Pulse Investments has acquired the Villa Ronai property in Stony Hill, St. Andrew from its majority shareholder at a cost of J$600 million. The transaction was completed on April 1.
The nine acre Villa Ronai estate was previously controlled by Pulse under a 50 year lease.
Over the next three years, Pulse says it intends to create a fitness centre, a wedding centre and a spa at Villa Ronai.
It also intends to construct 30 two and three bedroom homes in the Villa Ronai valley.
The project is expected to be completed by 2024.
Pulse is also in the process of acquiring property adjacent to Villa Ronai, which will provide additional parking as well as office and storage space for the complex.
Meanwhile, Pulse Investments has raised $1.2 billion in additional funding comprising a $440 million facility from a Jamaican financial institution and a $771 million note from its majority shareholder.
The funds helped to cover the cost of the property acquisitions and retire debt.
Pulse says additional funding is being negotiated to construct the first phase of the 30 unit Pulse Homes development.