Wed | Aug 16, 2017

Big Llandovery property lists for close to $9b

Published:Sunday | July 3, 2016 | 7:00 AM

The Nam family has put up a 1,000-acre property in Llandovery for sale, priced at US$70 million ($8.8 billion).

Real estate broker Century 21 Heave-Ho Properties is leading the sale of the St Ann-based property that is said to be garnering investor interest.

"This 1,000-acre property, located in Llandovery, is an amazing development property with lots of potential," says Century 21 Jamaica on its website.

The natural features include a spring, and a beachfront and it is also bordered by a river, which has the capacity to generate hydroelectricity, Century 21 notes.

ALL FLAT LAND

"I think the big push for it is the beach. It's also all flat land and the property is on both sides of the road," a Financial Gleaner source said.

The property is being sold through Llandovery Investment Company Limited which has Donald Nam, Michael Pickersgill, Melrose Nam, Ernest Nam, Evrod Nam and Glendon Nam as directors. The six are also shareholders of the company.

Llandovery community is located on Jamaica's north coast, and is "an hour's drive from Kingston and 50 minutes driving time from the airport in Montego Bay," Century 21 said.

The community is also to be the home of a mega hotel development called Sugarcane by Karisma. However, sources say the 228-acre Karisma project is unconnected to the 1,000 acres of land put up for sale by Llandovery Investment.

tameka.gordon@gleanerjm.com