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UDC to rake in $1 billion from property sales

Published: Wednesday December 12, 2012 | 12:40 pm Comments 0
Old Forum Hotel in Portmore, St Catherine - File.
Old Forum Hotel in Portmore, St Catherine - File.
Jamintel building on Duke Street, downtown, Kingston- Photo.
Jamintel building on Duke Street, downtown, Kingston- Photo.
A motorcyclist rides past the Machado Complex at the intersection of Victoria Avenue and South Camp Road - File
A motorcyclist rides past the Machado Complex at the intersection of Victoria Avenue and South Camp Road - File

Livern Barrett, Gleaner Writer

The cash-strapped Urban Development Corporation (UDC), says it expects to net close to $1 billion from the divestment of several government properties by the end of this fiscal year.

The push by the state-owned UDC to sell the properties comes as part of its plan to close a $60 million a month gap in its budget.

The disclosures came this morning, as senior managers at the UDC appeared before the Public Administration and Appropriations Committee of Parliament.

Among the properties the UDC is pushing to off load are the Jamintel building, the Machado Complex and the old Forum Hotel.

Deputy General Manager at the UDC, Donald Hamilton, told the committee that the move to sell the properties would also help the company save millions of dollars that is spent to maintain them.

UDC general manager Desmond Malcolm said several cost saving measures are also being implemented.

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