UDC Offers Suite of Investment Opportunities at Diaspora 2013 Conference
The Urban Development Corporation has invited the business community to take up various investment offers in various area inclusive of St. Ann and downtown Kingston.
The Corporation participated in the 5TH Diaspora Conference which was held June 17 to 19 2013 at the Montego Bay Convention Centre under the theme “A Nation on a Mission: Jamaica-Diaspora Partnership for Development”.
Various investment projects being offered on the market include the development of 8.9 acres of property on the Kingston waterfront dubbed the Festival Market Place and Food Bazaar. This area is ideal for restaurants and bars, in-bond and local shopping, loft apartments and multi-use commercial and recreational space.
Complementary to this development is the availability of parking and with this in mind the Corporation has earmarked lands which could be developed into parking garages by investors.
Development in the downtown area is underpinned by the government’s Tax Incentive Programme for Urban Renewal which is managed by the UDC on behalf of the Ministry of Finance. The success of this programme has encouraged companies including Grace Kennedy and Jamaica National Insurance (previously NEM) to upgrade their facilities Downtown. Digicel has also embraced the vision of Downtown and has built its global headquarters on the waterfront, benefitting from this incentive in the process.
In Caymanas Estate, in St. Catherine, a 10,000 acre property owned by the UDC, opportunities are available for investment in infrastructural projects. Already the development of a gated community is proceeding on lands sold by the UDC and the government’s plan for the establishment of a logistics hub in this location is well in train.
According to Desmond Malcolm, General Manager of the UDC, the Corporation welcomes partnerships in its attractions portfolio which includes oversight of Dunn’s River Falls and Park and Green Grotto Caves and Attractions. In continuing, he noted, ‘we welcome partnerships that will allow for full development in keeping with world class standards for use by Jamaicans and visitors alike. This includes Reach Falls in Portland, a green destination which can be further developed to diversify the offering to that ever-growing segment of the market’.
He further encouraged our diaspora partners to assist also in speaking well of these attractions and inviting the world to come home and enjoy the facilities and so help to build brand Jamaica.
The UDC also presented opportunities for commercial and residential developments in St Ann, inclusive of a proposal to revitalise a 3 mile strip in Ocho Rios known as the One Love Trail which offers a fusion of eateries and recreational spots in a project dubbed “Bull Point- the Authentic Jamaican Experience”.
The Corporation is also pursuing a development concept for an 11 acre beach front property at Cardiff hall on the country’s north coast offering housing opportunities for the mid to the high end of the market. It is envisaged that the Cardiff Hall proposed development will include a mix of town houses and villa type developments.
The UDC is Jamaica’s primary development agency, and is engaged in development planning in select areas, encompassing downtown Kingston and Port Royal, Caymanas and the North Coast areas of Montego Bay, Ocho Rios and Falmouth. It is currently celebrating 45 years of making development happen since 1968.