Wednesday, November 5, 2008

JTI looking buyers for over US$1.2b of beachfront property

Published: Wednesday November 5, 2008

Jamaica Trade and Invest (JTI) is actively seeking local and emerging market investors to buy beachfront lands worth over US$1.2 billion earmarked for tourism investments.

JTI is focusing mainly on Chinese, Russian, and Indian investors that can withstand the US market credit crunch. Most of the lands are at various stages of divestment, said head of communication at the JTI.

"We are actively marketing these projects abroad and where possible we try to encourage local investors," said Thomas.

Some of the lands which the JTI is marketing include:

.Tan Marj lands which is bordered by Sandals Dunn's River and has potential for large-scale hotel development of 870 habitable rooms, with an estimated cost of investment at US$25 million;

.Laughlands in St Ann on 124 acres with sea frontage; it is next door to the Chukka Cove polo grounds, has an available air strip with an estimated cost of investment at US$26 million;

.San San in Portland which has 600 acres and an additional 10 acres of unsold villa lots and 18- hole golf course with the cost of investment at US$45 million;

.Holland East in St Thomas which has six reef protected bays, 200 acres of mangrove/wetlands, 480 acres of flat scrub land areas with flat rocks close to the surface and 120 acres of pure beach lands with a US$35 million estimated cost of investment; and

.Mahoe Bay, on 38-acre property situated in St James, already partially used by Spanish tourist developers, with an estimated cost of investment at US$40 million.

But the mega project is for The Negril Peninsula Resort, it has an estimated cost of US$1.1 billion. It is a mixed luxury villa and resort providing approximately 6,702 habitable rooms on 361 acres.

"It is a unique concept which brings together the natural resources of Jamaica with first class resources in leisure, technology and both physical and spiritual well-being, to create a vacation lifestyle experience. The coastal shoreline of approximately one kilometre, fronted by the Caribbean Sea to the south, is to accommodate a medium-sized marina to accept keeled yachts and medium-sized ocean-going vessels. In addition, five new beaches will be created to complete this new coastal destination," noted the JTI which added that currently environmental permits have been granted and outline planning approvals granted. It expects the project to be at some stage of completion by 2010.

These projects were listed within JTI's recently updated brochure on investment opportunities to overseas missions and local investors. The document is also on the JTI website.

The properties were posted in collaboration with the owners.

"Our role is vetting and facilitating and working with the investors," said Thomas. "We receive no commission from selling the lands. We are promoting the country. I am sure that many of the owners of these properties are also in collaboration with real estate firms. What we want to be is a broker. We are not in any way competing with real estate firms."

Source: Jamaica Observer

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