Divesting a number of its land holdings
The Jamaican Government’s premier development entity, the Urban Development Corporation (UDC), plans to monetise some of its land assets.
To this end the UDC will be undertaking a programme monetising its land assets through divestments, as well as the continuation of its project management functions.
This monetisation programme is outlined in the Government of Jamaica’s 2022-23 Public Bodies Estimates of Revenue and Expenditure, tabled recently in the House of Representatives.
The document notes that the UDC will continue to manage the execution of several projects.
CAPITAL WORKS ALSO UNDER WAY
Turning to the development of a new Parliament building, the UDC plans to finalise the Houses of Parliament contractual arrangements to mobilise the selected contractor and commence the groundwork during the Budget year.
Capital works are also under way for the Montego Bay Waterfront Groynes rehabilitation project which commenced in June 2021 and is expected to be completed during the Budget year.
“This will aid in the restoration of the shoreline and preserve the coastal infrastructure,” the document states.
The UDC is also advanced with the preparation of a master plan expected to guide the redevelopment of Port Royal, the Palisadoes and surrounding environs.
The UDC was established by the Urban Development Act of 1968. The main activity of the Corporation is to undertake urban and rural renewal, as well as orderly development in specific areas designated by the Government with the goal of stimulating economic growth and making development happen.
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