Thu | Aug 24, 2017

Redundancies loom at Caymanas Golf and Country Club

Published:Wednesday | March 29, 2017 | 3:47 PM

The positions of the workers at the Caymanas Golf and Country Club in St Catherine are to be made redundant.

The Urban Development Corporation (UDC) which operated the facility has signed a 10-year lease agreement for the facility.

The UDC says the lease becomes effective on April 1 and will see The Caymanas Acquisition Group Limited taking possession of the property within 30 days.

The agency says the lease agreement was communicated to the staff of the Golf Club at a meeting last week Thursday.

It was the final in a series of meetings geared towards preparing the staff for the acquisition and the resulting redundancy.

The UDC explains that the property is being leased for $12 million a year with a development clause that the lessee must inject $30 million of equity for the development and improvement of the facility during the lease term.

It says 80 per cent of that capital injection must happen within the first three years.

The Caymanas Golf and Country Club is situated on 57 hectares of land and comprises a golf club, restaurant, dining and entertainment facilities.