what Guardian is doing. I want to commend you. I want to use you as an example to other investors. It doesn’t have to be housing, but there are other areas of the economy where real investment can make a difference – investment that is going to bring employment and investment that is going to transform the built environment,” he said.
Mr. Holness noted that this latest investment is in keeping with the Government’s thrust to transform Kingston and stimulate further growth.
“The strategy of the Government is to encourage the development of the city and to attract more people. This reduces the cost of the infrastructure; it reduces the cost of the delivery of service; it improves administration, and at the end of the day, it improves quality of life,” he said.
In his remarks, President of Guardian Life Limited, Eric Hosin, noted that the investment in real estate is not only in keeping with the company’s strategic objectives, but a demonstration of its confidence in Jamaica’s economy.
“We are committed to making our contributions to the economic growth of our country and to providing opportunities for our people to accomplish their goals,” he said.
He noted that the new housing development is Guardian Life’s response to the high demand for top-quality, affordable housing in Kingston.
Mr. Hosin informed that the development will provide 320 new jobs over the two years of construction.
Member of Parliament for South East St. Andrew, Julian Robinson, also welcomed the housing project.
“I can count, probably, about seven or eight major developments that are under way or have already taken place within a two-mile radius. The entire landscape of New Kingston is changing,” he said.
The Cambridge will comprise two towers – the Cambridge Edge and the Cambridge Elites, and will feature super studios; one-bedroom units with two full bathrooms; and two-bedroom, two bathroom units. Amenities will include a swimming pool, tennis court, gym, and jogging trail.
Last year, Guardian Life broke ground for construction of The Hampshire, located on Comlin Bank Road, which will soon be completed.
This development, along with The Cambridge, represents an investment by the company of approximately $10 billion in the real estate industry.