Thu | Oct 18, 2018

Valuation of $9b Hodges property explained

Published:Friday | April 13, 2018 | 12:00 AM

The 1,000-acre Hodges property placed on the market for nearly $9 billion is being sold through a company called Malcolm Bay Limited.

A representative of the family, who volunteered the information, said the owner - whom she did not name but Companies Office records identify as St Elizabeth businessman Austin Levy - has placed the property on the market because he is seeking to retire. A token share in the company is also held by Clovis Levy, the records show.

The valuation of the land, which lies west of Black River, is based on its two white-sand beaches in a region that mainly has black sand, said the representative, who requested anonymity, although the listing on the Multiple Listing Service of the Realtors Association of Jamaica cites the possibility of accelerated development based on Jamaica's potential for oil finds as a sales pitch.

She adds that Malcolm Bay has an approved plan for "a hotel with golf course and helicopter pad" for the site.

"It's owned by a wife and husband from March 20, 1989. They said they are going off the valuation or the nearest offer. The last valuation was done in 2014 by Thomas Forbes in Mandeville, Manchester. The land is all greenfield, with white sand beach really suited for a hotel or gated community," she said.

Malcolm Bay is pitching possible uses of the property as "a trans-shipment hub, tourist resort, attractions, residential communities, farming, or entertainment venue".

The property is listed in five currencies: J$8.82 billion, US$70 million, CDN$89.86 million, €56.34 million and £49.8 million.

avia.collinder@jamaicagleaner.com