Cabinet approves divestment of Silver Sands Estates

Cabinet approves divestment of Silver Sands Estates

Friday, November 27, 2020

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CABINET has given approval for the divestment of the assets of Silver Sands Estates Limited (SSEL) in Trelawny.

“This will be done by the transfer of the real estate assets of SSEL to the Silver Sands Cottage Owners Association (SSCOA),” said Minister of Education, Youth and Information Fayval Williams during a virtual post-Cabinet press briefing on Wednesday.

“This includes those properties which form part of the common areas in the Silver Sands development, subject to the review of the Attorney General's Chambers,” she added.

Minister Williams said that the divestment incorporates sale of the underdeveloped lots and villas on the open market and the establishment of a formula or scheme, which would reserve properties to be sold to public servants.

“This transaction also includes the leasing of the clubhouse, Marine Park and jetty to SSCOA and the transfer of the shares of Harmonisation Limited in SSEL to SSCOA at the expiration of the proposed lease of the clubhouse and the sale of all remaining assets of SSEL,” Minister Williams informed.

She said that in the event that the proposed lease does not materialise, then the clubhouse, together with the remaining assets, will be offered for sale on the open market or transferred to Harmonisation Limited.

In the meantime, Cabinet gave approval for the sale of 20.03 hectares or 49.5 acres of land owned by the National Water Commission (NWC) at Colbeck Plantation, St Catherine, to the National Housing Trust (NHT) in the amount of $140 million.

Williams said the sale would complement lands already owned by the NHT for a housing development.

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