Johnston Development Group spearheaded by entrepreneur Jamila Johnston is taking charge of its first project. It is a $1.2 billion residential development in Kingston called Cardinal Residence. The project spans 1.5 acres, it will contain 36 studios, and 12 one-bedroom and six two-bedroom apartments.
Reports are coming out that the price for each unit will range from US$190,000 to US$450,000. Jamila Johnston is elated over the fact that she had already sold 80 percent of the units since she started the campaign over the last two months.
This is a positive result for the company given the fact that the company is around a year old.
Jamila Johnston is the daughter of Charles Johnston who is the Chairman and Managing Director of Jamaica Fruit and Shipping Company Limited. He is also the Chairman of Jamaica Producers Group Limited, Seaboard Freight and Shipping CO. Limited, and T.S Crane Services.
Johnston Development is majority owned by Jamaica Fruit and Shipping Company; you can now see the connection there. Jamila Johnston owns another 29 percent of the company and Dequity owns the remaining 20 percent which Kadeen Mairs is a huge part of.
This overall project is expected to cost at least $2 billion which will more than likely cover the cost of the land and other costs that might arrive over time. The majority of the funding is being done by First Global Bank which amounts to $1.2 billion.
The project is set for completion in the latter stages of 2023. This is an important step for the company that has other projects that are already added to the pipeline.
Wow, amazing