WISYNCO Purchases Government Land for $70 Million


The Government has agreed to the sale of 20.25 hectares (50 acres) of land at Cow Park, St. Catherine to the WISYNCO Group to facilitate expansion of the company’s White Marl plant.
Information Minister, Senator Burchell Whiteman, who made the announcement at Monday’s (March 22) post-Cabinet press briefing, held at Jamaica House, said that the sale price would be between $65 million and $70 million depending on the method of payment. Senator Whiteman said that the land has been in ruination for some six years and did not have agricultural potential. “This represents an opportunity to make good use of idle land,” he stated.
He noted that the company’s expansion would have a direct effect on the country’s economic growth, as WISYNCO was a profitable enterprise with good growth potential.
As Government continues to encourage productive investment for economic growth, Cabinet also approved the lease of sections of the Cotton Polyester Textile Company (Jamaica) Limited in St. Catherine to West Indies Home Contractors (WIHCON) and Beta Value Supermarket Limited.
The agreement with WIHCON is for the rental of 2.5 hectares of land and two warehouses for the construction of offices and location of casting yard. The lease will be for a period of five years with the option to renew for a further five years or to purchase within the lease period. It provides for rent adjustment of 7.5 per cent every two years.
The agreement with Beta Value Supermarket Limited, as approved by the National Investment Bank of Jamaica (NIBJ), provides for the lease of 600 square metres (6600 square feet) of warehouse space for a period of two and a half years at a rate of $35,000 per month. The supermarket will be responsible for its own security and utility expenses.
Better Value Supermarket is located in Old Harbour and was incorporated in October 1997. The principal activity of the supermarket is that of wholesale and retail of food and household items.

JIS Social