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Cabinet has approved the sale of eight apartment units owned by the National Insurance Fund (NIF) at the Point Village Resorts in Negril. They will be sold at a cost of $92 million collectively.
Speaking at (July 30) post-Cabinet press briefing at Jamaica House, Information and Development Minister, Donald Buchanan explained that since the apartments were acquired by the NIF in 1994 their value had appreciated by 233 per cent or at an annual rate of 11 per cent.
He noted however that the units, which were being managed by the Point Village Resorts Hotel pool had not yielded the anticipated level of returns. “For the fiscal years 2001/02 to 2005/06, the total rental income generated by the property was $12.08 million, while the outflow amounted to $11.38 million, 94 per cent of total revenue,” Mr. Buchanan informed. “The income return for the five year period has been mainly negative except for the fiscal year 2001/02 and 2004/05 which had positive yields of 5.5 per cent and 2.65 per cent respectively,” he added.
Point Village Resort is a 256-apartment complex developed by the Urban Development Corporation; the development consists of a mix of studios, one, two and three bedroom apartments.