CABINET APPROVES LAND TO PAN JAMAICA FOR MAJOR DEVELOPMENTS IN NEW KINGSTON:

CABINET APPROVES LAND TO PAN JAMAICA
FOR MAJOR DEVELOPMENTS IN NEW KINGSTON:

Cabinet has approved the sale of land located at Knutsford Park, in New Kingston to Pan Jamaica Investment Trust Limited (Pan Jamaica).

Minister of Information, Daryl Vaz disclosed on November 18 at a Post Cabinet Press Briefing at Jamaica House that Pan Jamaica will use the land for various developments including hotel, retail and recreational facilities, office space and residential space.

"The proposal would complement the existing cluster of hotels in the area offering additional and diversified hotel rooms" the Minister added.

He also said that the proposal is consistent with the principles of the Urban Development Corporation development plan for new investment in the Liguanea area of the New Kingston business district.

The property, just under 161,610.00 square feet, was sold for J$454,500,000.00.