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Preferred Bidder Emerges For Palmyra

Published: Wednesday | August 28, 2013

Jon Haldane, managing director of the firm Sheldon Good & Company Limited, confirmed Tuesday that a preferred buyer has been found for the unfinished Palmyra condominium complex in Montego Bay.

However, he says discussions will continue with all selected bidders until the main prospect has signed on the dotted line and the sale has been approved by all parties involved.

Palmyra was placed in receivership by National Commercial Bank Jamaica and RBC Royal Bank Jamaica.

Well-placed sources tell Wed-nesday Business that the preferred buyer is a Mexican company.

"We are currently negotiating with a number of parties, and until that process is completed, that is all we have to say. We have signed confidentiality agreements. Until we have finalised with someone, all contracts must be looked at," said Haldane.

Sources close to the talks indicate that a deal may happen within two weeks.

Previous efforts to sell the property at auction last year were unsuccessful.

Palmyra was taken over in July 2011 by NCB and RBC, which accused the developers of defaulting on US$110 million of principal loans - US$22 million of which was financed by RBC while the other US$88 million was arranged by NCB.
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A question....how tall in meters is the Palmyra and is it the tallest building in Jamaica? Also why isn't the height of the Cornwall Regional Hospital mentioned on the tallest buildings in Jamaica web site?
 

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I've made numerous checks, however, I was unable to ascertain the height of Palmyra. The tallest building in Jamaica is the Pegasus hotel, at just over 48 meters.

Cornwall wasn't mentioned, as many building would exceed its height.
 

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I've made numerous checks, however, I was unable to ascertain the height of Palmyra. The tallest building in Jamaica is the Pegasus hotel, at just over 48 meters.

Cornwall wasn't mentioned, as many building would exceed its height.
Thanks for the update. At ten floors with a significantly tall mechanical tower I'm really curious as to the relative height of the CRH. I just think its height has been overlooked being an unusual/non-commercial building stuck up in the hills of MoBay. :cheers:
 

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Opens Ahead Of Schedule

Published:Wednesday | August 23, 2017 | 8:00 AMAvia Collinder

The Jewel Grande Montego Bay, formerly the Palmyra Resort & Spa, is now taking in guests, although its official market debut is still a month away.

The hotel co-owned by Sagicor Real Estate X Fund Limited includes 88 new suites on the Sentry Tower.

Last October, several managed funds under the umbrella of Sagicor Group Limited acquired 217 units in the incomplete Palmyra condo complex and an adjoining power plant owned by Caribbean Green Power Systems Limited for US$53 million.
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I've made numerous checks, however, I was unable to ascertain the height of Palmyra. The tallest building in Jamaica is the Pegasus hotel, at just over 48 meters.

Cornwall wasn't mentioned, as many building would exceed its height.
Nigel, at ten floors (plus a pretty tall elevator tower/roof) are you sure the CRH isn't among the taller buildings in Jamaica? Is there any way to find out or rank the high rise buildings on the island in terms of relative height (the way they do on other skyscraper fora)? That would be a cool exercise on this forum.
 
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