Carib Scope

分类： business

  • GTA expands UK footprint with targeted sales mission

    GTA expands UK footprint with targeted sales mission

    The Grenada Tourism Authority (GTA) has recently concluded a multi-faceted sales and outreach mission to the United Kingdom, a core international market for the island nation’s tourism sector, aimed at deepening existing connections and unlocking new growth opportunities for future visitor arrivals. Led by GTA Chief Executive Officer Stacey Liburd, the delegation centered its work on two key priorities: high-impact trade engagement with UK travel industry leaders and collaborative community building with Grenada’s UK-based diaspora, with the ultimate goal of driving sustained visitor demand and strengthening long-term market performance.

    The mission kicked off with a two-day diaspora outreach initiative organized by Melinda Telesford, a Marketing Executive at the GTA. Blending in-person discussions and virtual participation to maximize accessibility, the sessions moved far beyond routine destination updates to frame the UK Grenadian community as a strategic driving force for the island’s tourism development. Attendees joined collaborative conversations focused on how community members can leverage their personal networks, professional expertise, and grassroots influence to boost advocacy for Grenada as a travel destination and encourage more travelers to visit the self-styled Spice Isle.

    A highlight of the mission was GTA’s invitation to participate in the exclusive Virtuoso On Tour UK & Ireland event. During the industry gathering, the delegation held direct one-on-one and small-group discussions with 30 elite travel advisors, successfully reinforcing Grenada’s position as a top competitive option in the global premium travel segment. The luxury travel market is a critical pillar of Grenada’s strategy for sustainable, long-term tourism growth, making this engagement particularly impactful.

    In comments following the conclusion of the mission, CEO Liburd emphasized the United Kingdom’s enduring strategic importance to Grenada’s tourism sector. “This mission gave us an invaluable chance to strengthen and deepen our relationships across all our key market segments,” Liburd noted. “Our conversations with both the diaspora community and trade partners reaffirmed that interest in Grenada’s unique tourism offering is strong and growing. We leave the UK energized by the level of enthusiasm we encountered, and confident in the momentum we have built heading into the upcoming travel seasons.”

    Beyond diaspora outreach, Liburd led a full schedule of media and trade partnership meetings designed to align in-market UK stakeholders with the GTA’s 2026 strategic growth roadmap. These targeted engagements were crafted to turn existing global interest in Grenada as a travel destination into consistent, sustained visitor arrivals, keeping the island’s UK market performance on a steady high-growth trajectory.

    Telesford, who led the diaspora portion of the mission, shared her own takeaways from the community sessions: “The conversations we had with our UK diaspora community were both encouraging and eye-opening. There is such a vast pool of existing networks and professional expertise within this community that we can collaborate with, and the willingness of members to contribute to Grenada’s continued growth was unmistakable. This outreach is just the starting point for what we fully expect to be a powerful, long-term partnership between the GTA and the UK diaspora.”

    Overall, the UK mission exemplifies the GTA’s holistic, multi-pronged approach to global tourism market development, which integrates trade relationship building, strategic destination positioning, and community-led advocacy into cohesive targeted initiatives. The authority continues to roll out these focused activations to diversify and scale Grenada’s profile as a leading global travel destination.

  • FAO support enables Grenada GLOBALG.A.P. Certification for Soursop

    FAO support enables Grenada GLOBALG.A.P. Certification for Soursop

    Against a backdrop of ongoing efforts to strengthen the complete soursop value chain in the Caribbean island nation of Grenada, a new targeted certification initiative has been launched to bring local producers in line with global food safety benchmarks and prepare them for entry into high-demand international markets. The pilot project is led by the United Nations Food and Agriculture Organisation (FAO), in close partnership with Grenada’s Ministry of Agriculture, Lands and Forestry, and the Geneva-based Standards and Trade Development Facility (STDF).

    This certification pilot forms the next phase of the broader project *Enhancing Sanitary and Phytosanitary (SPS) Capacity and Market Access for Grenadian Soursop Exports*, marking a key strategic transition from earlier foundational infrastructure and capacity building work to a market-focused approach centered on formal compliance and third-party certification. Under the pilot, two carefully selected local packhouses and 10 connected smallholder and commercial soursop farmers will receive targeted support to work toward full GLOBALG.A.P. certification, with additional alignment to U.S. Food and Drug Administration (FDA) rules.

    GLOBALG.A.P. is a globally trusted voluntary farm assurance standard that verifies agricultural production meets strict criteria for safety, sustainability, and ethical practice. The framework covers core priorities including end-to-end food safety, protection of local ecosystems, fair treatment and welfare of farm workers, and full product traceability from the field to retail shelves. Widely described as a “market access passport” for small-scale producers in developing economies, the certification strengthens systemic risk management through structured food safety controls, and builds greater buyer confidence in the consistency and safety of exported produce. When paired with requirements from the U.S. Food Safety Modernisation Act (FSMA), the certification ensures producers align with the latest U.S. import regulations, helping them keep pace with evolving global food safety standards.

    The pilot was formally launched at a national stakeholder training workshop hosted at the Grenada National Stadium on April 21, 2026. The opening session centered on implementation guidance for GLOBALG.A.P.’s Integrated Farm Assurance Fruit and Vegetables GFS v6 standard, alongside the required FSMA add-on modules. These audit-based voluntary modules are designed to verify that farms and processing facilities meet FDA rules for preventive controls, produce safety, and import protocols.

    The workshop drew 31 participants representing a broad cross-section of public and private sector stakeholders, including officials from Grenada’s Ministry of Agriculture, the Grenada Bureau of Standards, the Caribbean Agricultural Research and Development Institute (CARDI), the Inter-American Institute for Cooperation on Agriculture (IICA), participating farmers, export firms, and other private sector representatives. Organizers noted that turnout far exceeded initial projections, reflecting widespread industry recognition of the pilot’s potential to unlock new export opportunities for Grenada’s soursop sector.

    In the first week following the official launch, participating packhouses and farms completed on-site preliminary assessments to map their current level of compliance with GLOBALG.A.P. and FSMA requirements. Drawing on these assessment findings, development teams will draft customized corrective action plans for each operation, outlining specific, practical improvements needed to reach full certification on target. All training and technical assistance for the pilot is being led by the FAO in collaboration with Grenada’s Ministry of Agriculture, Lands and Forestry, with specialized technical support from Inversiones Riel S. de R.L., a Honduras-based consulting firm with deep expertise in SPS system development and international agricultural certification processes.

    Acting Chief Agriculture Officer Thaddeus Peters emphasized the strategic importance of the initiative for Grenada’s agricultural export sector. “We are pleased to support the launch of this pilot initiative to advance GLOBALG.A.P. certification within Grenada’s soursop value chain. This effort represents an important step in strengthening food safety, improving production standards, and expanding market access for our stakeholders. By aligning with internationally recognised certification systems, we are positioning our exports to compete more effectively,” Peters said.

    Ricardo Pineda, Lead Consultant at Inversiones Riel S. de R.L., noted that the successful completion of the first phase of the project – which included the selection of the two participating packhouses – has laid a solid foundation for the certification process. “This milestone lays a strong foundation for certification under GLOBALG.A.P. IFA v6 with the FSMA add-on by November 2026, opening new opportunities for Grenada’s soursop in high-value international markets,” Pineda said.

    Marlon St Louis, General Manager of Simply Pure Agroprocessing, one of the participating packhouses, said the process is already driving positive operational change for his team. “This process is pushing us to tighten our operations and be more consistent across the board; it will be challenging, but it’s exactly what we need to grow and compete in more demanding markets,” St Louis said.

    Anne Desrochers, FAO Plant Production and Protection Specialist, cautioned that successful certification requires sustained commitment from participating producers. “While this pilot presents a valuable opportunity to advance GLOBALG.A.P. certification, it is not a passive process. Selected farmers and packhouses must commit time, resources, and consistent effort to implement the required improvements, an essential step toward achieving certification and accessing higher-value export markets,” Desrochers said.

    Looking ahead, the next phase of the pilot will focus on delivering intensive, hands-on training and targeted technical support across core certification priority areas, including good agricultural practices, standardized record-keeping, full product traceability, improved post-harvest handling, and preparation for third-party certification audits.

  • Caribbean agriculture forum sparks innovation and entrepreneurship through 2026 webinar series

    Caribbean agriculture forum sparks innovation and entrepreneurship through 2026 webinar series

    A wave of new innovation and entrepreneurial energy has swept across global agricultural communities following the successful completion of the 2026 Caribbean Climate-Resilient Agriculture Forum (CCRAF) three-part Beginner-to-Business (B2B) Webinar Series. Designed to guide aspiring agri-entrepreneurs from foundational knowledge to operational business management, the multi-session initiative drew a diverse international audience that included working farmers, emerging business founders, young innovators, and international development practitioners from regions spanning the Caribbean, Latin America, Asia and Africa.

    Official press statements confirm that the program consistently maintained high engagement throughout its three segments, with more than 430 participants from over 30 countries joining each individual session. By the end of the series, hundreds of attendees had gained actionable, practical tools to launch and scale climate-focused, sustainable agricultural ventures.

    CCRAF functions as a regional collaborative network backed by the Inter-American Institute for Cooperation on Agriculture (IICA), with a core mission centered on expanding knowledge sharing of climate-resilient farming methods across small island and tropical agricultural contexts. Beyond education, the network also works to strengthen cross-stakeholder collaboration, build a connected regional agricultural community, and turn academic and practical knowledge into tangible, on-the-ground action that strengthens regional food security.

    For CCRAF Coordinator Nekelia Gregoire Carai, the annual webinar series extends far beyond traditional skills training. “The CCRAF Yearly 3-Part Webinar Series is about more than training—it’s about empowering people to take action. Our goal is to continue connecting knowledge with real opportunities and immediate actions that can transform livelihoods and strengthen food systems across the region,” Gregoire Carai explained in her remarks following the conclusion of the series.

    IICA representatives note that the 2026 series centered content on insights from experienced, locally based Caribbean agricultural practitioners, who shared on-the-ground perspectives and flexible business models tailored to the unique economic and environmental realities of the Caribbean region.

    One of the most popular sessions focused on launching small-scale hydroponic enterprises, led by Sherrie-Ann Brazier, founder of SHAADE Hydroponics based in Antigua and Barbuda. Brazier walked attendees through her journey of building a profitable, growing hydroponics business entirely from the ground up. “You don’t need to know everything to start—just begin, learn as you go, and stay committed. Agriculture can truly transform not just your income, but your family and your purpose,” Brazier told participants.

    Her presentation highlighted the extraordinary efficiency of small-scale hydroponics: her operation produces up to 2,500 heads of lettuce per week on a plot smaller than one-eighth of an acre, while using a fraction of the water and land required for conventional open-field farming. She also emphasized that incremental learning and adaptive innovation are the most critical factors for growing a successful family-owned agricultural enterprise.

    A second breakout session focused on vermicomposting, led by Micah Martin, co-founder and general manager of Trinidad and Tobago-based Compost-Inn. Martin demonstrated how a scalable local business can repurpose common organic waste into high-value soil amendment products, with a model specifically adapted to the warm, humid tropical conditions of the Caribbean. “What many people see as waste is actually a resource. With the right approach, you can convert it into a product that improves soil, supports food production, and creates income,” Martin said. Attendees left the session with actionable knowledge to transform organic waste into nutrient-dense “black gold” compost, select worm species suited for tropical climates, manage growing conditions, and build multiple revenue streams through value-added compost products.

    The series also highlighted commercial mushroom cultivation as an underutilized, highly profitable climate-resilient enterprise opportunity ideal for small producers. Pauline Smith, CEO and co-founder of Jamaica Exotic Mushrooms, broke down the advantages of the sector for new entrepreneurs. “Mushroom farming is one of the fastest ways to generate income in agriculture. In just a few weeks, you can go from production to profit—while building a business that is resilient and sustainable,” Smith explained. Her session outlined that oyster mushrooms, one of the most popular commercial varieties, can go from spawn to market-ready harvest in roughly four weeks, using low-cost, locally available growing materials including bamboo and lemongrass as growing substrates. She also noted consistent, high demand from the Caribbean’s large tourism and hospitality sector, and highlighted that the low-barrier to entry creates unique economic opportunities for women, young entrepreneurs, and small-scale producers with limited starting capital.

    Across all three program segments, a unifying core theme emerged: aspiring agri-entrepreneurs do not need large amounts of starting capital or vast tracts of land to launch successful sustainable ventures. Participants are encouraged to start small with the resources they already have, then scale their operations gradually to build consistent, long-term sustainable income streams. For many first-time attendees, the 2026 webinar series served as a critical first step to entering the agricultural sector, equipping them with innovative, climate-resilient business concepts tailored to local market conditions.

    Looking forward, CCRAF plans to expand its role as the Caribbean’s leading regional platform for climate-resilient agricultural knowledge exchange and practical implementation. Building on the strong engagement and positive outcomes of the 2026 B2B series, the network will launch a lineup of Special Edition Webinars alongside in-person training workshops through its new “CCRAF On the Road” Knowledge-to-Action Initiative. The program will continue working to close the gap between agricultural research and knowledge, and on-the-ground implementation across Caribbean communities.

  • Exclusive: COB offers 95% financing as lots demand grows

    Exclusive: COB offers 95% financing as lots demand grows

    In an exclusive revelation to Barbados TODAY, Barbados’ second-largest cooperative credit union is gearing up to launch construction on a long-awaited multi-million-dollar affordable housing development, addressing the island’s growing demand for accessible residential property.

    Led by City of Bridgetown Financial Services and Insurance Agency (COBFSIA), the fully owned subsidiary of City of Bridgetown Cooperative Credit Union Limited (COB), the project named Deanstown Heights is strategically positioned in the St Silas neighborhood of St James, just steps away from two of the island’s most exclusive upscale communities: the Apes Hill polo estate and Royal Westmoreland. Positioned as the subsidiary’s flagship residential development, Deanstown Heights will bring 34 fully serviced residential lots to the market, paired with six distinct modern home designs tailored to a range of household sizes and budgets.

    Shonelle Smith, Senior Operations Officer at COBFSIA, shared that buyer interest has already outpaced early projections, with more than a dozen prospective purchasers already submitting formal documentation to secure their preferred plot and home model. The development caters to diverse needs, with lot sizes stretching from 5,500 square feet up to just over 10,000 square feet, priced at $12 per square foot. For example, a standard 5,000-plus-square-foot lot carries a price tag of just over $66,000.

    The home options are equally flexible, starting with an 873-square-foot single-story layout featuring three bedrooms and two bathrooms. A second 1,000-plus-square-foot model offers two bedrooms and two bathrooms, ideal for smaller households or retirees. At the top of the range, a spacious 1,492-square-foot two-story design includes three bedrooms, two bathrooms, separate living, dining and entertainment zones, a full kitchen, laundry facilities, a covered porch, a walk-in primary closet, and a private roof terrace perfect for enjoying Barbados’ tropical climate.

    Combined house-and-land packages start at just over $362,000, with projected monthly mortgage payments starting as low as $1,850. The largest two-story model with a premium lot totals $516,236. To make homeownership more accessible for its members, COB is offering flexible financing terms: eligible buyers can secure up to 95% financing of the total purchase price, with credit union members locking in a preferential 4.25% interest rate for the first three years of their mortgage. Repayment terms can extend up to 30 years, and COBFSIA is also offering additional perks including up to a 15% discount on the first year of property insurance for participating members.

    Smith emphasized that the development aligns with the credit union’s long-standing strategic goal of expanding affordable housing solutions and quality investment opportunities for its membership base. “This is an excellent chance to partner with successful local builders and developers to deliver this value to our members,” she noted, describing Deanstown Heights as “a slice of heaven in Barbados in a prime location.”

    Official groundbreaking is scheduled to begin following the completion of buyer selection, the exchange of legal documents, and final approval from funding partners. According to Smith, the administrative process is already well underway: legal teams are processing submitted documentation from interested buyers to begin land transfers to qualified applicants. Once funding institutions finalize their approvals, construction capital will be disbursed to the building contractor to kick off site work.

    Deanstown Heights marks the first of two large-scale residential developments COB plans to deliver in the coming period, signaling the credit union’s growing commitment to addressing Barbados’ ongoing affordable housing gap.

  • New Invest SVG head urges BVI diaspora to ‘build with us’

    New Invest SVG head urges BVI diaspora to ‘build with us’

    Fresh off her appointment and 36 years living outside St. Vincent and the Grenadines (SVG), Anna Young, the newly sworn-in Executive Director of Invest SVG, has delivered a landmark call to unity and collective action to the large Vincentian diaspora community in the British Virgin Islands (BVI), urging an end to outdated divisions between domestic and overseas nationals and positioning diaspora contribution as a core strategic pillar of the country’s economic transformation.

    Young, who officially began her role just one day after returning to SVG, used her first major public address as agency head to frame her own homecoming as living proof that diaspora members can successfully reintegrate and contribute meaningfully to national development — a need the country says is increasingly urgent amid shifting global economic conditions. The speech capped off the latest stop of a national investment outreach forum that has already stopped in London, bringing the conversation to the BVI, where an estimated 20% of the population traces its roots to SVG.

    At the core of Young’s message was a rejection of the long-held distinction between Vincentians who reside at home and those who have built lives overseas. “Whether you left our home by choice or by necessity to pursue a better future, you never stopped being Vincentian,” she emphasized, arguing that identity, not current geographic location, defines national belonging. “Vincy by birth, Vincy by descent, Vincy by identity, first generation, second generation, third generation, Vincy by choice. Home is where the heart is, and we are one people,” she told the gathered audience on May 2, 2026.

    Young stressed that this outreach is far more than a sentimental call to return home; it is a deliberate invitation for the global Vincentian community to become structural partners in building the country’s economy. “We are not just asking you to come back — we are asking you to build with us,” she said, noting that contribution extends far beyond high-net-worth investment. “Whatever your profession, from caregivers to nurses, tradespeople to C-suite professionals, your skills, experience and connections matter. Investment is not just about capital. It is human, it is intellectual, it is relational — and we need all of it to move SVG forward.”

    She highlighted early progress from the BVI leg of the forum, noting that local BVI merchants have already expressed interest in stocking products made by Vincentian producers. “That is not just trade. That is increased visibility, growing confidence, and new market opportunities for our entrepreneurs back home. It is a perfect example of what we can achieve when we connect our people across borders,” Young explained.

    Outlining the government’s clear economic roadmap, Young identified four interconnected priority pillars that will drive SVG’s transformation over the coming years: tourism, the green economy, the blue economy, and creative industries. She framed each sector as accessible, growing opportunity areas for diaspora engagement. Tourism, the long-standing cornerstone of the SVG economy, is expanding beyond traditional offerings into high-value niche segments including eco-tourism, boutique experiences, and heritage tourism. The green economy spans renewable energy development, climate-smart agriculture, sustainable construction, and environmental innovation, while the blue economy leverages SVG’s abundant marine assets, covering fisheries, coastal development, marine transport, and emerging ocean-based initiatives. Finally, the creative industries position SVG’s unique cultural identity as an exportable asset, encompassing music, film, digital content, fashion, and visual arts.

    To remove barriers for diaspora investors, Young detailed a comprehensive restructuring of Invest SVG itself, reorienting the agency around four core mandates: export and trade development, foreign direct investment attraction, financial services growth, and intentional diaspora investment mobilization. She positioned the reworked agency as an active, hands-on facilitator rather than a passive bureaucratic body, promising end-to-end support for every investor.

    “We are not asking you to navigate the system alone. We walk with you every step of the way,” Young said, outlining the full scope of support Invest SVG will provide, from initial business registration and project structuring to accessing government incentives, coordinating permits, liaising across ministries, and providing ongoing aftercare once a project launches. Acknowledging that past investment processes have not always been seamless, Young also announced ongoing legislative reforms to the nation’s Investment Act and Tourism Aid Act, designed to turn Invest SVG into a true one-stop shop for investors, with improved transparency, stronger investor protections, and more streamlined coordination across government agencies. The ultimate goal, she said, is to deliver “clarity, predictability and confidence” for all investors.

    SVG already offers a robust package of incentives for qualifying projects, including duty-free concessions on approved imports, corporate tax holidays, targeted sector-based tax deductions and exemptions, facilitated work permits and entry for key personnel, access to land for strategic projects, and ongoing post-launch support. These incentives are structured to make viable local projects more competitive and sustainable, Young noted, adding “You can succeed in St. Vincent.”

    To further support incoming investors, Invest SVG is also building a vetted national ecosystem of pre-qualified service providers, covering construction and project management, sustainable design, architecture, engineering, legal and investment advisory, real estate acquisition, and hospitality operations. “Investment doesn’t succeed in isolation — it succeeds in a strong ecosystem. When you come to SVG, you won’t have to build that ecosystem from scratch; we already have the expert partners you need to hit the ground running,” Young explained.

    Closing her address, Young emphasized that diaspora investment is not a secondary supplementary source of capital for SVG — it is a core strategic priority, particularly amid today’s shifting global economic landscape. “Capital is more selective than ever, competition for investment is fierce, and resilience is the defining requirement for small open economies like ours,” she said. “In this context, diaspora investment is strategic, because you bring more than capital — you bring confidence, credibility, and existing global connections that no outside investor can match.”

    Young rejected the idea that overseas Vincentians must choose between their current adopted homes and their connection to SVG, extending an open invitation for dual belonging: “St. Vincent and the Grenadines is not divided between home and abroad. It is one nation, one people, one identity, working together. Welcome home, come home, invest, build, and let us rise together.”

  • Three-year PIOJ/Honey Bun study to focus on MSME growth

    Three-year PIOJ/Honey Bun study to focus on MSME growth

    KINGSTON, Jamaica — A new collaborative effort between Jamaica’s top planning agency and a local private foundation is set to unlock growth potential for small community-based businesses across the island, launching a three-year pilot study designed to strengthen Jamaica’s entire micro, small and medium enterprise (MSME) ecosystem.

    The Planning Institute of Jamaica (PIOJ) and the Honey Bun Foundation formalized their partnership with a signed memorandum of understanding (MOU) on April 30, marking the official start of the public-private partnership (PPP) focused on targeted support for under-resourced community enterprises. In an official statement released Wednesday, PIOJ outlined the core scope of the ambitious new project.

    Over the course of the pilot, the partnership will track the growth and development of 50 nano, micro, small and medium enterprises selected through the government’s Community Renewal Programme (CRP). All selected businesses have been identified as requiring customized support to scale their operations, connect to critical industry resources, and build a competitive edge within Jamaica’s fast-evolving MSME landscape.

    Beyond direct support to the 50 pilot enterprises, the initiative will also conduct a comprehensive mapping of Jamaica’s national entrepreneurial ecosystem. This landscape analysis is designed to give business owners clearer guidance at every stage of their company’s development, cutting through bureaucratic and logistical friction to accelerate sustainable growth.

    All monitoring, data analysis and ecosystem mapping will be carried out using The GAPP App, the Honey Bun Foundation’s proprietary business diagnostic platform. Currently, the application helps small and nano enterprises identify operational gaps in their workflows and connect owners to tailored support services. For this pilot project, the tool will be updated with new functionality to pinpoint where each participating business falls within the standard business life cycle.

    Dr. Wayne Henry, Director General of the PIOJ, explained that understanding a business’s position in its life cycle is a foundational step for delivering targeted, effective support. “It is recognised that if we are to provide targeted support to these community businesses, understanding the stages in the business life cycle is necessary and significant, as it allows for proactive risk management, optimised funding strategies and effective strategic planning,” Henry said.

    He emphasized that the cross-sector collaboration aligns with core missions of both organizations: building an enabling, accessible business environment that empowers MSME owners to unlock their full potential. “This collaboration between the PIOJ and the Honey Bun Foundation is vital and is being executed within the context of both entities’ defined roles to create an enabling business environment that will empower the MSME sector and position it to continue contributing to the growth of the Jamaican economy,” Henry added.

    Michelle Chong, founder of the Honey Bun Foundation, echoed the sentiment, highlighting that strategic public-private collaboration is a key driver of inclusive national development. “Through strategic partnerships, innovation and a strong community focus, we can create sustainable pathways for entrepreneurs to thrive,” Chong said. “This initiative is about equipping businesses with the tools, guidance and opportunities they need to grow, compete and contribute meaningfully to Jamaica’s economic future.”

  • SUMMIT PROPERTY HEADS TO AUCTION

    SUMMIT PROPERTY HEADS TO AUCTION

    Nearly four years after Jamaica-based Novamed Properties Limited purchased the iconic former Knutsford Court Hotel in New Kingston with ambitious plans to redevelop it into an integrated health, business and innovation campus, the high-value central commercial property has been listed for public auction under mortgage default powers.

    The upcoming auction, scheduled for 11:00 a.m. on Wednesday, June 3, 2026, covers the dual-parcel property located at 11 Ruthven Road and 16 Chelsea Avenue, Kingston 10, a prime spot in New Kingston’s corporate and commercial core, according to public auction notice reviewed by Jamaica Observer.

    The listing marks a dramatic reversal of fortune for one of the district’s most recognizable commercial properties. When Novamed first acquired the site from prominent Jamaican hotelier Kevin Hendrickson, the total transaction, including acquisition costs, closing fees and projected renovation works, was valued at more than US$40 million. Official transfer documents filed with Jamaica’s National Land Agency, reviewed by Business Observer, show the property was formally transferred to Novamed in January 2023 for a base purchase price of US$23.5 million. Public title records also reflect a US$14.99 million vendor mortgage held by Knutsford Court Hotel Limited, the selling entity controlled by Hendrickson.

    Industry insiders close to the transaction confirmed the entire purchase was structured as a vendor mortgage, a non-traditional financing arrangement where the seller acts as the lender rather than a commercial bank. Under this agreement, the seller allows the buyer to repay a portion of the purchase price over an agreed timeline, with the underlying property held as collateral for the loan. This structure leaves the seller, in this case Hendrickson through his selling entity, with a secured financial stake in the property even after full ownership is transferred to the buyer.

    As of press time, neither party has issued a public statement on the upcoming auction. Novamed told Business Observer it requires additional time to prepare a comment and has not followed through on a commitment to speak with the outlet, while Hendrickson declined to comment, noting he would need to first consult with his legal team before making any statement.

    The property itself is a substantial commercial asset that has already been partially converted from its original hotel use to a multi-block business centre. According to the auction listing, the site spans a total 3.84 acres (15,539.80 square metres) of prime land, with 102,225 square feet (9,496.93 square metres) of total built space across three main three-storey office blocks and a separate two-storey restaurant and lounge building. Currently, the 175 original air-conditioned hotel rooms have been repurposed for office use, alongside an existing restaurant and bar, 10,000 square feet of flexible meeting and banquet space, a courtyard, swimming pool, and 110 dedicated parking spots.

    Located in the heart of New Kingston, the property offers prime frontage on Ruthven Road with rear access from Chelsea Avenue, placing it within walking distance of major arterial roads Holborn Road and Dominica Drive. It is also a short distance from key local amenities including foreign embassies, diplomatic high commissions, major financial institutions, shopping centres and government public institutions.

    Novamed first announced its acquisition of the Knutsford Court Hotel in 2022 through Novamed Properties, a special-purpose vehicle created specifically to acquire and operate real estate assets focused on healthcare, wellness, lifestyle and commercial use. At the time, the firm laid out bold plans to rebrand the property as the Summit Campus, converting the four-acre site into a cutting-edge smart business and lifestyle village focused on innovation, technology, health and wellness. The new development was designed to complement Novamed’s recently acquired Medical Associates Hospital, forming a fully integrated health and commercial hub in central Kingston. For Hendrickson, the sale allowed him to redirect capital and focus to his ongoing redevelopment of the former Wyndham Hotel on Knutsford Boulevard, where he already owns two other prominent New Kingston hotels: the Courtleigh Hotel and Suites and the Jamaica Pegasus hotel.

    Plans for the ambitious redevelopment hit a major regulatory snag earlier this year, however. Regulatory filings reviewed by Business Observer show that in April 2026, Jamaica’s National Environment and Planning Agency rejected two key applications from Novamed: one for an environmental permit and one for planning permission for the proposed construction of new office and commercial complexes, including a shopping centre larger than 5,000 square metres, as well as a formal change of use for the property from a resort designation to commercial office.

    The agency cited two core reasons for the refusal: the proposed development failed to adequately plan for sufficient parking capacity to accommodate the new commercial use, and Novamed failed to meet minimum application requirements, including the submission of a required community survey and updated land use map for the environmental permit application. It remains unclear whether the rejected applications were part of a revised master plan for the site, or if the regulatory setback contributed to the circumstances that led to the property being listed for auction.

    Photographs of the property taken in 2026 show the partially converted Summit campus, including the marked Chelsea Avenue entrance to the site.

  • Hambani lifts First Rock ahead of $700-m test

    Hambani lifts First Rock ahead of $700-m test

    Jamaica-based real estate firm FIRST Rock Real Estate Investment Limited has announced a critical breakthrough at its flagship Hambani Estates luxury development, with cumulative sales now covering all outstanding project costs and enabling structured debt repayment – a positive development that comes as the company navigates a $700-million bond maturing this month and ongoing delays to its audited annual financial results.

    According to Mayberry Investments Limited, the financial firm that structured the project’s post-receivership refinancing, seven of the development’s 12 planned luxury townhouses in Kingston 6, St Andrew, have achieved practical completion and are already under sales contract. Proceeds from these transactions, alongside pre-completion sales, are sufficient to cover every projected cost associated with delivering the full Hambani Estates project. This update was publicly released on April 30, the exact same day First Rock confirmed a second extension to the publication timeline for its 2025 audited financial statements. After missing an initial March 1 deadline, the company now targets release of the completed reports by May 15.

    The Hambani Estates project, a 12-unit luxury townhouse development targeted at high-net-worth buyers and real estate investors in Liguanea, has endured a turbulent recent history. In early 2025, Sagicor Bank Jamaica placed the development into receivership after First Rock defaulted on project repayment obligations, triggered by widespread construction delays and weaker-than-projected initial sales. After the receivership appointment, Mayberry Investments stepped in to arrange a new corporate note refinancing package, a restructuring that has now positioned the project to begin phased early repayments to noteholders thanks to the stronger-than-expected sales performance.

    First Rock was able to regain full control of the Hambani Estates development in September 2025, after paying off the outstanding Sagicor Bank facility using a new $15-million US dollar note that carries a 14% annual interest rate and is scheduled to mature in March 2027.

    In a statement accompanying the project update, Mayberry Investments Chief Executive Officer Patrick Bataille noted that both the pace of construction progress and the strength of buyer demand at Hambani Estates have outperformed all post-restructuring projections. Mayberry also confirmed that unit values have risen sharply since the project launched: initial asking prices sat around $1.8 million per unit, and current pricing now sits at roughly $2.3 million. Additional price hikes are projected as more units reach completion and hit the market.

    Public filings for First Rock covering the nine-month period ending September 2025 lay out the company’s current financial position. Total liabilities increased to $40.5 million US dollars, up from $31.5 million at the close of 2024, a jump that the company attributes to increased borrowing to complete the project debt refinancing. As of the end of September, the firm held $5.36 million in cash and cash equivalents. For the nine-month period, First Rock reported a net profit of $1.04 million, with a $31,000 net profit recorded in the third quarter alone.

  • Brokers hike commission rates on equity trades

    Brokers hike commission rates on equity trades

    Against a backdrop of strong profit growth across Jamaica’s securities brokerage sector, three top local investment firms have moved to raise equity trading commissions and adjust a range of service fees, passing higher operational and regulatory costs to retail and institutional investors.

    The most recent adjustment comes from Barita Investments Limited (BIL), which notified clients of a new fee structure taking effect on June 1. The change covers not just equity trading commissions, but also cheque processing fees, outgoing real-time gross settlement (RTGS) transfer charges, and credit facility fees. Under the new rules, a flat 2% commission will apply to all local equity trades, with a minimum $550 charge for any transaction below $27,500. For trades exceeding $1 million, commission rates can be negotiated between 1% and 2%, a departure from BIL’s previous structure that charged just 0.75% for all transactions executed through JtraderPro, the Jamaica Stock Exchange’s (JSE) digital electronic trading portal.

    In a client notification email, BIL explained the fee updates are designed to ensure its services align with current industry benchmarks, support its expanding suite of financial solutions, and accurately reflect the value the firm delivers to clients.

    Months earlier, Jamaica Money Market Brokers Limited, operating as JMMB Investments, rolled out its own broad fee adjustments on April 17. While the firm cut the GOJ/BOJ bid placement fee from 0.146% to 0.10% (keeping the $5,175 minimum fee intact), it raised charges for RTGS transfers, cheque services, and return/recall transfers. For equity traders using JMMB’s digital Moneyline platform, the published commission rate rose from 0.50% to 0.70%, translating to an actual effective rate increase from 0.435% to 0.609%. Clients requiring assisted trades outside the digital platform saw their commission jump from 1.50% to 2.00%.

    JMMB Securities Limited (JMMBSL), the group’s brokerage arm, earned second runner-up honors from the JSE Best Practice Committee in December 2025 for its 2024 revenue and market activity. JMMB Group’s 2025 annual report ranks JMMBSL first in total number of trades, second in trading volume, and sixth in trading value for 2024. The fee hike comes as the JSE’s Main Market and Junior Market posted $60.58 billion and $6.36 billion in total traded value respectively for 2025, creating an opportunity for brokers to boost top-line revenue through higher commission rates.

    JMMB noted in its client communication that regular fee reviews are standard industry practice, conducted to balance the firm’s operational needs with client requirements. The latest adjustments, it said, align with the firm’s guiding principle of fair fee application, its core values, and its commitment to acting in clients’ best interests.

    The third major adjustment came from VM Wealth Management Limited, which implemented changes effective March 1, mirroring Barita’s move to eliminate discounted digital trading rates. Previously, VM Wealth charged 0.75% for trades executed on JtraderPro, and 1.5% to 2.00% for in-branch assisted trades. Under the new structure, all equity transactions carry a 2.50% trading fee, with an additional $1,500 charge for transaction requests submitted outside VM Wealth’s digital client portal.

    VM Wealth told clients the fee adjustments will allow the firm to continue investing in upgraded digital infrastructure, expanded service channels, and specialized client support teams. The firm emphasized its commitment to delivering efficient, secure, high-quality services to help clients meet their long-term financial goals.

    For years, Jamaican brokers have offered discounted commission rates for digital self-service trades, which require less hands-on staff interaction than assisted transactions. This strategy was designed to incentivize more frequent online trading, ultimately driving higher total revenue through increased transaction volume. Today’s fee adjustments mark a clear strategic shift, driven in large part by brokers’ need to prepare for the upcoming “twin peaks” regulatory framework and other upcoming regulatory changes impacting parent financial groups.

    The adjustments come at a time of robust overall performance for Jamaica’s securities sector. Unaudited data from the Financial Services Commission (FSC) shows total sector revenue grew 17% year-over-year to $87.77 billion for the 2025 calendar year ending December. The FSC attributes this revenue growth to expanded non-interest income, primarily driven by strong profits from debt securities trading. Total sector expenses fell 5% to $72.51 billion, pushing combined pre-tax profit (PBT) for the 19 reporting primary securities dealers to $15.26 billion.

    The FSC noted that the double-digit jump in pre-tax profit stems from concurrent growth in operating revenue and a decline in operating costs. For comparison, the 2024 pre-tax profit figure was restated from an original $0.87 billion gain to a $1.54 billion pre-tax loss, though no explanation has been provided for the revision.

    Despite the strong profit performance, the sector saw a 1% contraction in total assets to $973.43 billion, though total equity and capital improved 2% to $147.96 billion. The aggregate capital adequacy ratio for the 19 reporting firms rose from 20.41% to 22.49% — double the 10% statutory minimum required by regulators.

    Total broker funds under management (FUM) grew 10% year-over-year to a record $1.83 trillion, with collective investment schemes (including unit trusts and mutual funds) rising 9% to $416.47 billion from $383.11 billion in 2024. While FUM is at an all-time high, year-over-year growth has slowed in recent years: FUM stood at $1.72 trillion in December 2022 and $1.59 trillion in December 2021, meaning growth has moderated even as total values hit new records. Equity holdings within managed funds are also growing at a slower pace than in previous periods.

    The overall picture shows that even as Jamaica’s banking and securities sectors deliver rising earnings, consumers and investors are facing higher fees for a growing range of services — even as those services continue to shift to lower-cost digital delivery models.

  • RA Williams targets growth from expanded eyecare portfolio

    RA Williams targets growth from expanded eyecare portfolio

    Jamaican pharmaceutical distributor RA Williams Distributors Limited has unveiled a strategic expansion of its ophthalmic product line, positioning the company’s eyecare segment as a key new driver of long-term revenue growth. The move builds on a 14-year distribution partnership with Aristopharma Limited, and adds three new dry eye and ocular surface treatments — Drylief, Neotear, and Hypomer Gel — to the company’s existing portfolio. The expansion is designed to widen local patient access to advanced specialized ocular care, while cementing RA Williams’ footprint in the high-value, prescriber-led eyecare market.

    In an interview with Jamaica Observer and Business Observer this week, RA Williams CEO Audley Reid emphasized that the latest portfolio addition aligns with the firm’s core mission: to deliver quality pharmaceutical solutions that connect global medical innovation to Jamaica’s local healthcare needs. “Fourteen years ago, we entered the eyecare market with Aristobet-N, and our mission remains the same,” Reid explained. “As a pharmacist-led organisation, this expansion into ocular health is not just a product launch; it is a strategic move to capture high-value market share in a segment with strong patient retention and consistent demand.”

    The new range of Aristopharma ocular lubricants directly addresses fast-rising local demand for dry eye and ocular surface therapies, a trend fueled in large part by soaring daily screen time and the growing prevalence of computer vision syndrome. By offering tiered treatment options that cater to everything from mild eye irritation to chronic dry eye conditions, the new products give local clinicians greater flexibility to tailor care to individual patient needs.

    Against a backdrop of recent industry headwinds, including hurricane-related supply disruptions and broad macroeconomic challenges that weighed on the firm’s performance in prior quarters, Reid noted that the timing of the ophthalmic expansion is well-calendar to deliver steady incremental revenue growth over the next 18 to 24 months, supported by the category’s consistent, non-cyclical demand. “By diversifying our portfolio into the ‘wellness and lifestyle’ space, we aim to capture a broader share of consumer spending while insulating revenue against fluctuations in any single sector,” he said.

    The eyecare expansion is the latest step in RA Williams’ broader push to diversify beyond traditional pharmaceuticals into fast-growing wellness and preventive care segments. The firm already notched a notable financial turnaround recently: for the first quarter ending January 31, 2026, RA Williams reported a net profit of JMD $33.5 million, double the profit recorded in the same period a year prior, on total revenues of JMD $541.9 million, reversing losses reported in the previous quarter.

    Earlier this year, the company entered a new partnership with Jamaican dermatologist Dr Romario Thomas to distribute his clinical-grade skincare brand Absolut Skin, and has ramped up efforts to place both new and existing wellness products in the country’s largest retail chains. Reid confirmed that Absolut Skin is in the final onboarding stage for MegaMart, one of Jamaica’s leading big-box retail chains, with products set to hit shelves by the end of the week. “This move complements our existing presence in the pharmacy network as we push to bring clinical-grade skincare to a wider supermarket demographic,” Reid said.

    Established wellness lines from RA Williams have already seen growing traction across alternative retail channels. The brand’s popular Sir Henry Turmeric Immunity Shots have gained a loyal consumer base across warehouse clubs, convenience stores, and gas station networks across the island. “Our retail push has been allowing us to tap into the growing ‘on-the-go’ wellness trend across multiple networks,” Reid added.

    Moving forward, RA Williams will continue to pursue a dual-track growth strategy that balances its core traditional pharmaceutical business with its expanding wellness portfolio. Management will prioritize filling unmet gaps in chronic disease care, while also scaling promising local Jamaican brands with national distribution potential. Reid highlighted that supporting local innovation is a core pillar of the firm’s long-term growth plan.

    “Lines like Sir Henry and Absolut Skin are world-class Jamaican brands, and we see ourselves as the bridge bringing them to a wider national audience,” Reid said. “Whether it is a life-saving medication in a pharmacy or a wellness shot in a supermarket, we are ensuring that R A Williams is present wherever the Jamaican consumer prioritises their health. By combining specialised medical treatments with high-velocity wellness products, we are building a diversified portfolio that is resilient, accessible and uniquely Jamaican.”