Liz Levy, Contributor
THOMAS
HARMONISATION LIMITED the entity set up by the Development Bank of Jamaica and the National Housing Trust to acquire and develop the Harmony Cove resort colony in Duncans, Trelawny, has clinched a deal to acquire Silver Sands Limited from Neal & Massy (Holdings) Limited.
Long in the making, the deal was finalised "about a month ago", DBJ chairman Kingsley Thomas confirmed yesterday. Silver Sands Limited owns 110 acres of undeveloped lands adjacent to the planned resort colony, which Harmonisation Limited has earmarked for development. A clubhouse and three villas are also owned by the company.
Thomas did not disclose the price Silver Sands Limited was acquired for, but real estate sources said that the Trinidadian conglomerate had, at one time, placed an asking price of approximately US$3.5 million on the company. It is understood that the deal was wrapped up for about US$2.9 million.
According to the DBJ head, there are plans to construct Harmony Cove's villa colony on the undeveloped lands. The property is located some distance away from the main beachfront area.
Harmony Cove is a 1,400-acre resort development that will include grand villas, manor houses, estate villas, elegant houses, townhouses, resort accommodation, a luxury resort hotel and a world-class marina. Thomas, who is to be succeeded as chairman of Harmonisation Limited by LOJ president Richard Byles, emphasised his satisfaction with the way the project's plans were progressing, saying, "I am very, very, confident about Harmony Cove's future. As a matter of fact, I am meeting with the proponents of the project very soon."
"The next thing I am planning is the private airport at the old Braco airstrip," he added. "It will have an 8,000-foot runway."
Silver Sands Limited was originally owned by Trinidadian conglomerate T. Geddes Grant, and was acquired by Neal & Massy in 1993 when it bought out Geddes Grant's Jamaican operation.
