Over the last couple of months, Barita has been ramping up real estate purchases on the North Coast. Earlier in the year, they made purchases in St. Mary with the most notable one being Reggae Beach which was purchased from prominent businessman Michael Lee-Chin.
Reggae Beach is an over-250-acre property located midway between Ocho Rios, St Ann, and Oracabessa, St Mary.
Reports are now coming out that they have purchased another 100 acres of land in St. Ann with plans to tap into the high-end luxury properties market.
Another important factor that adds to these future housing projects is that analysts are estimating properties in that area of St Ann located near the sea are valued between USD $800,000 to USD $1.5 Million per acre.
The deal is estimated to be worth USD $60 Million ($9 Billion JMD), purchased from the Karl Ricksonkson-owned National Continental Corporation.
This is definitely a positive move for Barita who has been tapping into the North Coast real estate market. These areas have a lot of potential, especially given the fact that urban development projects which have increased over the last decade and will likely continue into the future.
It’s a decisive move that will surely pay off for years to come. I am also positive that they are eyeing other properties within those vicinities, it’s only a matter of time before they make another headline.
