BOJ says cost estimate for new business centre premature

The Bank of Jamaica (BOJ) says it is too early to put a price tag on its planned business centre at Hillcrest Avenue, as the professional designs needed to scope the project have not yet been completed.

"It is too early to give a total project cost,” the central bank said, in response to Financial Gleaner queries.

It would know the figure once professional designs related to the works are completed to meet the “Bank of Jamaica's need for a modern and fit-for-purpose business continuity centre”. 

Finalising those designs is among the primary objectives of the architectural and engineering consultancy now being retendered. The BOJ confirmed that the project will be funded from its internal resources.

The bank also disclosed that a previous tender round ended without the selection of a successful bidder, prompting the decision to return to market. It did not indicate whether the scope of works had changed.

The BOJ separately confirmed that it paid $1.29 billion for the 3.2-acre Hillcrest Avenue property, acquired from listed real estate investment fund Sygnus Real Estate Finance in 2024.

The request for proposals, issued on May 2 and closing on June 5, calls for consultants to design and oversee construction of a two- to three-storey structure near the French Embassy in Kingston 6. The facility is intended to house 40 staff and sustain mission-critical central bank operations for 21 or more days during extended emergencies, to standards exceeding regional seismic, hurricane, and flood-protection requirements. The BOJ also wants the building as a ‘green’-certified structure. 

The Hillcrest project is separate from the BOJ's disclosed plans to construct a second tower at its Nethersole Place headquarters in downtown Kingston.

business@gleanerjm.com