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Value of GuySuCo land ‘still to be determined’

Feb 05, 2010 News

The $4B allocation to the Ministry of Housing that recently caused uproar in the National Assembly has been, “frontloaded” to the cash-strapped Guyana Sugar Corporation.
This is according to Minister of Agriculture Robert Persaud who yesterday told the Economic Services Committee that the money was made as an upfront payment to the entity which is still in negotiations with the Central Housing and Planning Authority as to the value of the land being sold.
As such, Persaud was unable to tell the committee exactly what was the value attached to the land at Diamond, which GuySuCo is disposing of to the Housing Ministry.
The company is seeking some $37B for its land in Diamond which is being retired and disposed of (some 2000 hectares) with close to half committed to housing.
The remainder of the land will be put up for sale through a public tender process which Persaud said would ensure transparency whilst the company seeks to acquire as much as possible for the land, and according to Persaud, that price will be made public.
“We don’t want to speculate on price…We want the best price when we put up the rest.”
Persaud did indicate that some of the lands cannot be sold and will be used to ensure that infrastructure remains in place, namely dams and canals among others.
He also hinted at the possibility of a new road being built.  The Housing Ministry had said that it will be providing 17,000 new house lots from this year.
With GuySuCo requiring an urgent $10B to carry out capital works which included bringing new cane lands under cultivation, the Corporation was forced to shelve many of its plans after finding itself in severe financial troubles last year.
It was unable to meet wages and was forced to delay loan and other payments.

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