Jamaica
News - Real Estate - Sales
(August 18,
2004)
Scott buys Mountain Valley Hotel for townhouses
Developer Hugh Scott has acquired
the Mountain Valley Hotel on Old Stony Hill Road in St Andrew, for
an upper middle income townhouse development.
The acquisition and development
is being done through KES Development Company Limited of which
Scott is managing partner.
Other sources close to the deal
said that KES paid the former owner, Zoe McHugh, $50 million for
the property in April.
Scott, whose company developed
the hi-tech post office in Liguanea, St Andrew, in partnership
with the Postal Corporation of Jamaica, plans to tear down the
existing buildings that housed the former hotel.
He will then construct on the 5.4
acres of land, 20 townhouses to be sold within the $12-$14 million
price range, or a combination of 12 townhouses and 16 two-bedroom
apartments, with the apartments going for about $6 million.
The units are expected to come
to market in early 2005.
In recent years the 50-room hotel
suffered from a low occupancy level, and was patronised primarily
by Jamaicans visiting from overseas. A few shops were rented out
to hairdressers and small business operators. |
