The Palmyra Resort & Spa has shown remarkable progress in the construction of its luxury villas and residences on 16 acres of beachfront.

(ROSE HALL, JAMAICA) - August 28, 2006 - The Palmyra Resort & Spa at Rose Hall, Jamaica's premier beachfront condo hotel community, has shown remarkable progress in the construction of its luxury villas and residences located next to the Ritz-Carlton on 16 acres of beachfront. The Palmyra is currently building out the first phase of its offering, which includes three condominium buildings, several villas, the 23,000 square foot ESPA and two restaurants, and is scheduled for completion in late 2007.

"With the foundation for these structures almost complete, vertical construction is imminent and will quickly progress the build out of the project," said Robert T. Trotta, developer of The Palmyra and moving force behind the Resort Properties Group. "We look forward to providing The Palmyra's new residents and guests a memorable island experience that begins when they enter our beautiful British Colonial-style buildings and continues as they enjoy all of our luxurious amenities."

With construction moving briskly, The Palmyra is pleased to note several new updates on its Sabal Palm, Sentry Palm and Silver Palm buildings. The Palmyra has more than 1,800 pilings already laid in the ground with caps nearly complete. In addition, work on the buildings' grade beams has begun and the condominium buildings' foundations are nearly completed. The number of workers on the project has doubled in size.

As Jamaica experiences a veritable domino effect of island-wide improvements, real estate and tourism, especially on the northern shore, is booming. The total room capacity will increase 76 percent from 17,000 rooms to 30,000 rooms by 2009 and several new high-end real estate opportunities have arisen. Brought about by a proactive government effort and a surge of foreign companies investing in the island, this renaissance has had widespread effects. With The Palmyra as a key catalyst, Jamaica is positioned as a premier vacation and investment destination.