Ocho Rios could get private hospital
Published:Friday | January 3, 2014 | 12:00 AM
Avia Collinder, Business Reporter
Attorney-at-law Michael Drakulich, developer of the Ocho Rios, St Ann-based enterprise Mystic Mountain, is preparing to place 65 new residential units on the market this year and start construction of a private hospital in the north coast town.
The hospital, slated to be constructed on land adjoining Mystic Ridge resort, is being pursued in partnership with a group of health professionals led by Dr Osmond Tomlinson.
Tomlinson is currently the owner of Tomlinson's Medical and Child Health Centre in Ocho Rios. He was unavailable for comment.
The new development is being done through Drakulich's company Ochi Land Holdings Limited, along with his partners, comprising companies and individuals from Canada and the United States.
The company for which Drakulich is most well known, Mystic Mountain, a tourist attraction, is a subsidiary of a British Virgin Islands-registered corporation which is the majority owner of five ecotourism parks around the world.
In relation to the hospital, which will offer specialised services including maternity care and bariatric surgery, Drakulich said "we are now seeking approvals. Once we have that, we will have a better idea of what the costs are". He said construction is estimated to cost about US$7 million (J$742 million).
undisclosed cost
Meanwhile, Ochi Land Holdings has placed on the market units remaining to be sold in Mystic Ridge resort and Old Fort Village. Refurbishing of Mystic Ridge, purchased in 2011 at an undisclosed cost, was completed at a cost of US$2 million (J$212 million).
The property housed 90 units comprising 135 rooms at the time of purchase. The upgraded property includes 22 new standard and five new deluxe rooms, 10 one-bedroom apartments and 10 two-bedroom apartments, with balconies and views of Ocho Rios and the Caribbean Sea. Nine two-bedroom units are currently available for sale at prices starting at US$170,000 (J$18 million).
Ground was broken at Old Fort Village near Mammee Bay, for another housing project of Ochi Land Holdings in February 2013, with estimated completion date of February 2014. Prices start at US$195,000 for apartments and town houses 624 square feet and up. Prices are not subject to escalation, the company's website notes. Cost of development was US$4 million (J$424 million) Drakulich said, noting that each unit is equipped with solar panels and comes with a surveillance system.
According to Drakulich, the indicative cost of constructing the 65 new residential units, located between Dacosta Drive and Brookgreen in Ocho Rios, is about US$4.5 million (J$477 million), excluding the cost of land which would bring the total to US$5.5 million (J$583 million). Units, including studios, one-bedroom and two-bedrooms, will be priced between J$8 million and J$12 million, he said.
"We are targeting entry-level home buyers," the developer said.