Trelawny tapped as new property investment hub
The Jamaican government and Royal Caribbean International recently entered into a US $224 million agreement to redevelop Falmouth as one of the island’s premier tourist destinations. The deal, which was signed in November 2008, seeks to position the small, northwest coastal community as a lively, modernised port town, ironically to be named ‘Historic Falmouth’. Additionally, the new multi-million dollar improvement project will aid in driving the development and growth of Trelawny’s other business sectors, including real estate.
The initial planning and construction phases are already underway as the new pier is expected to accommodate the world’s largest cruise liner, Oasis of the Sea, in May 2010. The Port Authority of Jamaica (PAJ) will be primarily responsible for constructing port infrastructure, while Royal Caribbean will establish dining, shopping and entertainment facilities. Once complete, the port will have the capacity to host two ‘megaliners’ simultaneously.
Trelawny gained international popularity in 2008 as the birthplace of the world’s fastest man, Usain Bolt. Despite experiencing a dramatic increase in visits by athletic trainers and sports writers following the Olympics, the parish more aptly represents the slower, laidback pace common to Jamaica’s ‘countryside’. This is in stark contrast to the bustling agricultural core, the town boasted in the 18th and 19th centuries. During this period, it benefitted tremendously from the success of sugar cane. Later, the abolition of slavery and ultimately the collapse of the sugar industry led to its untimely demise in status.
The introduction of this new state-of-the-art docking facility is being utilized as the momentum to once again raise its profile and regain its prestige. The port’s development phase alone will create more than 700 jobs while planned renovation projects will seek to rejuvenate this personable, friendly and warm parish.
Now is the time to take advantage of this incredible opportunity to invest in an area that is on the brink of a tourism boom. With Royal Caribbean expected to bring in an estimated 400,000 visitors over the next 2 decades, Trelawny has become the new hotspot for resort expansion, as well as commercial and residential property development. In the years to come, land, particularly beachfront properties, is likely to be bought up quickly and prices will inevitably rise.
The port’s development will lead to the creation of several permanent jobs, result in growth of businesses, as well as serve as an impetus for upgrades on critical infrastructure. Property in Trelawny is now an attractive investment for potential buyers seeking a vacation house, retirement home or financial venture.
© 2008 Tropical Connections Ltd. All rights reserved. Last updated: 3/2/12
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