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Urban Development Corporation, UDC, is selling lands worth about $12 billion to drive the Caymanas Commercial Development project at Ferry, St Catherine.
The divestment includes about 104 acres of land split into 68 lots at the Caymanas Estates area of Ferry. The land is located north of Mandela Highway and west of the Ferry Police Station.
The UDC will allow bidders to buy up to five lots, which must be developed within five years. Failure to meet the timeline will trigger a series of events, ultimately leading to the retransfer of the lands to the UDC at the same purchase price as the sale agreement.
The agency wants businesses to buy these lots and operate “commercial and light industrial” complexes, according to the information memorandum issued by UDC for the subdivision of the land.
The UDC referred to the project as the Caymanas Commercial Development in the document, but previously called it the Raintree Commercial Complex a year ago in a JIS News interview. UDC and JIS are state-owned entities.