One of the region’s larger property investors says it will stop putting its own money into new construction, and will instead sell out three projects in St Ann and Kingston and work for landowners on a fee basis.
KINGSTON, Jamaica, 6 November 2026 Proven Group Limited says it will no longer commit fresh capital to building its own real estate developments, a shift that may change how new apartments, villas and warehouses reach the Jamaican market over the next few years.
Speaking at the company’s annual general meeting on Thursday, the group’s chief executive said the priority now is to finish existing projects, hand over units and collect what buyers owe, then move to a partnership model in which Proven advises landowners and developers and manages projects for a fee.
Three projects, US$63 million to collect
The company expects about US$63 million in sales proceeds over its next two financial years from three developments. The figure includes money tied to units already sold or reserved, so it is largely cash still to come in rather than fresh sales.
At Sol Harbour, a 152 unit residential tower on Cascade Way in Ocho Rios, construction is complete. The company said 142 units have been sold and 79 handed over. At Bahari in Runaway Bay, a development of 60 villas and townhouses, the first phase is about 89 per cent built and 55 units are sold. At Kingston Gateway on Marcus Garvey Drive, all 23 warehouses are finished and every unit has been sold or reserved.
For comparison, the group recorded US$28.6 million in property sales in its 2025 financial year.
Why the change now
The group posted a net loss of US$4.8 million last year even as revenue rose 5.9 per cent to US$74 million. Shareholders at the meeting questioned whether the company should keep financing construction itself when high interest rates and market swings have made projects harder to turn into cash.
“We will not be allocating any new capital to projects going forward, but we will be leveraging the expertise that we have and that were built up in the team to be able to partner with landowners and developers going forward,” the chief executive said, according to a report of the meeting.
A new head of the property arm took over on 1 November, and the company has pointed to its partnership with the Cornerstone Group, whose subsidiary Barita Investments is now Proven’s second largest shareholder, as a source of future deals.
Unsold units are earning rent in the meantime
Proven has also been letting unsold units at its Bloomfield Park and Avista developments in Mandeville as short stay rentals while it waits for buyers. It is a small detail, but a telling one. When completed homes sit longer than planned, developers may lean on rental income to carry the cost, and buyers may find more room to negotiate on finished stock.
What it may mean for buyers
For people who have already bought at Sol Harbour or Bahari, the company’s stated focus on handovers and collections is likely to mean pressure to complete paperwork and final payments on schedule. Buyers waiting on keys may want to confirm with their attorney exactly what is outstanding on their side, and what the developer still owes them under the sale agreement.
For anyone still shopping, unsold units in projects that a developer wants to close out may come with more flexible terms. That is not guaranteed, and any purchase off a developer’s books still needs the usual checks on title, strata registration and what is included in the price.
A wider signal for development
When a well capitalised group decides it would rather earn fees than own construction risk, it may be a sign that the cost of money is weighing on new projects more broadly. Other developers face the same mix of high borrowing costs, rising materials prices in a country still rebuilding, and buyers who take longer to commit.
The partnership model could also open a door for landowners. Families sitting on well located land, but without the capital or expertise to develop it, may find more professional partners willing to share the work in return for fees or a share of sales. Those deals will need careful legal advice on who owns what at each stage.
What to watch
The test will be whether the US$63 million arrives on time. Completed handovers at Sol Harbour and the finishing of Bahari’s first phase are likely to be the clearest early signs. If the model works, more Jamaican property may be built by partnerships in which the landowner keeps the land and the specialist runs the job.
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The cranes may slow, but the land is not going anywhere. Who builds on it next is the real question.
Disclaimer: This article is for general information only and is not investment or legal advice.
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