Shell Apartments Proposed as Lower-Cost Entry to Homeownership

Kingston, Jamaica — 16 February 2026

A Kingston-based real estate investment firm has announced plans to introduce shell apartments to the local market, positioning the model as a response to rising housing costs and declining affordability for many Jamaicans.

The company, recently rebranded as Different Capital, says it intends to deliver residential units with completed structural exteriors while leaving interior finishes to purchasers. The approach, common in parts of Asia and in Jamaica’s commercial property sector, is being framed as a way to lower the upfront purchase price of homes by removing developer mark-ups on high-cost finish items.

According to the firm’s deputy chief executive officer, finishes can account for up to 30 to 40 per cent of construction costs. Once mark-ups are applied, that share can represent an even larger portion of the final sale price. By delivering a structural shell—complete with windows, external doors, electrical rough-ins and plumbing infrastructure—developers would exclude floor finishes, cabinetry, internal partitions, fixtures and decorative elements from the base price.

In practical terms, buyers would assume responsibility for completing the interior.

Affordability Pressures and Cost Structure

Jamaica’s housing affordability challenge is well documented. Rising land values in urban centres, higher construction material costs, labour pressures, and financing expenses have pushed many new developments beyond the reach of median-income households. Government-backed housing initiatives have attempted to address the supply gap, but private developers continue to shape a significant portion of the formal housing market.

Within that context, cost structure has become central. The shell model shifts part of the financial burden—and control—from the developer to the buyer. For purchasers with access to incremental financing, family labour, or phased renovation capacity, this could lower the immediate mortgage requirement.

However, the impact on affordability is not straightforward. While the entry price may fall, buyers must still fund the completion works. That introduces additional financing considerations. Traditional mortgage products are typically structured around finished properties with certified valuations. If a unit is unfinished internally, lenders may require staged inspections or specialised loan products to mitigate risk.

The question, therefore, is not simply whether shell units are cheaper, but whether Jamaica’s banking and valuation frameworks are prepared to support them at scale.

Cultural and Market Considerations

The shell approach is widely used in commercial real estate locally, where tenants often fit out retail or office spaces to their specifications. In residential development, however, Jamaican buyers have historically preferred turnkey solutions—fully finished units ready for occupation.

Internationally, the concept has been applied differently. In China, unfinished apartments became common as developers sought to manage costs and accelerate delivery timelines. Over time, it evolved into a model that allowed personalisation at scale. Whether that experience translates to Jamaica depends on consumer behaviour, regulatory alignment, and construction oversight.

There are also practical considerations. Building control approvals, electrical certification, and occupancy permits must remain compliant with local planning and safety regulations. Fragmented interior completion across multiple units within a development could introduce coordination challenges, particularly in multi-storey apartment schemes.

Broader Implications for Land and Development

If adopted widely, the shell model could alter development economics in urban centres such as Kingston and Montego Bay. Lower advertised entry prices may improve pre-sales velocity, helping developers secure project financing. At the same time, it could introduce a more gradual pattern of interior completion, spreading construction activity over longer periods.

For households, the model may offer a pathway into ownership earlier than would otherwise be possible. That has implications beyond housing. In Jamaica, property ownership remains closely tied to generational security, inheritance planning, and wealth formation. Any mechanism that lowers the initial barrier to entry warrants careful consideration.

Dean Jones, founder of Jamaica Homes, said the concept reflects a broader need to rethink delivery models in a constrained market. “Affordability is not only about reducing prices,” he said. “It is about structuring housing in a way that aligns with how Jamaican families actually build, finance, and improve property over time.”

What Comes Next

Different Capital has indicated that land acquisitions are under active review and that further project details will be announced in due course. Studio, one-bedroom and two-bedroom configurations are reportedly under evaluation.

The viability of shell apartments in Jamaica will depend on several factors: consumer appetite, lender flexibility, regulatory clarity, and the ability of developers to manage phased completion responsibly.

At a time when housing affordability remains one of the country’s most pressing structural challenges, alternative delivery models are likely to receive attention. Whether shell apartments become a niche option or a meaningful segment of the residential market will depend less on novelty and more on execution.

Disclaimer: This article is for general information and commentary purposes only and does not constitute legal, financial, or investment advice. Readers should seek professional guidance appropriate to their individual circumstances.