Dr. Vincent Lawrence

Prime Minister Portia Simpson Miller has confirmed that a two-bedroom apartment at Seawind in Montego Bay, St. James, was sold to former chairman of the Urban Development Company (UDC), Dr. Vin Lawrence at a cost of $4.5 million.

The Prime Minister made the disclosure on Tuesday in the House of Representatives while responding to questions posed by Leader of the Opposition Bruce Golding at a previous sitting.

According to the Prime Minister, in March 2001, the managing director of Montego Freeport Limited, an affiliate company of the UDC with responsibility for the Seawind property, indicated to the board of the UDC that a two-bedroom apartment had remained unsold. Mr. Lawrence, who at the time was the chairman of the UDC board, then requested that the unit be sold to him because no one had expressed interest in acquiring the apartment.

Market value

"The board agreed that since the apartments had been on the market for such a long time with no takers, it could be sold to the chairman at market value. Based on the reassessed value of the apartment at the time of the sale, it was sold to the chairman at market value," reported the Prime Minister.

Asked further by Mr. Golding whether the minister with responsibility at the time, was aware that the UDC board had approved the sale of the unit to Mr. Lawrence, the Prime Minister responded:

"I am not in a position to say. I was trying to get some information but the minister that is responsible is off the island, but I will be able to communicate to you as soon as I get that information."

In 1993, Montego Freeport Limited took a decision to dispose of the 54 units that were owned by the company, because of the poor condition of the apartments and the low occupancy that were being experience at the time.

The Prime Minister disclosed that to date, of the 54 units, only four remained unsold because no interest had been shown by anyone to acquire them. She also noted that all apartments, except for three, were sold at the valuation price. The others were sold for more than the amount for which they had been valued.

- Dionne Rose