Maloney Group to invest $700M in major housing developments

More than $700 million will be invested in two of Barbados’ largest housing developments, with hundreds of new homes, retail spaces and community amenities in the pipeline, construction magnate Mark Maloney has announced.

Speaking on the margins of the TVET Council’s 4th Barbados Annual Construction and Design Conference on Wednesday, Maloney, executive chairman of The Maloney Group, outlined expansion plans for The Residences at Coverley and Atlantic Breeze in Christ Church.

Phase one of the Coverley expansion, rebranded The Residences at Coverley, is already underway, with about 30 homes under construction and handovers expected in the coming months.

The four-year project will deliver just under 600 homes, along with a full lifestyle community featuring the island’s first dedicated nature trail and a 70,000 square-foot retail town centre.

“Major brands and stores [will be] inside there and restaurants, shopping and entertainment,” Maloney said.

He pegged the investment at Coverley at about $500 million. Atlantic Breeze, he added, will add another $200 million, bringing the total investment to over $700 million – making the developments among the largest private sectorled housing projects currently underway.

At Atlantic Breeze, phase two is set to be completed next week and has already sold out.

Phase three has launched and is nearly halfway sold, with construction starting in the coming weeks.

“Sales have been doing really, really good and there’s a big market for that,” Maloney said.

Homes are priced from just over $200 000 to just over $300 000, and Maloney described them as unmatched in value: “I don’t think that there is anywhere in Barbados that you can find a house of that quality at that price.”

He acknowledged that phase one had encountered roofing issues but said those had been resolved.

“I believe for the most part, homeowners are happy now,” he said, adding that the company remains committed to addressing any problems quickly.

“We’re committed that if there are issues that we’ll address them, and I think it speaks for itself that phase two is completely sold out and persons are moving in.”

Once completed, Atlantic Breeze could accommodate between 1 200 and 1 500 residents.

Maloney said government has committed to upgrading road infrastructure leading into the area.

“The road infrastructure going in there isn’t the best,” he noted. “Government has to prioritise where it’s going to work on, but in the coming weeks, we understand that work is going to start on resurfacing and doing infrastructure work right up to that development.”

The Maloney Group is also planning additional projects, including condominiums and hospitality investments.

Maloney also revealed that the company is exploring similar developments abroad, targeting overseas buyers seeking clean, organised, amenity-rich communities.

“It’s what they would be accustomed to in their home countries,” he said.

(SZB)