Gov't enters deal with Tavistock Group for Harmony Cove development

 

Finance Minister Dr. Nigel Clarke says the government owned Harmonisation Limited has officially entered into an agreement with Tavistock Group for the build out of what's dubbed a major integrated resort in Trelawny.

 

Dr. Clarke says the large-scale investment is expected to be a transformative project for the hospitality sector in Jamaica. 

 

"The joint venture agreement for development of Harmony Cove has been significantly revised and updated to reflect the balance of responsibilities and interests between the government of Jamaica and global private investors who bring the established track record in large-scale resort development. Tavistock Group and Harmonisation Limited will begin work immediately through Harmony Cove Limited with appointment of leading global architectural, engineering and construction management firms to finalise and implement their agreed development plan," he disclosed.

 

The minister said Tavistock Group has indicated that the investment capital and the start-up costs associated with the project will be approximately US$1 billion.  

 

According to Dr. Clarke, the agreement now includes a defined timeline with development milestones. 

 

"We are pleased that the agreements have been updated to reflect the current environment, while reaffirming the commitment to bring this landmark investment to Jamaica. The arrangement stands as evidence of the attractiveness of Jamaica as a destination for large-scale investment and development. Our hope is that this project and its structured framework for working with government will catalyse other comparable large-scale projects in the future," he said.