- First Rock Real Estate Investment Limited and its subsidiary FCH Jamaica Developers Limited, in a company release on the Jamaica Stock Exchange (JSE), announced that it had fully repaid all of its obligations to Sagicor Bank Jamaica Limited through a Corporate Note structured and arranged by Mayberry Investments Limited. The repayment on September 15, 2025, marks the formal exit from receivership for the Hambani real estate project at Bamboo Avenue. Chairman of First Rock Group Ryan Reid said Mayberry Investments has agreed to a payout of US$10Mn, which should settle the outstanding obligations to Sagicor.
- The full size of the financing package was not announced; however, the ‘first of its kind’ luxury residential development is now expected to be completed in the coming months. Mayberry also confirmed the deal, but its market filing was also absent specific details regarding the secured note and financing plan.
- The long-delayed project consists of 12 four-bedroom and five-bedroom townhouses, priced up to US$2Mn. Sagicor Bank Jamaica announced in June that it had placed land lots for Hambani Estate units into receivership. First Rock subsequently noted in a market filing that it was then working with an unnamed entity, now revealed as Mayberry, to refinance the project. At market close on Monday, September 22, 2025, FirstRock’s JMD share price was J$10.00, down 0.40% since the start of the year. At its current price, the company trades at a P/B of 0.09x, which is below the Main Market Real Estate Sector Average of 0.48x.
(Sources: The JSE, the Jamaica Gleaner, & NCBCM Research)