Hugh Scott, executive chairman of KES Development Company, sold his Waterloo Avenue headquarters to Cash Plus International and has moved to East Kings House Road. - File

Developer Hugh Scott has sold his 8 Waterloo Road base to Cash Plus International for, informed sources say, US$1.5 million ($100 million).

"We got what we asked for it," said Scott, refusing to comment officially on the actual sell price.

He has since relocated his company KES to 24 East Kings House Road in the Kingston capital.

Scott, when he acquired the Waterloo Road property over three years ago, had planned to put up high-end homes on the site - a five-storey block of 40 apartments development that was to be called the Pentium. But the developer had put those plans on hold as he reassessed the market.

Last year, as well, the KES chairman had run into liquidity problems and was also at odds with Jennifer Messado, a real estate attorney through whom he did business in the past on several of the properties he put on the market.

Scott said on Monday that with the Waterloo Road sale he has cleared his immediate liabilities, and is currently working on a new project on the north coast.

Intricate system of companies

Cash Plus, a diversified operation with an intricate system of companies and subsidiaries, spread across distribution, gaming, telecommunications, entertain-ment, security, real estate/ construction, industrial and finan-cial services, has already taken up residence at Waterloo Road, having sealed the deal with Scott two months ago, at the end of November.

It remained unclear which of the entities, outside of its development company, was located there.

Promised comment from Hill on his plans for the Waterloo Road property, through public relations officer Sherina Russell, did not materialise up to press time.

The company run by former mortgage banker Hill, on the weekend, began marketing top-end homes built on a 10.5-acre site in the upper reaches of St. Andrew for prices ranging up to US$998,000 million (approximately $67 million).

The developers were listed as Murimar Investments Limited, a subsidiary of Cash Plus Developments Limited.

Cash Plus Developments also comprises subsidiaries Cash Plus Realty Limited, Cash Plus Construction Limited, Cash Plus Hardware Limited and Cash Plus Building Systems Limited.

Sources say Hill acquired the development mid-stream from the property's former Kingston-based owner, and completed the luxury complex in record time.

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