6 months ago
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Urban Development Corporation, UDC, is selling lands worth about $12 billion to drive the Caymanas Commercial Development project at Ferry, St Catherine.
The divestment includes about 104 acres of land split into 68 lots at the Caymanas Estates area of Ferry. The land is located north of Mandela Highway and west of the Ferry Police Station.
The UDC will allow bidders to buy up to five lots, which must be developed within five years. Failure to meet the timeline will trigger a series of events, ultimately leading to the retransfer of the lands to the UDC at the same purchase price as the sale agreement.
The agency wants businesses to buy these lots and operate “commercial and light industrial” complexes, according to the information memorandum issued by UDC for the subdivision of the land.
The UDC referred to the project as the Caymanas Commercial Development in the document, but previously called it the Raintree Commercial Complex a year ago in a JIS News interview. UDC and JIS are state-owned entities.
A year ago, the UDC tried selling the properties but such plans did not materialise. It will approach the market again with a March 2025 deadline for bid submissions.
“This is a second approach to the market in advertising these lots,” added the UDC, in comments to the Financial Gleaner, adding that foreign and local firms are welcome to bid.
“The vision seeks to attract potential buyers, investors, developers and businesses looking to acquire land for a variety of light industrial and commercial purposes. The proposed commercial and industrial development project has been identified as a key part of the Caymanas Estate Development Area project’s goal to generate greater sustainable economic growth,” UDC said.
Financial Gleaner calculations indicate that the combined value of the lots is about $12.1 billion, based on the prices of the individual lots, which were included in the document. The average lot is priced at $180 million, but bidders can offer more than the reserve price.
“This is the minimum price the UDC will accept. There are no restrictions on the maximum dollar values,” UDC said in the information memo.
The deadline for bids is March 10.
UDC described the site as “strategically located and highly accessible”, saying it has “tremendous potential for impactful, transformational development”.
“The development will be connected to the Soapberry sewage treatment plant via the existing UDC sewage trunk main. Potable water will be provided by the National Water Commission and electricity provided by the Jamaica Public Service Company,” the agency said.
The document described light industrial zones as being low-impact industries that do not detract from an area’s aesthetics, quality, or overall enjoyment due to appearance, noise, pollution, smell, or traffic. These uses typically include warehousing, food and beverage manufacturing, printing and publishing, electronic equipment assembly, research and development, and small-scale logistics operations.
Commercial use refers to using land, buildings, or properties for profit-making activities focusing on customer interaction. This includes retail stores, offices, restaurants and food services, entertainment venues, healthcare facilities, financial services, and various commercial services, stated the document.
A site visit is scheduled for February 18 at Caymanas Estates.
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