KINGSTON, Jamaica — The Urban Development Corporation (UDC) and the The Caymanas Acquisition Group Ltd have signed an agreement for the lease of the Caymanas Golf and Country Club.

The UDC in a release said the lease, which becomes effective on April 1, will see the group taking possession within 30 days thereafter and will be in effect for a period of 10 years.

This, according to UDC, was communicated to the staff of the Golf Club at a meeting last Wednesday at the final in a series of meetings geared towards preparing the staff for the acquisition and the resulting redundancy.

The property is leased for the sum of $12 million per annum with a development clause that the lessee must inject $30 million dollars of equity for the development and improvement of the facility during the lease term. Eighty per cent of that capital injection must occur within the first three years, UDC noted.

The Caymanas Golf and Country Club is situated on the Caymanas Estate property and is owned by the UDC, which has managed the entity for approximately 19 years.

The UDC said the leasing of the Caymanas Golf and Country club is in keeping with the Corporation’s thrust to drive the development process through partnership with the private sector.

Caymanas Estate, a designated UDC area since 2009, is being developed in a mix of residential, commercial and light industrial properties.