Prime Minister Andrew Holness has called on private sector entities to move ahead with their planned construction projects in an effort to boost growth in the economy.
Speaking yesterday (May 13, 2020) following the ground breaking for Phase One of the Garmex Freezone Redevelopment and Expansion project located at Marcus Garvey Drive in Kingston, the Prime Minister indicated that early in the Covid-19 pandemic he gave clearance for the construction industry to proceed with planned developments.
Mr Holness explained that the Garmex project is an indication of the government’s commitment to leading the way as much as possible.
“I’m happy to see that the Factories Corporation has heeded that advice and is moving ahead with this massive construction project. It is a good sign and I encourage the construction industry to move ahead with speed and alacrity with the projects they have on their books,” Prime Minister Andrew Holness.
According to the Prime Minister, the government, as much as it can, will be moving ahead with the projects that it can finance and he has made an appeal to the private sector to do the same.
“Some members of the private sector, they have projects on their books and by virtue of being uncertain about what the future may hold, what future demand may look like they may decide to postpone their investment decisions taking a wait and see attitude. Well I would like to say to those persons that if you wait you will not see anything. The right approach to take is to see what you can do now, make the investment plans that you have materialise now. Bring forward some of the investment plans that you have. It is in the delay and the waiting to see that you may exacerbate a recession in the economy,” Prime Minister Andrew Holness.
This is a move endorsed by FCJ’s Chairman Lyttleton ‘Tanny’ Shirley, who thanked the Prime Minister for giving the construction sector the breathing room to continue despite the challenges of the Covid19 pandemic.
The Garmex Freezone is FCJ’s largest commercial complex with some 545,000 sq. ft. of rental space now fully occupied by 27 clients.
“We are currently at 100% occupancy and demands are still coming in for space. Annually our demands for space at Garmex is estimated at 400,000 sq. ft. With 100% occupancy it was prudent for us to pursue development and expansion of this complex. Now is the opportune time to ramp up the construction industry, with the Prime Minister leading us off during this challenging time of COVID-19, which is the base of our economy,” FCJ Chairman Lyttleton ‘Tanny’ Shirley.
The redevelopment and expansion project will be done in three phases. Phase one will added 126,000 sq. ft. of space for manufacturing, warehousing, agro processing and a small industrial zone with 18 shops. In Phase two, 244,000 sq. ft. of space will be added with more warehouse space for manufacturing, agro-processing and warehousing. There will also be space being developed for small and medium sized enterprises. A commercial building to provide support service such as fast food establishments, a medical office and banking facilities to support Garmex Freezone and the wider community will be included.
For Western Kingston Member of Parliament Desmond McKenzie, this is a welcomed development for the residents of his constituency.
“We are a beaming constituency because we are seeing the opportunities for jobs, skilled jobs and unskilled jobs. I want to give the assurance and the commitment of the people of West Kingston that we will protect this investment, we will guard it with our life, because at the end of the day the people of West Kingston will benefit significantly from this development,” Western Kingston Member of Parliament Desmond McKenzie.
Phase one of the Garmex Redevelopment and Expansion project, which is self-financed, will cost FCJ approximately JA $960 million. The time line for completion is 12 to 14 months.
