Harmonisation Ltd to lose $122m in new fiscal year as development plans continue
Published:Monday | February 17, 2025 | 10:23 AMEdmond Campbell/Senior Staff Reporter
With Harmonisation Limited projecting a net loss of $122 million for financial year 2025-2026, the Ministry of Finance and the Public Service says the company will continue to collaborate with stakeholders on the overall development plan for the Harmony Cove project which has been in gestation for many years.
The Jamaica Public Bodies, which sets out the plans and projections for public bodies for the 2025-2026 financial year, states that the joint venture partners will continue the design phase of the project and obtain environmental and building permits approval.
The estimates of expenditure, along with the Jamaica Public Bodies and several other budget-related documents, were tabled in the House of Representatives last Tuesday.
At the time, the ministry said Harmonisation Limited would remain focused on efforts to optimise existing investments while advancing long-term development projects in partnership with key stakeholders.
Giving details, the ministry said the company would optimise investment in Silver Sands Phase I through the divestment of Silver Sands Estates Limited, which will culminate in the transfer of common area real estate assets to Silver Sands Cottage Owners Association (SSCOA).
The ministry said this transfer will empower the SSCOA to manage and maintain shared spaces, ensuring sustainable upkeep and community control over common areas.
Harmonisation Limited, which is owned by the government, has entered into a framework agreement with Tavistock Group Inc (Tavistock Group) for the development of Harmony Cove as a major integrated resort in Trelawny.
The ministry has touted the projected large-scale investment by Harmony Cove Limited as a transformative project for the hospitality sector in Jamaica.
Tavistock Group has indicated that the investment capital and start-up costs associated with the project will be approximately US$1 billion. The joint venture partners are the government-owned Harmonisation Limited and Tavistock Group.
Last year, then Finance and the Public Service Minister Dr Nigel Clarke signaled that the joint venture agreement for the development of Harmony Cove had been significantly revised and updated to reflect a balance of responsibilities and interests between the Government of Jamaica and global private investors who bring an established track record in large-scale resort development.
The Gleaner understands the document is to be brought to Parliament this week.
In July 2024, Clarke said Tavistock Group and Harmonisation Limited would begin work immediately – through Harmony Cove Limited – with the appointment of leading global architectural, engineering, and construction management firms to finalise and implement the agreed development plan.
“We are pleased that the parties were willing to update the agreements to reflect the current fiscal environment, while re-affirming the commitment to bringing this landmark investment to Jamaica,” Clarke said at the time.