Urban Development Corporation gets no bid for Seaside
Published:Thursday | December 17, 2015 | 12:00 AMSteven Jackson
The Urban Development Corporation (UDC) said it received no bids from potential investors for the purchase of Seaside at Rose Hall, a 23-acre beachfront property in St James for which it invited proposals more than a month ago.
The property formed part of the UDC's plan to dispose of up to $4 billion in properties for fiscal year 2015-16, a divestment which together would represent the highest in a decade for the state entity.
"The Corporation did not receive any proposals for the offering," the UDC said in an emailed response to Financial Gleaner queries.
The UDC invited proposals in November for the purchase and development of the property in walking distance from the Rose Hall Great House. It intended to sell eight lots as one package for hotel or residential developments, but said the fair value of the lands were not disclosed "in order to maintain the competitiveness of the bid process".
The absence of bidders means that the UDC might not reach its $4-billion target for this fiscal year. Other properties it intends to divest this fiscal year include land at Mount Edgecombe, Westmoreland; Cardiff Hall, St Ann; and Old Harbour, St Catherine.
At the same time, the UDC said it aims to spend $1.4 billion on capital expenditure this fiscal year on investments and infrastructural works, government projects as well as the acquisition of fixed assets.
The main activity of the UDC, established under the Urban Development Act of 1968, is to undertake urban and rural renewal and orderly development in specific areas designated by the Government, with the goal of stimulating economic growth.