JRC offloads land to rejuvenate rail service
Published:Friday | December 9, 2011 | 12:00 AM
The Jamaica Railway Corporation (JRC) is continuing to sell off non-core assets to finance the reinstatement of rail services to targeted communities across the island, with officials saying that property valued at about $3 billion was being offloaded.
The corporation is currently seeking to sell four parcels of land valued at about $274.1 million, with the proceeds intended to be used for the "rehabilitation/maintenance of locomotives, passenger coaches, station buildings and facilities to enhance the service being provided to the public", according to a JRC advertisement.
The JRC is the custodian of some 2,880 acres of land throughout the railway system. A comprehensive valuation has not been undertaken for the company's assets, but the National Land Agency has valued station premises throughout the island at $3 billion.
Owen Crooks, JRC general manager, said Tuesday that "Cabinet (has) approved sale of eight parcels of land, including the parcels advertised, (which are) not required for operational purposes, to fund capital projects and infrastructural repairs necessary at this time."
Land locations
Parcels of land for sale are located in Port Henderson, St Catherine; Montego Bay, St James, and Chapleton in Clarendon. The Port Henderson land comprises about 113.814 acres, with a reserve price of $222 million. The location includes the popular Rodney's Arms restaurant.
On the waterfront in Montego Bay, the JRC has also advertised for sale 32,851 square feet of land, described as part of Fishing Beach/Old Railway Wharf and located on the eastern side of Howard Cooke Boulevard. The reserve price is $33 million.
The JRC is also seeking buyers for four acres of land adjoining the Chapleton station yard. In Retreat, Portland, 99,127 square feet of land is also being sold for $4.3 million.
Applications are to be sent to the JRC's head office by today.
For the last three years, the JRC has been engaged in discussions for the privatisation and reintroduction of the rail service, which was shut down in 1992.
Its website indicates that discussions are under way with an India-based company that "would have the responsibility of overseeing the successful restart of the service". The site notes that "the scheduled restart of rail services had, however, been delayed to allow the company to have discussions with an overseas group, which had expressed an interest in participating in the joint venture."