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Negotiations underway with potential Harmony Cove investors

Published:Friday | July 24, 2015 | 10:07 AM

The players in the multibillion-dollar Harmony Cove project in Trelawny, which has been in gestation for approximately 10 years, are conducting intense negotiations to find additional equity partners by the end of September this year.

Executive Director of Harmonisation Limited, Dr Lorna Simmons, told members of Parliament’s Public Administration and Appropriations Committee (PAAC) on Wednesday that negotiations are taking place with potential investors.

She also revealed that there are plans to start construction on the project by July 2016.

The first phase of Harmony Cove is expected to cost US$900 million with the build-out of some 1000 hotel rooms, restaurants and retail shops.

On completion of one of the largest tourism projects in the country, the resort is expected to feature 5,000 rooms with a variety of lodging options.

To date, the principal equity partner in Harmony Cove is the Government of Jamaica, through the Development Bank of Jamaica and the National Housing Trust, with 49 per cent, and private sector partner Tavistock Group, with 51 per cent.

These entities have already spent some $2.7 billion on the project.