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News
Balford Henry | Observer Writer  
April 3, 2007

Two new board members for Harmonization Limited

THE Government on Monday named three more representatives to the board of Harmonization Limited, the joint venture company behind the proposed US$2 billion Harmony Cove resort project.

But Minister of Information and Development Donald Buchanan was still unable to give a timeline for the start of the long-awaited development project.

“No, you wouldn’t be getting to ground-breaking stage, as yet. The reality is that this is going to be a very complex, extraordinary design for the development of that property. That, in itself, is the first phase that has to be completed,” Buchanan said in response to a question at Monday’s post-cabinet press briefing at Jamaica House.

The Minister had announced Patrick Hylton, managing director of the National Commercial Bank(NCB) and former head of FINSAC, as the new chairman in January, following the resignation of Richard Byles. On Monday he said that Hylton would be joined by Earl Samuels,who currently heads the National Housing Trust (NHT), and Milverton Reynolds – the former chief executive officer of the National Housing Development Corporation (NHDC) who now serves as managing director of the Development Bank of Jamaica (DBJ).

In addition, Dennis Morrison, chairman of the Jamaica Tourist Board (JTB) and the Airports Authority of Jamaica (AAJ), has been named an alternate member without voting rights.

The government owns 49 per cent of the undertaking. The United States-based Tavistock Group, their joint venture partner which owns the remaining 51 per cent, is to name its members later this month when representatives visit the island. The investment company has diverse holdings in commercial and residential real estate, financial services, as well as oil and gas investments.

Buchanan said that the new board will approve a budget, as one of its priorities, and produce an implementation schedule and development plan when it meets.

The Harmony Cove project was first announced by former Prime Minister PJ Pattersonn in his 2004/2005 budget presentation in Gordon House.

At the time Patterson said that the project, planned for Trelawny’s north coast, would utilise 1,400 acres of land to create an extensive beachfront with white sand beaches.

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