Date: June 5, 2025
Location: Kingston, Jamaica
Receivership of Hambani Estate by Sagicor Bank Jamaica
FirstRock Real Estate Investments Limited has confirmed that the Hambani Estate residential development, located at 1–3 Bamboo Avenue, Kingston 6, has been placed into receivership by Sagicor Bank Jamaica Limited. The decision was made following the maturity of a US$10 million loan facility used to finance the construction of the luxury villa project.
Hambani Estate was envisioned as a high-end gated community of 12 stand-alone villas, designed to appeal to Jamaica’s ultra-wealthy clientele. The development is 90% complete, with practical completion already achieved. Despite the upscale design and strong location in Kingston 6, only one unit has been sold since construction began in 2022.
Sagicor Bank, citing a lack of resolution after several months of negotiations, exercised its legal right to take possession of the remaining lots under the terms of the credit facility. The bank noted that the action was a last resort, taken after good-faith efforts to restructure the loan failed to yield a sustainable path forward. The move was described as necessary to protect the interests of all parties involved, including shareholders, institutional partners, and the broader financial system.
FirstRock has responded by announcing its intention to refinance the Sagicor facility through another financial institution. Management has stated that with new funding secured, the development could be completed within three months. According to the company, there is a waitlist for the remaining three unsold villas, which they plan to market once refinancing is finalized.
The situation has attracted public and political attention, particularly due to the involvement of government-backed institutions as shareholders in FirstRock. These include the National Insurance Fund, Norman Manley International Airport Limited, and the Airports Authority of Jamaica. Opposition leaders have raised questions regarding the exposure of public funds and are calling for full disclosure of the financial risks and implications tied to the Hambani receivership.
While FirstRock remains optimistic about resolving the matter and completing the Hambani Estate development, the receivership marks a significant chapter in the company’s history and underscores the growing scrutiny surrounding high-value real estate ventures in the current economic climate.
Further updates will be provided as new information becomes available.
Prepared by:
Independent Real Estate Market Commentary
Date: June 5, 2025
Disclaimer:
This report is intended for informational purposes only. It is based on publicly available news and corporate disclosures as of the stated date. It does not constitute legal, financial, or investment advice, nor does it reflect the official views of FirstRock Real Estate Investments Limited or Sagicor Bank Jamaica. Readers are advised to conduct their own due diligence and consult professional advisors before making any real estate or investment decisions.