Work to progress on Harmony Cove, Trelawny projectFriday, April 02, 2021
TRELAWNY, Jamaica — The Harmonisation Group Limited (HGL) is slated to continue work on the Harmony Cove tourism project in Trelawny during the 2021/22 fiscal year.
The development is among several engagements programmed in HGL's corporate/operational plan for the period, details of which are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2022.
Harmony Cove is a 2,300-acre property located 23 miles east of Montego Bay, St James, and 44 miles west of Ocho Rios, St Ann, that will be jointly developed into a resort by HGL and Tavistock Jamaica Inc, a subsidiary of global private investment company, the Tavistock Group.
HGL is co-owned by the Development Bank of Jamaica (DBJ) and the National Housing Trust (NHT).
The Harmony Cove development is expected to include several world-class golf courses, a luxury spa, marina facilities, commercial developments, luxury hotels, private residencies, and other amenities.
It will also comprise a hotel, casino, convention and entertainment centres, restaurants, and retail assets, and is expected to cost some US$7.5 billion.
The 50-50 venture will see each partner injecting US$25 million (approximately J$3.5 billion).
Funding is also expected to be generated from the proceeds of investments of equities from other institutional investors and loans, Minister of Finance and the Public Service, Dr Nigel Clarke, has said.
Harmony Cove is expected to create a major economic surge on the north coast through direct and indirect job creation and a boost in foreign exchange inflows.
Speaking during the meeting of the Standing Finance Committee of the House of Representatives, whose members reviewed the 2021/22 Estimates of Expenditure earlier this month, Dr Clarke indicated that the Government was looking to identify resources to fund its US$25-million equity contribution in order to facilitate the project's commencement.
This, he said, against the background of indications by Tavistock that they are ready to proceed.
“To the extent that Tavistock is ready to go, we will find a way for our portion to be met. We believe that we have an avenue through which it can be achieved… but we want it to be done transparently. So we are reviewing how the Government can meet its… contribution,” Dr Clarke said.
HGL will also continue work to restructure Silver Sands Estates Limited (SSEL), a company incorporated and domiciled in Jamaica, of which it is the sole owner.
According to the Public Bodies Estimates, SSEL's principal activity is the rental of resort accommodation.
The restructuring exercise will include the transfer of the common areas to the Cottage Owners Association.
This will enable the organisation to take control of and manage these areas in the community.
Silver Sands Estates is a special villa community, nestled on Jamaica's north coast between Ocho Rios and Montego Bay.
The area covers 1,400 acres of lush, gently sloping lands capped by a white-sand beach that opens out to the Caribbean Sea.
The Public Bodies Estimates further indicates that the corporate plan for SSEL represents the consolidated forecast for HGL and the subsidiary.
HGL is also slated to continue the divestment of underdeveloped lots to the open market.
The entity, which has a staff complement of six, is projecting to generate a net surplus of $155.41 million during the upcoming year, some $15.73 million more than the 2020/21.
Harmonisation Group Limited was incorporated in April 2003 as a private limited liability company.
Its principal activities are the purchase of land for development, investment or resale.
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