In the near future individuals will have the opportunity to purchase equity stakes in revenue earning properties in Jamaica owned by the Urban Development Corporation (UDC). This financial year the UDC will list properties on the Jamaica Stock Exchange as part of an aggressive move towards the capital markets. UDC holdings include the waterfront properties of Oceana Hotel and Ocean Towers in downtown Kingston.
This is part of a broad strategy by the organisation to allow the private sector to drive development and represents a shift from traditional policy whereby the public sector would acquire lands, develop properties and finance projects. Finance Minister Audley Shaw gave the go-ahead for the UDC to move towards raising funds on the capital market.