4 months ago
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The Urban Development Corporation, UDC, wants a test the viability of building low, middle and high-end homes in seven areas across five parishes, with low-end prices capped at $20 million.
The developments can include studios, villas, town houses, residential golf club developments, and apartments, “as well as opportunities in eco-tourism”.
The agency is looking for a consultant to identify market opportunities for various residential properties, spanning low-end to luxury residences, the desirable mix of properties in the areas slated for development, and a phased plan of implementation.
High-end properties are defined as those above $40 million, medium prices are within the $20 million to $40 million range, and low-end below $20 million.
The properties are located in Fairy Hill, Portland; Whitehouse, Westmoreland; Negril, Westmoreland; the southwest region of St Elizabeth; Hellshire, St Catherine; Caymanas, St Catherine; and Ocho Rios, St Ann.
The UDC document titled ‘Development Block Planning Real Estate Market Research’ did not specify the size or value of the lands.
The agency has $65 billion in total assets under management, according to the Jamaica Public Bodies 2025 report produced by the Ministry of Finance.
The UDC also emphasised its ongoing need for market intelligence to optimise the use of its land assets.
The consultant’s tasks include determining the total housing market in Jamaica, including the number of prospective homebuyers and types of units in demand; the number and types of houses built in Jamaica, annually; the level of interest from both local and overseas buyers of residences; and analyse what salary ranges can afford different types of housing units.
An inventory of existing real estate developments in the specified development areas is also required.
Housing prices have doubled in some areas since the pandemic, making affordability an issue.
The UDC did not immediately respond to requests for comment.
As Jamaica’s leading urban and rural developer, the UDC’s mandate includes spearheading developments that benefit the majority, on behalf of the government. Its projects include commercial developments, parks and amenities, housing, shoreline development and infrastructure.
The UDC expects $4.7 billion in revenue for the current fiscal year, with a projected profit of $2.6 billion, a significant improvement from previous losses.
The agency generates income from its properties, which include the Jamaica Conference Centre in Kingston; Ocean Village Shopping Centre in St Ann; natural attractions, including the world-famous Dunn’s River Falls; beach parks; and craft markets. It also earns revenue from its car parks in Kingston, Montego Bay and Ocho Rios; from renting lands to businesses; and providing water services in St Ann and St Catherine.
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