Barita Investments has purchased the US-multi million dollar Reggae Beach property in St. Mary from billionaire businessman, Michael Lee-Chin.

The 250-acre property is to reportedly be used to build a number of facilities which will provide health, tax, security and educational services.

The purchase was made by Barita via the investment and brokerage firm’s special purpose vehicle, MJR Real Estate Holdings.

The final purchase price has not been made public.

However, the property is reportedly valued at US$50-million or approximately $8-billion JMD.

Work on the project is to commence next year.