Pulse Investments has announced that it will be abandoning plans to convert its Stony Hill-based property, Villa Ronai, into a luxury housing development — despite spending J$544 million on the project up to September last year.
In a recent filing to the Jamaica Stock Exchange, the company revealed it is now repositioning the property as a five-star wellness destination.
The transformation will be led by seasoned hotel executive Dimitris Kosvogiannis, with support from architect Rivi Gardner, structural engineer Peter Jervis, and project manager Damian Hall.
Pulse says the revamped facility will be marketed as Kingston's premier luxury wellness destination — aimed at high-net-worth travellers, the Jamaican diaspora, and corporate clients.
It also promised to provide more frequent stand-alone information to the JSE and its shareholders on the progress being made on the project.
The company currently has $775 million in outstanding bond payables and related party debts of more than J$1 billion.
Its net worth fell to $174 million in December last year, compared with $474 million during the same period the previous year.
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