JIS News

The Factories Corporation of Jamaica (FCJ) sold four properties, realising net proceeds of $43.4 million, during the financial year 2009/10.
According to a Ministerial Report, tabled recently in the House of Representatives by Minister of Industry, Investment and Commerce, Hon. Karl Samuda, 15 properties are in the process of being sold, totalling $560.2 million, with anticipated net sale proceeds of approximately $441.2 million. There are also expressions of interest in an additional eight properties.
The report also states that there was improved profitability as at March 2010. “Revenue was above budget by $54.52 million, while expenditure was $8.82 million above budget. Investment income was $20.89 million higher than budget, due mainly to interest on tenants’ deposits and the devaluation of the Jamaican dollar,” the report said.
“The current year surplus was $197.38 million, from which a distribution of $100 million was made to the Accountant General. Surplus after distribution was $97.38 million, when compared to the budgeted figure of $51.01 million. This was achieved mainly as a result of new tenants, as well as increases in rental areas,” the report added.
For the 2010/11 financial year, the FCJ will construct three new buildings in Portmore, at a cost of $750 million; refurbish existing buildings at the Garmex Free Zone, at a cost of $250 million; anchor the development of the proposed Caymanas Economic Zone; purchase office accommodation for the Ministry of Industry, Investment and Commerce; and complete the sale of 15 properties with an approximate net value of $441.15 million, and negotiate the sale of a further eight properties in which interest has been expressed.
The mission of the FCJ is to provide commercial space in strategic sectors to facilitate job creation where the market fails to provide such space. This is done through the development, leasing and management of industrial properties islandwide.