Jamaican Teas group says over the past nine months to June, it began the process of exiting its real estate activities.
CEO John Mahfood told the Gleaner that this was due to slow sales of residences in its latest housing development.
Of the 30 units in the Belvedere that came to market last December, Jamaican Teas has so far sold only eight, each priced within the $28 million to $30 million, the so-called "sweet spot".
Mr. Mahfood said there is no profit.
He said he expects the sales of another three units to be booked in the fourth quarter ending September.
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