For three years, West Indies Home Contractors (WIHCON) has had a 76,000-square foot commercial property at Newport West, Kingston, on the market but the construction and property company said this week it was still holding out for the right suitor.

"We have received no offers that we want to take," said a WIHCON representative, who declined to state the asking price.

The centre, comprising 54,000 square feet of office space and 22,000 square feet of land, is located opposite the Tinson Pen Aerodrome.

Local realtors say land in that area is priced at $1,300 to $1,400 per square foot and structures at $6,000 to $7,000 per square feet, which would price the centre at about $356 million.

The WIHCON complex currently has 35 tenants - varying from customs brokers to financial institutions including a branch of FirstCaribbean International Bank, ICD Credit Union, shipping companies Prez Y Cia Jamaica Limited and Viking Cargo Logistics Limited.

WIHCON, a subsidiary of the Matalon-owned ICD group of companies, is one of Jamaica's largest housing and infrastructure developers. It also operates a property management company, which is managing the sale of the Newport building.

The property division has, in the past three years, arranged sale deals for the Duhaney Park Shopping Centre on Washington Boulevard in Kingston, which was sold to Progressive, a consortium of grocers; the Harbour View Shopping centre in Kingston, and several of WIHCON's warehouses.

dionne.rose@gleanerjm.com