Barita Investments has closed yet another multi-million dollar real estate deal in St Ann, purchasing over 100 acres of land.

The land was reportedly purchased from National Continental Corporation Limited at a cost of more than US$60 million.

Located near the tourist area of St Ann’s Bay, the beachfront property will reportedly be used to construct resort homes, residential facilities and high end villas.

The investment company is owned by the Cornerstone group, led by Paul Simpson.

This purchase follows a string of other major real estate deals that have been carried out by the company.

Earlier this year, Barita purchased Reggae Beach, a quiet bay surrounded by the edge of the mountains of St Ann and St Mary.

The 250-acre property was previously owned by Jamaican businessman Michael Lee-Chin and was valued at US$50 million at the time of purchase.

Barita’s MJR also acquired the Ruins property in Ocho Rios, through which the Dunn’s River runs, and several pieces of real estate in Kingston.