A listed Jamaican property company is asking a hillside estate in Stony Hill to do what its cash flow cannot: repay a bond that comes due in June 2027.
KINGSTON, Jamaica, 11 November 2026
A bond, a villa and a due date
Pulse Investments Limited’s audited accounts for the year ended 30 June 2026, published on the Jamaica Stock Exchange on 2 November, show a net loss of J$349.2 million, after a profit of J$357.6 million the year before. They also show a senior secured bond whose principal was raised to J$975.6 million in January, when unpaid interest was added to the sum, and which is due in full on 29 June 2027.
The company’s auditors said the bond was in technical default and had been classed as a current liability. The accounts explain that a payment holiday granted by the bondholder ran to 30 June 2026, and that a further extension had not yet been granted when the holiday ended. The Board approved the accounts on 29 October.
The plan at Villa Ronai
The company’s answer is a redevelopment of Villa Ronai, a nine acre estate on Old Stony Hill Road in St Andrew. Under the plan, 62 existing units would be recast as 55 one bedroom suites, and a new three storey building of 20 suites would bring the total to 75. The 55 converted suites are to be offered for sale, with the proceeds used to settle the bond in full.
The remaining works are estimated at about J$815 million, to be funded by a development loan, buyers’ deposits and equity. That figure does not include J$693.6 million already spent on the estate. The property itself is carried in the accounts at J$5.4 billion and secures the bond by a first legal mortgage.
What is still unresolved
The company submitted its latest restructuring proposal on 11 September. At the date the accounts were approved, the bondholder was still considering it, and the development agreement was still being finalised. The auditors said the company’s ability to continue as a going concern depends on that restructuring succeeding, and on the Villa Ronai plan being carried through.
Our cartoon shows the pressure in one picture: a hillside villa chained to a bond, a calendar marked June 2027, and a workforce already walking toward 75 suites.
Why it matters
Villa Ronai is a single estate, but the story is a familiar one in Jamaica’s property market. Development is often financed by bonds and bank debt that must later be repaid from sales. When those sales lag, the asset that was meant to create value becomes the thing that has to rescue the balance sheet.
The bond is due in June 2027, and for now the villa is being asked to pay it.
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