标签： Jamaica

KINGSTON, Jamaica — Jamaica’s booming local beauty industry gained a new landmark Sunday, May 3, 2026, when Gabrielle Waite, award-winning local makeup artist and CEO of popular homegrown beauty brand Gabby Glam Cosmetics, cut the ribbon on her latest venture: Glam Haus by Gabby Glam. The new multi-purpose beauty space is located at 9-11 Phoenix Avenue in the central Kingston 10 district.

The grand opening carried extra personal meaning for Waite, who marked the milestone alongside her 30th birthday. Surrounded by supporters, industry partners and prominent community figures, Waite shared her emotion at seeing years of work come to fruition in a physical space for her brand.

“Nothing could make me prouder than standing here today, watching this room fill up with people who have supported this brand from the very start,” Waite told attendees. “It warms my heart to see so many of you guys come out today. I’m just so thankful and so grateful. I can’t imagine myself celebrating my 30th any other way.”

The guest list for the opening included a roster of leading figures from Jamaica’s corporate, media and business communities. Among the attendees were Novia McDonald-Whyte, Lifestyle Editor at the Jamaica Observer; Audrey Tugwell-Henry, a senior leader at Scotiabank; Chorvelle Johnson-Cunningham, Chief Executive Officer of Sagicor Bank; and Gail Abrahams, a veteran corporate communications specialist. Videographer Llewellyn Wynter captured footage of the grand opening event.

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.

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.

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.

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.”