Despite net profit for the first six months of the year falling by 87 per cent, Panjam Investments Limited is continuing with current projects such as the Rok Hotel which is the company’s latest real estate project.
Since outbreak of the novel coronavirus, Panjam has repositioned itself to capitalise on its real estate portfolio which is up 17 per cent to $1.1 billion.
Some of the company’s real estate holdings include the Scotiabank Centre, Manor Park plazas, CIBC First Caribbean building and Panjam building, which have maintained stable occupancy over the period.
The former Oceana Hotel which was redeveloped and renamed the Rok Hotel had its opening pushed back to 2021 due to delays in obtaining certain materials and COVID-19 restrictions in Jamaica. However, Panjam had already secured funding for its real estate plans earlier in the year.