News - Real Estate - Projects (March
Cayman company signs agreement for building of Portmore hospital
THE Portmore Municipal Council last
week signed a memorandum of understanding with Cayjam Development Ltd of Grand
Cayman, for the construction of a first class medical facility in the
The signing took place on Wednesday at the
office of the Portmore Municipal Council at the Portmore Pines Plaza.
The signing of the contract, the Municipal
Council said in a statement, comes as an answer to the call from residents to
have a centralised medical facility within the municipality and the vision of
making Portmore a self-sustaining city.
Under the agreement, Cayjam will undertake
full financial responsibility in the study, design and construction of the
hospital, which will have about 200 beds. The project is estimated to cost
between US$35 and $40 million.
Cayjam will assume majority ownership of the
completed project for approximately 20 years, during which the company will
redeem debt incurred and realise returns on its investment. Ownership of the
hospital will then be transferred to the municipality.
Mayor George Lee lauded the project as a
"major step in the right direction for the community of Portmore".
The hospital, he said, will fill a great need in
the Portmore community as the health facility has been a priority for the
citizens of Portmore for many years.
Mayor Lee also spoke about the accessibility
of the hospital, describing it as "timely because Highway 2000 would allow
potential clients to come from all parts of the country".
Director of Cayjam Ltd Howard Peterson said that
several models would be explored to see which one would best suit the needs of
the residents of Portmore.
The facility, he added, would also provide
services rivalling those of other hospitals in the region.
Work on the project is scheduled to begin later