Loshusan buying 29 East King's House Rd for $90 million

Sunday, December 09, 2018

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Cabinet has approved the Kingston and St Andrew Municipal Corporation's (KSAMC) plan to sell 29 East Kings House Road to Kenneth Loshusan Sons Limited, owners of the Losushan Supermarket in Barbican, St Andrew, for $90 million.

Robert Hill, CEO of the KSAMC, told the November meeting of KSAMC Finance Committee that Cabinet has approved the transaction and that the sales agreement would soon be finalised.

The road, which was closed to traffic in 2017 on the implementation of the Government's expansion and road-widening programme in Barbican, partitions land already owned by Loshusan and Grant Marketing Company.

Acquisition of the road will make the property contiguous.

The $564.7-million (US$4.4-million) road project in Barbican was designed to significantly improve traffic flow between the intersections at Jack's Hill Road and the road leading to Russell Heights, as well as the East Kings House Road to Barbican centre corridor.

Meanwhile, Vernon McLeod, chairman of the finance committee, apologised for the committee not meeting in October and disclosed that this was because the KSAMC computer system had crashed on October 10.

Hill told the committee that the system was back on stream and that 80 per cent of the data had been recovered.

The committee was told that the 20 per cent of data still missing were mainly accounting files for July, August, and September 2018.

Hill said that a firewall has been put in to “ensure that we won't have this problem again”.

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