Lighting and electrical company Fosrich is taking a new direction as it broadens its operations beyond its core business. 

The company has confirmed its entry into real estate development with a planned housing project in Trelawny called The Hamptons. The move is part of a wider effort to diversify its portfolio and offer more long-term value to both customers and shareholders.

Speaking on Taking Stock with Kalilah Reynolds, CEO Cecil Foster says the shift has been years in the making.

“We’ve always said our products go in one direction, into construction,” he explained. 

“So whether you’re building homes, hotels, or factories, you’ll need what we provide: pipes, lighting, electrical supplies, and energy solutions. So stepping into development is a natural extension of our business.”

Fosrich has taken a 20% stake in the Trelawny development and will also be a key supplier of construction inputs. The project spans over 100 acres and will include a mix of standalone homes, townhouses, and apartments, with one- to three-bedroom options. It’s expected to roll out in phases over a four-year period.

While the project has not yet officially launched, Foster revealed that preliminary details were shared during a Jamaica Stock Exchange roadshow in the United States. He stressed that they are still awaiting approvals from real estate authorities and the local municipal corporation before making a formal announcement in Jamaica.

One unique feature of the Hamptons project will be a built-in commercial space, a 300,000-square-foot shopping area designed to meet the everyday needs of residents and reduce the need for long commutes.

“If we get the sales right, this could double the size of the company,” Foster said, pointing to the scale of the investment and potential returns.

The real estate venture is just one piece of a broader strategy. Fosrich has been steadily expanding its footprint with new store locations in Drax Hall and Montego Bay. The company also plans to open a 145,000-square-foot “supertore” and lifestyle center on Molynes Road later this year.

Meanwhile, Fosrich has deepened its role in the solar energy sector, offering financing solutions in partnership with firms like Access Financial and the DBJ. While this business line faced headwinds in 2024 due to falling global prices, Foster says demand remains strong.

The company’s 2024 financial performance showed a steep decline in net profit from $235 million in 2023 to $34 million. Foster attributed the drop to falling prices for key products such as PVC pipes and solar panels, which impacted revenue despite consistent sales volume.

Still, Fosrich appears to be betting on long-term gains through integration.