FCJ Sells Property for $12 Million


Cabinet has approved the sale of a property owned by Factories Corporation of Jamaica (FCJ) to Specialized Offset Services Limited, at a cost of $12 million. The property is located at 12 East Bell Road in Kingston.
This was announced yesterday (May 10) by Minister of Information, Senator Burchell Whiteman at a post-Cabinet press briefing at Jamaica House.
Explaining the reason for the sale of the property, Senator Whiteman said that in 2000, Factories Corporation of Jamaica embarked on a programme to create space for the projected Information Technology sector expansion, but at the present time, the FCJ “is disposing of such properties as it can, in situations where properties are not needed for the purpose and where they are simply incurring debt for maintenance”.
He pointed out that the site is comprised of 3,978 square metres with a factory building of 1,454 square metres in the industrial section of Kingston. The property was repeatedly advertised for sale in the month of August last year with three offers made, the Minister noted.
“Of the three offers received, the offer by Specialized Offset Services of $12 million cash was regarded as more appropriate and Cabinet has approved the sale of that property,” Mr. Whiteman said.

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