UDC signs Forum sale agreement

The Urban Development Corporation (UDC) announced yesterday it had signed an agreement with Portmore Marina Develop-ment Limited (PMDL) for the sale of the Forum Hotel located in Portmore, St Catherine.

The UDC said the deal, inked at a cost of J$350 million, falls within its broad vision for making development happen when and where it is needed in the context of national priorities.

The vision for the property will see restoration of the tower for accommodation purposes, refurbishing of the self-contained cottages on the property as independent units, and upgrading of the fishing beach to a marina-entertainment complex.

Michael Lake, director of PMDL, said in his address that "the arrival of these waterfront properties is a landmark for the entire real-estate market".

Added Lake: "We are immensely proud to be the catalyst for the regeneration of this prime property that has been waiting for the right developer, with the right insight and experience, to make this project a reality."