Susan Gordon, Business Reporter

ANAND

Harmony Cove is now a US$2 billion ($132 billion) luxury resort project in which Harmonisation Limited, a two-year-old company, is partnering with chief investor, the Tavistock Group to develop in Trelawny.

The project gets under way in late 2008 and is to be completed in 10 years.

Harmonisation's stake in the development is in the form of land, 2,200 acres. It was initially touted as a US$1.2 billion plan to be developed on 2,400 acres.

Yesterday, Christopher Anand, managing partner for Tavistock, said the company would put no more than US$100 million of equity in the project, but hereafter, plans to invite partners to do aspects of the development.

Anand, whose Florida-based company owns the renowned Isleworth and Lake Nona Gulf and Country Clubs in Central Florida, said he was hoping to get to the planning and design phase in six months.

Harmony Cove will comprise several luxury resort hotels boasting up to 5,000 rooms.

"We will construct the hotel rooms on a phase-by-phase basis, beginning with at least 2000 rooms by year 2009," said Anand.

"We are pleased to enter in this joint venture agreement with the Jamaican Government and we share their vision to create one of the finest resorts in the world at Harmony Cove, said Mr Anand.

The original plan for Harmony Cove included a spa and fitness centre, an array of luxury residences, multiple championship golf courses, a equestrian centre, water park, large scale marina with shops, restaurants, and night clubs and a wide range of amenities.

But, said Anand: "Probably not much of the plan will be kept."

"One of the thing is to separate the house thing from the hotel. If you are a luxury hotel you can't just have people cruising around; that's why the plan will change."

Jamaica invested $1 billion to bring the project to its current stage, but still unclear is the exact price paid for the 2,200 acres of land.

Chairman for Harmonisation Limited, Richard Byles, said he was not at liberty to say how much money has already been spent.

"Government has to get the approval and the licences and we've made big strides with the airport and the land," he said.

According to Anand, the land equity will be the government's only investment in the project.

As for the private airstrip touted to complement the development, Anand said the company was still working through that plan. He signalled, however, that this aspect of the plan might also be dropped by Tavistock, saying Sangster Airport in Montego Bay seemed close enough for the development to utilise.

Anand said US$100 million is an initial sum that has secured Tavistock's 51 per cent stake in Harmony Cove.

"Shortly, after we will inject hundreds of millions in the investment," he said.

Prime Minister Portia Simpson Miller, who signed the deal with Tavistock, said the project could create up to 10,000 jobs in the construction phase and another 10,000 permanent jobs on completion.

susan.smith@gleanerjm.com