KINGSTON, Jamaica (JIS) – Cabinet has approved the sale of 96 ½ acres of land at Success Estate in Rose Hall,  St James, to Celebration Jamaica Development Limited for US$40.1 million for an integrated resort development project.

Minister of Education, Youth and Information, Senator Ruel Reid, informed that the lands, known as Northern Estate, are owned by the Urban Development Corporation (UDC).

He was speaking at a post-Cabinet press briefing held at Office of the Prime Minister.

Senator Reid informed that the project will include construction of a hotel complex, a casino resort and auxiliary facilities. “It should be noted that this sale price holds with the caveat of completion of the sale within a year and further stipulates that the sum be paid in United States dollars,” he said.

Cabinet also agreed to the leasing of some 1,609.5 acres of combined lands at Montpelier, St James, and Shettlewood in Hanover, which had been operated by Montpelier Citrus Company.

“This company had been taken over by Government in 1999. These lands have been leased to Jamaica Green Botanical Producers Limited for a period of 49 years with the stipulation of no option to purchase,” Senator Reid said.

He added that the properties have been leased at the cumulative sum of $17 million per annum, with a 10 per cent increase in lease rate after the first five years in line with market conditions.

The Information minister said that a monitoring mechanism is to be established, with oversight by the Rural Agricultural Development Authority (RADA) and the Development Bank of Jamaica (BoJ) to ensure use of the land is as agreed within the lease.