The Ministry of Housing and Water Friday evening issued a statement affirming the openness and transparency of its process for the acquisition of commercial lands, emphasising that the opportunity is available to all interested companies and individuals.
In the release, the CH&PA made it clear that all transactions are conducted in strict adherence to established protocols, including those surrounding the recent sale of commercial lands.
The Ministry of Housing and Water said it publicly advertises all calls for Expressions of Interest from housing developers, resulting in a strong response from multiple companies that not only expressed interest but also met the criteria set out in the advertisement.
The CH&PA reiterated its commitment to advancing the housing sector through Public-Private Partnerships (PPP), and thus proceeded with the sale of the lands to qualified developers.
Regarding the pricing, the CH&PA confirmed that a standard rate of $30 million per acre was established for all developers, with no preferential treatment or special discounts offered to any entity.
The authority further assured that all companies acquiring prime commercial lands are bound by strict agreements regarding the use of the property. Any deviation from these agreements will result in penalties, as stipulated in the contractual terms.
