Pan Jamaica Group Limited (PJG) has acquired the property housing Discount Pharmacy on the corner of Constant Spring and Olivier roads in upper St Andrew, giving the conglomerate ownership of three contiguous properties now earmarked for redevelopment into an expanded commercial complex.
“The acquisition of the Discount Commercial Centres is a bold move that allows us to re-imagine the entrance to Manor Park, expand the parking, and co-locate a range of professional service offices in a larger overall complex,” Chief Executive Officer Jeffery Hall told the Financial Gleaner.
The property was registered to Liguanea Lane Pharmacy Ltd, the operators of the pharmacy under the control of the Hussey family. The pharmacy has now entered into a long-term lease arrangement to continue operating from the site. PJG acquired 8 Olivier Road in 2018, currently tenanted by EY auditors, while the group built the Manor Park Plaza in 1964.
Over time, Hall said, the Olivier Road office will be developed into a modern business centre targeting corporate and professional tenants, with the addition allowing for a planned connection between the Manor Park retail complex and the Olivier Road office complex.
“It would allow residents in the area to walk or reduce commute time to visit their doctor, and so on,” he said.
The purchase price was not disclosed. The transaction occurred after the close of the June quarter and did not appear in the group’s latest financial results. PJG’s quarterly report noted that the acquisition will “support the positioning of Manor Park as a high-performance part of our property portfolio for decades to come”.
PJG’s Property and Infrastructure Division portfolio includes key landmarks in New Kingston, as well as the ROK Hotel Kingston and an associate interest in the Courtyard by Marriott Kingston.
“The division has identified a portfolio of properties within its key clusters that are suited for development or major renovation. These initiatives will target growth of the overall square footage and incremental rental rates,” the report said.
Profits halved
Gross operating revenue held flat at $11.6 billion for the June quarter, compared with the corresponding period a year earlier. Net profit fell to $1.23 billion –roughly half the $2.48 billion earned in the second quarter of 2025. On a sequential basis, the June result marked an improvement on the $925 million in net profit reported for the quarter ended March.
For the six months ended June 2026, PJG reported revenue of $22.8 billion, up six per cent from $21.4 billion in the prior-year period. Net profit for the half year fell 53 per cent to $2.16 billion from $4.6 billion a year earlier.
The Stockholders’ Report attributed the decline to “materially lower earnings from its associates and joint ventures and financial market conditions that adversely affected its investment income and foreign exchange positions”.
PJG is a multinational conglomerate with strategic interests across four operating segments: Property and Infrastructure, Financial Services, Specialty Foods, and Global Services, which principally covers logistics operations.
luke.douglas@gleanerjm.com
