Rationalization of Property Holdings to Support Investment

Project Updates as at 31 May, 2017

Status: Initiation

  • This project has delivered options for change in the form of an OBC, which was approved 17 May, 2017. A list of surplus properties to be offered for sale was also submitted along with the OBC. With Cabinet’s approval the Ministry has been authoritised to take the next steps towards implementation.

Next key milestone: Sale of approved parcels of land and completion of a Project Charter and other relevant project documentation.

Estimated project completion timeline: December 2020


Project Updates as at 30 November, 2016

Status: Business Planning

Government needs to be more commercial in its approach in some areas.  As part of its portfolio of properties, the Cayman Islands Government (CIG) owns non-operational property holdings that are surplus to current and future strategic needs. Civil Servants have been exploring options to optimise the revenue potential from divesting 56 such properties, identified by Cabinet as potentially available for disposal, to generate funds for other critical priorities. An Outline Business Case has been completed and is being prepared for submission to Cabinet.


Project Updates as at 25 May, 2016

Related EY Recommendations:

1.1 – Sale of Excess Property

PROJECTS ASSIGNED TO: MINISTRY OF PLANNING, LANDS, AGRICULTURE, HOUSING AND INFRASTRUCTURE (PLAH&I)

Minister: Hon. Kurt Tibbetts

Project Sponsor: Mr. Alan Jones, Chief Officer

Overview (taken from Cabinet’s Project Future Programme Brief): The Government has considerable property holdings not currently required for operational reasons and unlikely to be required in the future. An initial sifting process has taken place within Cabinet and has identified an initial tranche of parcels of land for disposal.  This project will identify the best means by which the initial tranche of land sales might be taken to market an propose a re-review process once future investment plans are known. .

Status: An Outline Business Case is being progressed.

Ministry/Portfolio Update:

  • An Outline Business Case has been submitted and is scheduled for a quality review.