标签： Jamaica

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.

Jamaican financial institutions are pressing regulators to synchronize the implementation of new capital and liquidity regulations, citing the rapid pace of reforms as a significant compliance burden that could erode profitability. Keith Duncan, CEO of JMMB Group Ltd, one of Jamaica’s largest financial entities, emphasized this concern during the company’s 12th annual general meeting (AGM) on Friday. Duncan highlighted that over 100 policy reforms have been introduced in the past decade, creating substantial operational challenges for the sector. While these measures aim to enhance financial stability, their accelerated rollout has strained resources, particularly for smaller institutions. The Bank of Jamaica (BOJ) is currently advancing a series of reforms, including Basel III capital standards, a ‘twin peaks’ regulatory model, and new liquidity requirements for financial holding companies (FHCs). These changes, though beneficial in the long term, are driving up costs and limiting capital deployment flexibility. Duncan urged regulators to adopt a collaborative approach, ensuring reforms are sequenced to minimize the burden on the industry. The BOJ is also developing a special resolution regime (SRR) to address failing financial institutions, though its funding mechanism remains contentious. Additionally, the Financial Services Commission (FSC) has introduced reforms to exposure limits for collective investment schemes and dividend declarations by securities dealers. While these measures aim to strengthen the financial system, they may lead to higher compliance costs, potentially passed on to consumers. The JMMB Group CEO called for a balanced regulatory framework to safeguard profitability and shareholder returns.

KINGSTON, Jamaica — Jamaica’s consumer prices surged by 0.8 per cent in September, according to the Statistical Institute of Jamaica (STATIN). This increase, driven by escalating costs in food, housing, and education, has elevated the annual point-to-point inflation rate to 2.1 per cent for the period spanning September 2024 to September 2025. The education sector witnessed the most pronounced monthly price hike, soaring by 5.6 per cent, primarily due to higher tuition fees at private primary schools as the new academic term commenced. The housing, water, electricity, gas, and other fuels category also saw a 1.0 per cent rise, reflecting increased electricity rates and rental expenses. Food and non-alcoholic beverage prices climbed 0.9 per cent, largely influenced by higher costs for agricultural produce such as sweet potatoes, tomatoes, carrots, and cabbages. Over the twelve months leading to September 2025, the housing division and restaurant and accommodation services were the primary contributors to the 2.1 per cent inflation rate, with increases of 4.8 per cent and 4.1 per cent, respectively. Food and non-alcoholic beverages experienced a more modest annual rise of 0.7 per cent. Regional disparities in inflation were evident, with the Greater Kingston Metropolitan Area recording the highest monthly increase at 1.0 per cent, compared to 0.8 per cent in other urban centres and 0.6 per cent in rural areas. Additional sectors facing upward pressure included transport, which rose 0.3 per cent due to higher petrol prices and toll fees, and personal care goods and services, which increased by 0.5 per cent. These rises were partially mitigated by stability or deflation in other categories. The information and communication division remained unchanged for the month but declined by 5.8 per cent year-on-year, while insurance and financial services showed no monthly or annual variation. The Consumer Price Index (CPI), which tracks changes in the general level of prices for goods and services purchased by households, underscores the ongoing economic challenges faced by Jamaican consumers.

The Port Authority of Jamaica (PAJ) is actively considering the development of a new export port in St Thomas, a strategic move aimed at positioning Jamaica as the leading supplier of construction materials across the Caribbean. This initiative is particularly targeted at Guyana, where an oil-driven infrastructure boom has created unprecedented demand for aggregates, limestone, and cement. PAJ Chairman Alok Jain revealed these plans during a recent address at the Institute of Chartered Accountants of Jamaica (ICAJ) annual business conference, emphasizing the need for additional ports to meet regional demands. While a specific timeline remains undisclosed, Jain highlighted the importance of locating ports near mining sites to minimize transportation costs and logistical challenges. The St Thomas port is envisioned as a dedicated bulk export facility, designed to streamline the movement of heavy materials to regional buyers. This development aligns with Prime Minister Andrew Holness’s March 2023 call for local quarry operators to expand production to serve Caribbean markets, particularly Guyana. Guyana’s infrastructure projects have surged in recent years, driven by its oil wealth, leading to a 250% increase in gravel and crushed stone imports in 2023, totaling $47 million. While Suriname’s State-owned Grassalco has been a primary supplier, Guyana has also sought materials from Jamaica and other Caribbean nations. The proposed St Thomas port is part of a broader strategy to transform Jamaica into a global logistics hub, with Jain envisioning the island as the fourth global logistics node after Singapore, Dubai, and Rotterdam. This ambition is supported by significant investments in Jamaica’s port infrastructure, including over $400 million in the Kingston Freeport Terminal since 2016 and the development of the Caymanas Special Economic Zone, a modern logistics and light-manufacturing hub. Jain believes that shifting global trade dynamics, including tariff upheavals and supply chain disruptions, present a unique opportunity for Jamaica to leverage its geographic advantage and emerge as a key player in international trade.