Barita made yet another major real estate purchase in St. Mary, this time they purchased Green Castle Estate which is another coastline property for $1.3 billion. This property comes with the famous Blue Hole attraction, which is popular in Jamaica and is highly regarded for its secluded location for swimming, diving, and its cascading waterfalls.
Thus far inclusive of this purchase, Barita has fleshed out approximately $11.8 billion in land purchases over the last year. This really signifies that the organization has a plan to make a major strategic and long-term push in the real estate market locally.
Location wise you can see that they have been ramping up purchases lately within St. Ann and St. Mary coastal areas. Prior to this purchase which has been in the works for some time, they purchased Reggae Beach in St. Mary for $2.3 billion.
Other areas in which they have made purchases are in the Kingston, St. Catherine, and St. Andrew areas.
All of these purchases are added under a special project that the company has been working on which was created a year ago called MJR Real Estate Holdings Limited. This will manage the real estate portion of the company’s assets.
Overall, this is a good look for Barita who clearly has a plan within the local real estate market and is executing quite efficiently in achieving that plan so far. Let’s see what other plans they might have in store before the year ends.
