Dr. Blossom O'Meally Nelson (second right), CEO of the Postal Corporation of Jamaica, invites Phillip Paulwell (right), Minister of Commerce, Science and Technology, to view the interior of the new Liguanea Post Office at the official opening on Thursday.
-Ricardo Makyn photo
Howard Walker, Staff Reporter
THE LIGUANEA Post Mall was officially opened Wednesday in what is deemed as the first joint venture agreement between the Government and the private sector to modernise Jamaica's postal services.
The project that cost $200 million will guarantee the government, through the Postal Corporation, a $7 million profit, even if the project makes a loss. In addition, the Corporation will receive an estimated $1.5 million annually from rental of the mall.
There is also the potential for revenue earning of $12.5 million annually for the rental of 5,000 private letter boxes.
"The only thing the Government invested was the land," boasted Phillip Paulwell, Minister of Commerce, Science and Technology.
"This was totally uncharted water for the government. Today, we can truly say that we have reached safe harbour," said Paulwell on Wednesday.
According to Paulwell, the financial results for the project are quite satisfying and the government's contribution of land valued at $42m has yielded a state-of-the-art 8,000 square-foot turn-key operation estimated to be worth $52 million. "That's a 23 per cent return on investment," the minister added.
Mr. Hugh Scott, managing director of KES Development Company which bore all the risk said the project is a wonderful example of teamwork.
"This is a great vision of our time. A vision that most people thought would not work," said Mr Scott, referring to the merger between the public and private sectors.
Meanwhile, Maxine Henry-Wilson, Member of Parliament for St. Andrew South East, in whose constituency the mall is located, said she was pleased with the project.
