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Govt. selling land at $25M per acre
The Ministry of Housing is creating a commercial and industrial site at Little Diamond, East Bank Demerara (EBD) but is demanding a whopping $25M per acre which businessmen are now questioning. They are calling on Head of State, Donald Ramotar to intervene.
Businessmen are questioning the motive behind the valuation and are now asking whether this land is for Guyanese investors or overseas investors given the high cost.
The land earmarked for the Commercial/Industrial site.
They are complaining that commercial banks will not be giving them any loans.
According to one such businessman who spoke with this publication on the condition of anonymity, when they were asked to submit proposals they were not told how much the lands would cost.
Those who were deem to qualify to access the land were recently told that the land would cost $25M an acre.
It was pointed out that when the Eccles Industrial Site was put to prospective developers, they paid a little over $3M per acre.
The businessmen believe that there is no justification for the price of the land in Little Diamond and rather than inducing business people, they would run them away.
One businessman said that there must be a level playing field when it comes to the development of Guyana. Local entrepreneurs would find it difficult to compete with foreign investors who would have a larger capital base.
The businessman believes that Guyana should be developed by Guyanese and as such is calling on the President to revisit the valuation of the lands.
The financial institutions will not lend based on that $25M valuation, he said. Investors don’t invest out of pocket but through banks.
It was explained that the land will have to be developed by the investor and not Government and as such the $25M figure is unjustified.
When Guyanese invest, the profits are reinvested in Guyana and creates more jobs but when an overseas company or persons invest locally, the profits from that venture is repatriated overseas and Guyana would only benefit from royalties or taxes paid.
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