MOU Signed for Harmony Cove Development

Prime Minister P.J. Patterson has described the signing of a Memorandum of Understanding between the government-owned Harmonization Limited and private developer Tavistock Group for the negotiation of plans for the development of the Harmony Cove Resort in Trelawny, as evidence of the success of the policies implemented by the government to attract investments to the island.

Speaking at the handing over of the MOU ahead of a major business and investment forum in Kingston on Thursday (Feb. 23), Mr. Patterson said the Harmony Cove Resort was of great significance to Jamaica as it would result in the integrated development of the tourism sector from Negril to Ocho Rios.

Tavistock Group was selected from among sixty overseas investors who had expressed an interest in the project following an investors’ conference held in Montego Bay in 2004. The MOU expires at the end of March and provides for the exclusive collaboration between Harmonization Ltd. and Tavistock Group on due diligence studies with a view to defining the terms, conditions and parameters of the project.

Mr. Patterson expressed the hope that both entities would be able to finalize an agreement before the expiration of the MOU.

The Harmony Cove development was first announced by the Prime Minister during his 2004 budget presentation. The resort will be located on approximately 1400 acres of land and consists of four five star hotels, including a 1000 room convention hotel.

Approximately 200 upscale villas and manor houses will also to be constructed.
In addition to the Prime Minister, other persons involved in the signing and handing over of the MOU included Minister of Development Dr. Paul Robertson, Chairman of Harmonization Ltd. Mr. Richard Byles and Mr. Christopher Anand, Managing Director of Tavistock Group.