Jamaica
News - Real Estate - Sales
(March 30, 2005)
Lee Chin buys Reggae Beach
Michael Lee Chin has acquired the
250-acre Reggae Beach near Prospect Plantation in Ocho Rios from
real estate developer, Robert Cartade.
Lee Chin, who is principal and
chairman of National Commercial Bank made the acquisition through
his Canadian-based mutual funds management firm, AIC Management
for an undisclosed price.
No one at NCB was willing to shed
any light on the matter when this newspaper called yesterday
seeking comments - with the managers directing us to AIC's
representative Peter Lawson who was said to be off the island.
However, our sources say that
Lee Chin's plans to relocate the main road which cuts the land,
leaving just a narrow stretch of beachfront and most of the usable
area away from the beach.
However, once the roadway is
relocated, it is expected that the total area will be available
for a major beachfront, tourism-type development.
Cartade is the principal of
Selective Homes, the developer of Long Mountain Country Club in
Kingston. He is also the developer of the St Mary Country Club,
and now has on the drawing board a major project for the upscale
neighbourhood of Mango Walk in Montego Bay.
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