JMMB Real Estate Holdings Limited, the property development subsidiary of the JMMB Group, is forging ahead with two significant commercial projects in Kingston, marking a strategic expansion into the non-financial sector. The developments, located on Harbour Street in downtown Kingston and Haughton Avenue in New Kingston, are currently in the tender phase, with contractors being selected. While the company has not disclosed the exact costs, it confirmed that construction is slated to begin in the fourth quarter of the 2025/26 financial year. The Harbour Street project is expected to take 18 to 20 months, while the Haughton Avenue development will require 22 to 24 months to complete. Both projects received statutory approvals earlier this year and are part of JMMB’s broader strategy to monetize its $4-billion land bank through high-value commercial real estate. The Harbour Street development will renovate 35,000 square feet of office space, while the Haughton Avenue project will feature a 10-storey building with parking and 45,000 square feet of modern offices. The latter currently houses JMMB’s head office, JMMB Bank (Jamaica) Limited, and JMMB Investments. JMMB has set a profit hurdle rate of 15% for each project, reflecting its focus on market-based returns rather than passive asset appreciation. The company plans to finance the projects independently, seeking partnerships and funding on favorable terms. Upon completion, the properties will either be sold floor-by-floor or leased on medium-term agreements, aligning with JMMB’s long-term investment strategy. This approach has already proven successful at the company’s first completed project at 102 Hope Road and 1 Liguanea Avenue, which began generating rental income last financial year. JMMB Real Estate reported a net profit of $332 million for the 2024/25 financial year, contributing $760 million in income to the group through rental earnings, property sales, and revaluation gains. Group CEO Keith Duncan highlighted the subsidiary’s self-sufficiency, emphasizing its role as a growth engine for the JMMB Group. With design work underway for additional projects in Mandeville and Montego Bay, JMMB Real Estate is poised to play a pivotal role in the group’s diversification strategy.