First Rock’s Luxury Development Under Sagicor’s Receivership

In a statement on Wednesday morning, Sagicor noted it had made the difficult decision to place the lands under the mortgages for the luxury development, granted to First Rock, into receivership.

This is with the exception of one house lot. According to Sagicor, that single house lot has been fully paid for.

In a statement issued this morning, Sagicor Bank said it made the “difficult decision to place the lands under mortgages for the Hambani Estate Development… into receivership,” citing months of good-faith negotiations.

“This outcome is the result of extensive dialogue and compromise,” the bank said. “Our responsibility extends not just to our partners but also to our clients, employees, shareholders, and the broader community.”

The company said it expects to finalise new financing shortly and complete the project within three months.

“Hambani is the only development complex of its kind which provided the ultra-wealthy with a safe, secure and central location in the heart of Kingston 6,” First Rock noted. The company also reported a waitlist for the three unsold units, which it intends to market once refinancing is secured.