Business

Jewel to start building water park next quarter

Friday, February 07, 2014    

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SAGICOR Life Jamaica Limited plans to start building a water park for the Jewel Runaway Bay Beach and Golf Resort before June.

Already, the company received an environmental permit with stipulated conditions from the National Environmental and Planning Agency (NEPA) and hopes to complete construction of the park next year.

Sagicor disclosed that as much as US$5 million ($537 million) will be invested in the park, from the $1.5 billion raised from the initial public offering of the Sagicor Real Estate X Fund, which was listed on the Jamaica Stock Exchange (JSE) last year. The remaining portion of the proceeds will position the company for future investment opportunities.

The company's holdings are primarily comprised of tourism, industrial/warehouse and office/retail properties.

Profit projections for the Jewel Runway Bay property is US$4.8 million in 2017 on projected revenues of US$21.2 million, Sagicor said in its prospectus last year.

Sagicor X Fund's prospectus estimated that net income from its three hotel properties - which include Jewel Dunn's River Beach Resort and Spa and Jewel Paradise Cove in St Ann -- would grow from US$2.6 million in 2012 to US$15 million in 2017.

In 2017, the three hotels are projected to earn US$14.6 million in net profit from US$59.4 million in revenues.

Comparatively, Sagicor Jamaica earned some $5.9 billion (roughly US$59 million) in its 2012-year end on $19.5 billion in revenues.

Other properties are the R Danny Williams building in New Kingston; Sagicor Industrial Park Norman Road; Sagicor Industrial Park Freeport; Sagicor Industrial Park Marcus Garvey Drive; Sagicor Montego Bay Commercial Centre; the Sagicor Sigma building on Knutsford Boulevard, New Kingston; 78A Hagley Park Road, Kingston; Spanish Town Shopping Centre; and a vacant lot on Seymour Avenue in Kingston.

Jewel Runaway Bay — a 266-room hotel — was purchased in June 2012 by Sagicor Sigma acting through the Sigma Real Estate Portfolio. The property, a low-rise beachfront resort was first opened in 1962. In 1977 it was purchased by the Government, acting through National Hotel and Properties Ltd.

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