UDC leases Caymanas Golf and Country Club
The Urban Development Corporation (UDC) and the Caymanas Acquisition Group Ltd have signed an agreement for the lease of the Caymanas Golf and Country Club.
The lease, which becomes effective on April 1, 2017 will see the Group taking possession within 30 days thereafter and will be in effect for a period of 10 years. This was communicated to the staff of the Golf Club at a meeting on March 23, 2017 which represented the final in a series of meetings geared towards preparing the staff for the acquisition and the resulting redundancy.
The property is leased for the sum of $12 million per annum with a development clause that the Lessee must inject $30 million dollars of equity for the development and improvement of the facility during the lease term. Eighty percent of that capital injection must occur within the first three years.
The Caymanas Golf and Country Club is situated on the Caymanas Estate property which is owned by the UDC, which has managed that entity for approximately 19 years. The Club House is situated on 57 hectares (140.748 acres) with 6850 – par -72 course which over the years has hosted many significant golfing events. The concern comprises the golf club, restaurant, dining and entertainment facilities.
The leasing of the Caymanas Golf and Country club is in keeping with the Corporation’s thrust to drive the development process through partnership with the private sector. Caymanas Estate, a designated UDC area since 2009 is being developed in a mix of residential, commercial and light industrial.
For further information, please contact
The Corporate Relations Department
Urban Development Corporation
12 Ocean Boulevard, Kingston Mall
March 29, 2017