Wed | Oct 18, 2017

Gov't withdraws offer to sell nearly 100 acres of prime real estate

Published:Friday | July 21, 2017 | 4:12 PM
Bartlett

The Government has withdrawn an offer to sell almost 100 acres of land worth over $5 billion in a section of Success Estate in Rose Hall, St James to Celebrate Jamaica Limited.

Tourism Minister Edmund Bartlett says the government had approved the sale of the 96.5 acres of land valued at US$40.1 million to Celebrate Jamaica for the development of an integrated resort that would include a hotel and a casino.

However, the company was required to meet certain prerequisites in six months for the sale of the prime real estate to be completed.

Bartlett says Celebrate Jamaica failed to meet the prerequisites within the stipulated timeframe and so the offer was withdrawn.

According to Bartlett, real estate in Jamaica's tourism areas is in high demand and he is scheduled to meet with several investors who have expressed an interest in acquiring the property for development.

He says the decision to withdraw the offer to Celebrate Jamaica is the right one.