Minister of Information Senator Burchell Whiteman told yesterday's delayed post-Cabinet press briefing that the building has been on the market for over three years and, although several offers were received, no sale had materialised prior to now.

One of those offers was the $170 million put up by businessman Gordon Tewani last June, which many insiders felt was a done deal until it fell through. Tewani could not be contacted for comment yesterday, as he was said to be off the island.

Whiteman said that the PIOJ will finance the purchase through "internally generated funds", which, he said, included management of projects like the Jamaica Pre-Investment Programme.

The PIOJ had been operating from rented premises in New Kingston and says it plans to acquire the Oxford Manor property to provide adequate space and a permanent home, after 50 years of operation. The agency has already been given notice to quit the current premises at Grenada Way.

The Oxford Manor building is owned by the Financial Sector Adjustment Company (FINSAC)/Financial Institution Services Limited (FIS) and was acquired from Life of Jamaica as part of the financial assistance to that institution. It is a four-storey office building comprising a net floor area of 54,927 square feet.

Cabinet gave approval for the sale on Monday.