According to Sandra Watson, CEO of the Jamaica Real Estate Board, a total of 27 depositors are to obtain titles to individual units in the Palmyra Resort and Spa.

Sagicor, which recently closed a deal to buy the St James resort development, will receive titles which exclude those units, the real estate executive stated.

As to other investors whose interest the board has represented as the property fell under receivership, payments made to them will depend on what is received for the property, she stated. These number about 50.

In early June Richard Byles, President and CEO of Sagicor Group, announced that Sagicor Managed Funds had invested in the Palmyra Resort and Spa – the condominium resort development in Montego Bay, St James – and the adjoining power plant owned by Caribbean Green Power Systems Ltd.

Palmyra Resort and Spa currently sits on 16 acres at Rose Hall. The complex encompasses three towers, two of which are completed.

In October 2014, the Jamaica Supreme Court smoothed the way for troubled investors who had paid deposits on condo units in the unfinished development with a consent order that depositors should be repaid at the same rate as Palmyra’s bankers and debenture holders – National Commercial Bank Jamaica and RBC Royal Bank.

Following the ruling, the Real Estate Board, which filed suit on behalf of the depositors against Palmyra Resort and Spa Limited and Palmyra Properties Ltd– both in receivership and under the control of Ken Tomlinson, agreed not to block the sale of the condominium development by withdrawing caveats previously lodged against the property.

Meanwhile, Rohan Miller, Chief Executive Officer of Sagicor Investments Jamaica and Sagicor Real Estate X Fund Ltd, said the property was still being overseen by the receiver.

The receiver, Ken Tomlinson, told the Business Observer that he was engaged in overseeing matters relating to the transfer of title.

NCB and RBC Jamaica took over Palmyra in 2011 and placed in receivership companies owned by property developer Robert Trotta which were alleged to have fallen into arrears on US$110 million of loans.

The development had 103 owners of individual condos, with 97 units remaining for sale on the completed blocks, known as the Sabal Tower and Silver Tower.

The development also includes an incomplete high-rise hotel, designed for 88 studio suites, called Sentry Tower, and 11 three-bedroom villas, also incomplete.