How ‘different’ Is Rethinking Jamaican Real Estate

Two Jamaican companies sharing one name are rethinking how property is developed, owned and invested in.

A new group of companies believes there is another way.

Operating under the shared brand different, Different Properties Jamaica Limited and different Capital Limited are building a model that combines property development with investment management, using real estate not simply as something to buy and sell, but as an asset that can be owned through multiple structures.

The approach is still new. The ambition is significant.

Two Companies, One Strategy

Although they share a name, the businesses perform different roles.

Different Properties Jamaica Limited focuses on acquiring, developing and managing residential projects.

“Whether that approach becomes widely adopted will depend on execution rather than theory.”

different Capital Limited operates as a licensed real estate broker and REIT manager, creating investment structures that allow investors to participate in professionally managed property portfolios without purchasing entire properties themselves.

Together, the companies are attempting to connect property development with long-term investment rather than treating them as separate industries.

The People Behind It

The venture brings together executives with long careers in Jamaican business and finance.

Gary Matalon, Chief Executive Officer of Different Properties Jamaica Limited, also leads project management firm Neustone. Christopher Williams, Chairman and Chief Executive Officer of different Capital Limited, previously co-founded and led Proven Group, helping build one of the Caribbean’s largest diversified financial services companies before retiring from that role.

Richard Levee, also of Neustone, completes the founding shareholder group.

Collectively, the founders are applying backgrounds in finance, construction and property development to a model designed to broaden participation in Jamaican real estate.

Building for the Long Term

Different Properties was established in 2025 with a strategy that extends beyond selling completed units.

Its first major Kingston development comprises approximately 70 residential apartments with an estimated development cost of about US$12.5 million. Rather than simply completing construction and exiting the project, the company intends to retain an ongoing role through professional property management and investment structures.

The model reflects a shift from viewing developments as individual transactions toward treating them as long-term operating assets.

Expanding Access Through REITs

The second part of the strategy sits with different Capital.

Real Estate Investment Trusts, commonly known as REITs, allow investors to gain exposure to property without purchasing an entire building or taking responsibility for day-to-day management. Instead, investors own units in a professionally managed portfolio that may generate returns through rental income and long-term appreciation.

For many investors, that lowers the financial barrier to participating in commercial real estate.

The model has become well established internationally but remains relatively young in Jamaica.

Recent activity suggests different Capital intends to expand that market quickly.

“The companies are attempting to connect property development with long-term investment rather than treating them as separate industries.”

Within months of launching operations, the company reported accepted real estate transactions valued at approximately J$3.5 billion across Jamaica and the Cayman Islands.

Its most recent transaction follows the announcement that a REIT managed by different Capital will acquire land at Drax Hall, St. Ann, from Derrimon Trading Company through a private placement raising approximately J$1 billion. The site is expected to become another residential development, extending the company’s portfolio beyond Kingston.

Why It Matters

Real estate has long been viewed as one of Jamaica’s most resilient asset classes.

Historically, however, participation has required significant capital or direct ownership.

The model being developed by Different Properties and different Capital introduces another possibility: combining professional development, institutional management and collective investment within the same ecosystem.

Whether that approach becomes widely adopted will depend on execution rather than theory.

The projects now entering the market will provide the first meaningful test of whether a model built around managed ownership, rather than traditional property sales alone, can reshape how Jamaicans invest in real estate.