The Government plans to sell two beachfront properties at the Silver Sands Estate in Duncans, Trelawny, the latest move in a long-running effort to extract value from a state-owned coastal property tied to the dormant Harmony Cove resort project.The Development Bank of Jamaica (DBJ), acting as transaction manager for Harmonisation Limited, issued a request for proposals for investors to bid on two properties – Buena Vista Villa, a 1,064-square-metre lot, and Sea Spice Villa, a 733-square-metre lot. Sealed bids must be submitted today to the DBJ.“Harmonisation Ltd has engaged DBJ as transaction manager for the divestment of two properties by way of the sale of assets,” stated the DBJ, which acts as the Government’s privatisation implementing agency.No asking price was disclosed for either property. Bidders must submit proof of funds from a recognised financial institution and a completed know-your-customer form. The properties are being sold “as is”, and the DBJ and Government reserve the right to reject all bids.  Silver Sands Estate is a gated beachfront villa community on Jamaica’s north coast between Ocho Rios and Montego Bay, roughly 35 minutes from the Sangster International Airport. The site plan shows the estate covering 1,400 acres. The vendor is Silver Sands Estates Limited, a subsidiary of Harmonisation Limited, which is beneficially owned by the Government.Harmonisation was formed to develop the Harmony Cove resort, a casino-anchored project backed by the Tavistock Group that had access to some 2,400 acres in the area. The project has been stalled for decades for lack of financing.The original vision was that Silver Sands would be the residential and villa component of a broader Harmony Cove development – the resort would anchor the area with a casino, hotels and entertainment, and Silver Sands would provide the high-end residential product alongside it. The two were conceived as parts of the same project.When Harmony Cove collapsed, Silver Sands was left as a partially developed gated community with no anchor resort to drive demand. Harmonisation still owns it, and the Government has been trying to sell off individual lots and villas.In 2019, the DBJ engaged Sagicor Property Services as selling agent for 16 residential properties at Silver Sands, marketing parcels ranging from 8,000 to 15,000 square feet. The properties were valued at $381 million and included 15 vacant, underdeveloped lots and one villa – Buena Vista, the same property now back on the market seven years later.According to the Jamaica Public Bodies Estimates for the fiscal year ending 2027, Harmonisation said it planned to renovate the villas before sale to obtain a higher market value, transfer common area real estate assets to the Silver Sands Cottage Owners Association, and continue collaborating with stakeholders on the overall Harmony Cove development plan – including monitoring obligations under the joint- venture and members’ agreements.“This includes plans to continue the design phase, as well as obtaining environmental and building permits and approvals,” stated the Jamaica Public Bodies.The entity forecasts a net deficit of $149.24 million for the 2026-27 financial year, following a $168.67-million deficit the year before.

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