Susan Gordon, Business Reporter

Bank of Nova Scotia Jamaica Limited (BNS) has purchased the 12 acre Olivier Road property, former home of the American International School in Kingston from the Issa familiy-owned St. Andrew Hotels, Wednesday Business has confirmed.

The parties, however, would not reveal the purchase price, but at the time the property went on the market, the Issas were asking for US$1 million per acre for a total of US$12 million, or just over J$800 million.

The property was known to be on the market last September.

"It is not an issue that we can comment on at this time," said BNS public relations specialist Simone Hull, referring both to the purchase price, as well as the bank's plans for the property.

Planning regulator, the National Environment and Planning Agency, has the site zoned for residential developments.

Its the second piece of property acquired by the commercial bank, Jamaica's largest, in that section of the capital. Last year, BNS confirmed purchase of property at 132 Constant Spring Road for US$1.56 million ? which converts to just over J$100 million ? saying it would be used to develop a new branch that would also double as offices for its expanded Wealth Management Unit.

Aisk relocates

The American International School of Kingston which had a lease on the property and was given until June 2008 to vacate the premises, has already relocated.

A message from the school's chairman on AISK's new website, said the school had reached agreement with the board of Jamaica College for a 49-year lease of an 8-acre site.

"We are currently drafting the lease and expect to sign a contract over the course of the next few weeks. In parallel,we have been working with a U.S.-based lending agency to raise the requisite funding for construction of our state-of-the-art school," said the March 8 posting. The site is sandwiched between residential developments.

"We are very excited about securing this location, given its proximity to our parent population and the U.S. Embassy."

The embassy is now sited at Liguanea, walking distance from Jamaica College .

The designs and application for plan approvals for the new school are pending, but AISK hopes to have the facility open by January 2009.

susan.gordon@gleanerjm.com