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National Hardware turns major land developer

Jul 16, 2010 News

…gets 103 acres as lone bidder

The Privatisation Unit yesterday commented on the sale of 103 acres of land located at Lilliendaal, East Coast Demerara, to National Hardware Limited (NHL).
The announcement followed enquiries by this newspaper as it relates to the land sale. The land is located south of the International Convention Centre.
Privatization Unit Deputy Marcia Nadir-Sharma had forwarded all queries to that department’s Head Winston Brassington.
Several calls to Brassington proved futile and an e-mail went unanswered.
In a Government Information Agency (GINA) release, yesterday, the government said that advertisements inviting tenders were published over a one month period from September 2009 to October 2009, in all local newspapers. Bids closed on the October 19, 2009.
The tender opening was witnessed by a representative of the Auditor General and it was reported that only one bid was received for this property, the GINA release noted.
“The Privatisation Board, at its meeting on the 6th November 2009, considered and unanimously recommended the sale of the land known as Block LPT Liliendaal to the sole bidder, National Hardware Limited; this position was subsequently approved by Cabinet…The Sale Agreement was executed on the 28th December 2009 and is expected to be concluded shortly.”
It was stated that as is required, the NHL bid submission was accompanied with an investment proposal where the company owned by Eddie Boyer stated that over $2B will be invested in the next five years in upgrading and developing the land.
“The land will be developed for housing, recreational and commercial purposes.”
It was reported that the total proceeds (VAT inclusive) is approximately $600M.
“The said land is being sold “en bloc” as advertised, with all land to be utilized for roads, reserves, drainage, etc being to the account of NHL, as Purchaser…Additionally, the Purchaser is responsible for constructing the access road and associated bridges.”
The Privatisation Unit emphasized that the sale “was conducted in a fair and transparent manner in accordance with the White Paper for Privatisation.”

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