Sep 25, 2020 News
The developer of the iconic Windsor Estate gated community on the East Bank of Demerara has rescinded the sale of a 30-acre plot of land at Ogle, East Coast Demerara.
The land to Navigant Builders was controversially sold, without the transaction being complete, by the State’s National Industrial and Commercial Investments Limited (NICIL) earlier this year.
Several plots of such lands were sold to developers with questions raised over the timings as the March 2 elections were nearing.
Yesterday, Navigant Builders, through its statement issued by NICIL, explained that as the public is aware, immediately after the elections, it announced that it was postponing plans to continue its Ogle Development Project. It cancelled all payments to NICIL.
“In June 2020, unbeknownst to Navigant, NICIL vested the property to us which was subject to our agreement of sale; though we had indicated in writing to NICIL that we cannot move ahead with the said project until such time as the elections crisis was resolved.”
According to Navigant Builders yesterday, in light of the cloud of uncertainty that surrounds the transfer of title, it “hereby announce that we would like to rescind the Vesting Order and revert such title back to NICIL, thus to enable the Government of Guyana to reclaim all lands and re-issue such properties in a more transparent manner.”
The developer, whose principals include US-based developer, Danny Sawh, said that it intends to embark on a signature urban mixed-use development on the East Coast of Demerara, featuring luxury residential properties and Class A office space in the near future and looks forward to working with NICIL and the Government of Guyana in this endeavour.
The highly questionable transactions involved the transfer of the lands, which are located near a major planned highway that would link the East Coast to the East Bank transportation network.
It would become one of the most coveted piece of property in the country.
In addition to Navigant Builders, the other companies which conducted transactions were Supergraphics (5.058 acres); GUYOIL (1.500 acres); the Residences at Earl’s Court Incorporated (10.281 acres); Navigant Builders Incorporated (30.000 acres); Premier Sales and Services Incorporated (5.015 acres); Trinuyana Investments Incorporated (19.678 acres), Caribbean Marketing Enterprise Incorporated (21.096 acres), American Marine Services Incorporated (20.000 acres) and Cardiology Incorporated (8.000 acres).
A number of the developers above had indicated plans to build hotels, with sod-turning days before the March 2 elections.
The government, under President Irfaan Ali, has said it will investigate transactions involving State properties that took place after the December 21, 2018 no-confidence vote, which effectively toppled the Coalition Government.
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