A buyer has been found and the contract already signed for the sale of the Fairview Shopping Centre in Montego Bay, one of four properties put on the market last year by the Cable and Wireless Jamaica Pension Fund, the Financial Gleaner has learned.

The property, which sits on 5.96 acres of land, is said to be valued at approximately J$700 million, according to a close source to the sale, but the buyer was not disclosed, nor the price paid.

Fairview, a 101,000-square foot property developed in the last decade, has become one of Montego Bay's busiest commercial hubs, hosting a branch of RBTT Bank, Super Plus supermarket, Palace Cinema's Multiplex, Texaco service station, Rapid TrueValue, KFC and other restaurants.

Super Plus rents the space it occupies, Wayne Chen said, as does Palace Amusement Company, but it was unclear whether all the shops operate under lease.

Negotiations continue with prospective buyers for the other three C&WJ pension fund properties, The Towers, New Kingston Shopping Centre and the neighbouring drive-in cinema, according to Derrick Jones, chairman of the pension fund.

"They are still on the market," said Jones. "There are discussions, and beyond that I am not prepared to say at this time."

On the market since July

The properties went on the market sometime in July 2008. The pension fund has owned the properties for some six years, but put them on the market having decided to restructure and realign assets held in the fund.

But a Financial Gleaner source says the price of the properties, whose value that person put above $2 billion, is among the sticking points in landing buyers, given the economic downturn and the depleted cash position of those who would normally be interested in acquiring prime real estate.

All three are located in sight of each other on Dominica Drive in New Kingston.

dionne.rose@gleanerjm.com