News
JAM | Jul 27, 2024

Government reaches new agreement with Tavistock Group to kickstart Harmony Cove development

/ Our Today

administrator
Reading Time: 2 minutes
An artistic rendering of the Harmony Cove Resort and Village aerial plan. (Photo: Robert A.M. Stern Architects, LLP)

Jamaican Government, through Harmonisation Limited—an entity within the Ministry of Finance and the Public Service—has entered into a definitive framework agreement with Tavistock Group Inc. for the development of Harmony Cove as a major integrated resort in Trelawny.  

The large-scale investment by Harmony Cove Limited is expected to be 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.

The joint venture agreement for the development of Harmony Cove has 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 agreement now includes a defined timeline with development milestones. 

Tavistock Group and Harmonisation Limited will 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.

Finance Minister Dr Nigel Clarke commented: “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.  

Minister of Finance and the Public Service, Dr Nigel Clarke, makes a statement in the House of Representatives on Tuesday, July 23, 2024. (Photo: JIS)

“The arrangement stands as evidence of the attractiveness of Jamaica as a destination for investment and development.  Our hope is that this project and its structured framework for working with government, will catalyse other comparable large-scale projects in the future,” Clarke mused further.

Comments

What To Read Next