Luxury Apartment owners in the Kingston Mall Condominiums, also known as Ocean Towers, are facing a daunting challenge. Their strata corporation, which governs the laws for the property, has issued a letter warning them that they may lose their valuable properties if they don’t pay the outstanding maintenance fees owed.
The total amount owed exceeds $26 million, with the Urban Development Corporation being the largest delinquent at over $17 million. In a notice posted on the building’s third-floor lobby, property owners were given 30 days to pay up. Failure to do so will result in the authorities requesting permission to sell off the properties in question.
Ocean Towers is home to some of Jamaica’s elites and foreigners, all enjoying the tight security and spectacular views. The area is also experiencing rapid growth in prices thanks to the redevelopment of the Kingston waterfront, including the recent addition of the Rok Hotel, formerly known as the Oceana Hotel.
The notice stated that some property owners were behind on their payments for over 60 days. If the necessary funds were not received during the allocated time frame, the Commission of Strata Corporations would be petitioned to sell the apartments via private auction or some other means. These apartments are highly sought after by prominent Jamaican citizens and foreigners alike, boasting tight security, stunning visuals, and privacy that cater to the inhabitants’ needs.
The letter signed by Carter reads:
“Good afternoon,
“Please see attached proprietors with maintenance arrears of 60 days and over as at April 20, 2023.
“If the outstanding contributions are not paid within 30 days or suitable arrangements made to pay these sums, the strata corporation will apply to the Commission of Strata Corporations for a certificate of power of sale to sell strata lot (number) by public auction or by private treaty in accordance with Section 5C (4) of the Registration (Strata Titles) Act.”
A former entertainer allegedly owes a hefty sum of over $230,000JMD, while someone bearing a name synonymous with Jamaican reggae royalty is also delinquent. Was it the esteemed artist? We can’t say for sure, as no stage names were provided.
But that’s not all: The UDC apartments reveals some astonishing balance sheets. Six apartment units collectively owe an astounding $17,710,400.60 JMD. Ironically, the corporation, which occupies four seats on the executive committee, controls a whopping 80% of voting rights on the committee. It was voted to increase maintenance fees recently, even though they’re the main delinquent!
The question remains, would the UDC be willing to sell its properties if threatened with such a grave decision?