Guardian Life Limited (GLL) will launch its first real estate development project in mid-June, a $6-billion initiative intended to speed up investment returns for the life insurance company, according to president Eric Hosin.
The residential development will be done in two phases over three years on property owned by Guardian Life at Musgrave Avenue in Kingston. Guardian Life has approximately 4.32 acres of land on Musgrave Avenue alone, to hold 66 housing units at one location, 172 residences at another with a jogging trail.
The company is building 238 residences targeted at the middle-income market.
The Guardian Life head said the three-year project is expected to create 230 jobs for skilled and semi-skilled workers over the construction period.
Guardian closed out 2016 with a cash hoard of $3.4 billion, down from $5.4 billion the year before.
Hosin says the “the Jamaican investment landscape has changed significantly over the last five years, making it more difficult for businesses like Guardian Life to make reasonable returns from traditional sources”, which pushes the company to seek out more lucrative fields for investments.