DBJ still trying to sell old orange farmlands

The Development Bank of Jamaica (DBJ) has indicated that it will unload more than 2,000 acres of agricultural lands slated for divestment by the third quarter of this year.

The property straddles the neighbouring communities of Montpelier in St James and Shettlewood in Hanover.

"The DBJ has received positive interest in the remaining agricultural lands to date, mainly from the agriculture and manufacturing sectors," said DBJ managing director Milverton Reynolds.

"It is anticipated that the sale of the remaining agricultural lands will be concluded by September 2012."

None of the interest shown has resulted in offers, he acknowledged.

The DBJ has been inviting offers from investors for the sale/lease of approximately 991 hectares (2,448 acres) of land suitable for agricultural and residential development.

The property was once home to an orange farm. The land is held by Montpelier Citrus Company Limited, which was formed after DBJ acquired the assets of the Jamaica Orange Company Limited from the National Commercial Bank in 1999.

business@gleanerjm.com