Jamaica
News - Real Estate - Projects (January
23, 2005)
LOJ to develop $b apartment complex
Life of Jamaica (LOJ) will make a $1
billion investment in the real estate industry in the next three months, chief
executive officer Richard Byles announced Friday at the company's highflyers
club luncheon.
Byles said LOJ will start construction on an
apartment complex on Hope Road, St Andrew in April, but refused to divulge
specifics of the project, noting that further announcements were pending.
The investment, he said, was LOJ leading the
charge in the insurance industry of "playing a role in real estate
development."
He said in 2005, LOJ hopes to boost its
profits especially in light of its partnership with Pan Caribbean in which it is
now a 51 per cent shareholder.
LOJ's parent company Sagicor, will acquire a
further 33 per cent stake in Pan Caribbean next month, he told the luncheon.
The insurance giant has been riding high on
its acquisitions. The company's stock was the third most traded last week,
representing 6,258,994 or almost 11 per cent of all units traded, to end the
week up at $13.75.
|
