Housing moves to repossess 100-acre Providence plot
The Central Housing and Planning Authority (CH&PA) today said it has commenced court proceedings to repossess the 100-acre plot of land at Providence, East Bank Demerara which was earmarked by Chinese company Bai Shan Lin for development of a “New Life” community.
In a press release, CH&PA revealed that BK, under the name Sunset Lakes, paid $458 million at the time of the agreement of sale, and for selling the land the company will have to pay a penalty price of $45.8 million.
BK International re-sold Sunset Lakes to the Chinese developer.
With the new Sunset Lake owner (with General Manager of Bai Shan Lin Chu Hongbo as the sole owner) unable to meet obligations to a local bank which was financing the development of the housing project, the court appointed Nigel Hinds as the receiver/manager.
The CH&PA noted that Sunset Lakes recently advertised to sell the property.
In an advertisement in local newspapers, it was stated: “The Receiver-Manager of Sunset Lakes Inc., invites tenders for local and foreign parties interested in purchasing 100 acres of land en bloc or less….”
The CH&PA on July 20th, 2017 moved to the High Court seeking an order to rescind the Agreement of Sale and Purchase made with Sunset Lakes on February 7, 2014.
In addition, the CH&PA has sought an order directing the Registrar of Lands to recall and cancel Certificate of Title for the plot and to have the name re-registered in the name of the CH&PA.
Sunset Lakes, under the Chinese developer, had said it would build 400 luxury homes, with various prices, going as much as $105 million.