JIS News

Cabinet has approved the privatisation of an additional section of the Ariguanabo property in St. Catherine to New Era Homes 2000 Limited, by way of a lease.
Explaining the arrangement at the weekly post-Cabinet Press Briefing at Jamaica House yesterday (January 26), Minister of Information, Senator Burchell Whiteman said the lease was being approved as a result of a default on the part of another entity, which had an interest in a building on the property.
He said that under this new agreement, New Era Homes would lease Building No. 2 at the rate of $1.2 million per year, with an option to purchase. Included in the lease would be a pre-determined sale price for two buildings and associated land.
New Era Homes would purchase 0.404 hectare (1 acre) of land on the hillside for the construction of a water storage facility to supply domestic water to the housing and industrial developments in the area.
In June last year, Cabinet approved the partial privatisation of the Ariguanabo property, including the sale of approximately 13.75 hectares (34 acres) of land, the lease of a 5520 square metre (60,000 square feet) building (Building No. 1) and the sale of Lot 2 (0.109 hectare) of land to New Era Homes.

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