Resort Development Opportunity

Coral Springs960 Acres (388 ha)

on Jamaica’s North Coast

40 minutes Drive from Montego Bay’s International Airport

Coral Springs Development AreaTrelawny, Jamaica

White BayHarmony Cove

Airport

Coral Springs

Dry Valley

Location of the Properties

Coral Springs350 Ac

White Bay88 Ac

62 Ac

New Court283 Ac

Coral SpringsDevelopment168 Ac

12 Ac

Boundaries

Coral SpringsTrelawny, Jamaica

Due to different individual reasons a large contiguous tract of land has

become available for sale. These 5 properties could afford a major resort

development site able to accommodate hotels, a golf course, villa

development, nature eco tours and possibly a marina. Total size in

approximately 960 acres.

The area is located on the North Coast Highway, and east of the town of

Falmouth, in the parish of Trelawny. The property is within 40 minutes

drive from the Montego Bay International Airport.

The Falmouth Cruise ship pier is due to be completed by the end of

2010. The port facility will handle the largest cruise ships.

Property Summary

Property Size (acres)

New Court 1257-654 283.00

1257-655

White Bay 697-60 87.60

Coral Springs 1399-832 350.00

1399-833 11.70

"62 Acres" 1050-972 62.00

Coral Springs 168 1425-579

1263-154 168.00

1263-155

Total: 962.30

New Court

Jamerica Ltd, is owned by a Jamaican family now living overseas. This property is currently under a

contract of sale to a Jamaican based hotelier who now finds that he cannot develop the land to the

density that was first envisaged. He would therefore consider selling. The property is part of the

Spring Estate and deemed a “Protected Area” by NEPA (National Environmental and Planning

Agency).

This came about when the North Coast Highway was being planned. Part of the land, deemed a

limestone forest was taken by the Highway. The authorities then decided to “protect” the rest of

the land. This protection affects New Court and White Bay only. In addition, NEPA has particular

interest in the two large mangrove lakes located behind the beach. These are used by a particular

type of wading bird. A detailed development plan was submitted by the hotel developer. He is

currently in the process of negotiating with NEPA but it is expected that and plan will be severely

curtailed.

New Court

White Bay

Coral Springs

Burwood Beach(public)

Old road to White Bay

New Court

New Court

White Bay

View east

New Court

White Bay

Coral Springs

View south west

New Court

White Bay

Highway

View north

Larger pond New Court View south of New Court

Proposed development for New Court

NEPA have not said that there cannot be any development at New Court. The submitted plan

(above) did not receive favour due to the density of development, although all the buildings were to

be low rise.

It could be expected that if New Court were part of a larger development plan that this property

could be used for limited villa development on the ridges stretching from White Bay into New Court,

and the area around the ponds be used for eco-tourism purposes

White Bay

White Bay, also being part of the “protected area” of Spring Estate, somehow was able to obtain

development approval for a Hotel/Villa resort complex of 191 rooms (see NEPA Approval attached).

The restrictions however are that the limestone forest to the higher sections of the property (to the

eastern boundary with Coral Springs). Effectively, some 50% of the land area cannot be developed.

The access to White Bay was via a parochial road running from Burwood Beach, east, along the

coast in front of New Court into White Bay. This road was destroyed about 20 years ago thus

leaving White Bay with no vehicular access. Only short remnants of the old road still remain. The

cost to replace the old road would be in excess of US$1 million, and cut off coastal access for New

Court. The owners of New Court (and the new purchasers) have given written permission for a new

road to be cut through the New Court land, away from the beach. Costs of such a road would be

shared equally. However, if both properties were to be acquired by the same new owner the road

access would not be an issue.

White Bay

New Court

White Bay

White Bay beach view east

White Bay beach view west

Coral Springs

Coral Springs, although sharing its western boundary with New Court and White Bay is not affected

by the protected area restriction that affects the properties. According to NEPA there are no

environmental issues that would restrict development.

The white sand beach is sheltered by the reef approximately 200 meters offshore. The water is

shallow and protected by this reef. Behind the beach is the location of the old salt mine. This is a

section that many years ago was used to mine salt from the sea. To collect the salt the “ponds”

were flooded and the inlet then closed; the sea water dried out and the salt was taken out. These

salt ponds are still in place and could be utilized for a number of uses (marina, recreation). The

white sand beach extends approximately 3,000 feet (900 meters) along the coast. Behind the

ponds the land rises to afford development land with sea views.

Access: Currently the access road is shared by the land to the east (“62 Acres”) and is located

through the existing housing scheme. If development were to take place this access would be

unacceptable and a better route would have to be found through the 168 acre development land

lying between Coral Springs and the North coast Highway. If both properties were owned by the

same entity the access would not be an issue.

Additionally, under a separate Title is a 12 acre section south of the highway with a fresh water

spring on the property.

Coral Springs - View west from the “62 Acre” section

Coral Springs

62 AcresSalt pond

Coral Springs - view north

62 Acres

Coral Springs

View west showing salt pond

Coral Springs

White Bay

Western boundary of Coral Springs

Coral Springs

View north from the Highway

Salt Ponds

View South West of the Beach and ponds

Beach - View west

Beach

View North from the beach - Showing the reef

view East along the eastern section of the beach

View South inland from the beach

Beach - View West

62 Acre Section

Historically, this was always a separate Title from the main coral Springs property. In the mid 2007

a group bought the property to develop it into an exclusive villa development along the lines of the

the Tryall property west of Montego Bay. Soon after acquisition, the group also acquired a 12 acre

section from the eastern boundary of the Coral Springs property - to “straighten up” the boundary

line. This acquisition also took a good section of the beach.

In 2008 a scandal broke when it was discovered that some “500 truckloads” of sand was stolen

from the property and sold to some of the Spanish owned hotels near Montego Bay. This destroyed

the beach and the owners decided to abandon their development plans. In fact today, there is real

no evidence of the loss of the sand as natural currents have brought in more sand. The once

magnificent beach has been replaced.

The environmental profile if this land is the same as with Coral Springs - it is not expected that

there would be any negative development issues. Road access is also shared with Coral Springs.

apart from the cost of acquisition, this section would complete the Coral Springs beach area giving a

full mile of white sand beach.

Coral Springs

Approximate outline in Red

View east

View north

View towards the Coral Springs boundary

View west

Topographical plan of the land

Development land - 168 acres

This section of the Coral Springs property was the first to be developed. In the 60’s and 70’s a

development scheme was approved with some of the half acre lots being sold. This scheme was

then bought out by a company - JAMOMES - who tried to develop the land further with investments

from Civil Servants. The scheme failed and the property now under numerous larger and smaller

Titles was taken over by The Jamaica Redevelopment Foundation who eventually sold the land to

Gore Developments. There were some (around 15) outstanding claims by the original purchasers.

The Jamaica Real Estate Board advertised for these purchasers to come forward. There were no

claims. Gore has free and clear ownership of the 168 acres under 3 Titles.

During this process, gore also bought 200 acres close to the new Stadium outside Falmouth. This is

currently being developed and Gore would consider selling the land.

It would be expected that there would be no environmental issues associated with this land as it

has already obtained development approval. The western portion could provide an impressive

entrance to the coral Springs property.

New Court

168 Acres

View west

New CourtCoral Springs

168 Acres

Vol 1263 Fol 155

Vol 1263 Fol 154

Current Right of Way to beach

Highway to Duncans

Vol 1263 Fol 155

Vol 1429 Fol 579

Pricing:

The various landowners naturally are seeking the best price that the market can pay.

Summarised is the expected cost scenario

Property Price being asked

New Court $4,500,000

White Bay $7,000,000

Coral Springs $27,000,000

"62 Acres" $8,000,000

Coral Springs 168 $5,500,000

$52,000,000