The hunt to find a buyer for the stalled Four Seasons Project has been widened amid uncertainty about the outcome for bids already in Government’s hands.
Interested investors have been given until the end of next month to submit offers to purchase and develop the site of the upscale villa and hotel development located at Paradise, Black Rock, St. Michael.
The unexpected development follows statements by Minister of Finance Chris Sinckler last Sunday that a number of “very exciting proposals” had been presented and that he was hopeful of a positive announcement “very soon”.
Additionally, on Tuesday Professor Avinash Persaud, who is chairman of the board of Paradise Beach Limited, the developer of the Four Seasons Barbados project, told Barbados TODAY that “an end is in sight”, but noted various factors had delayed the process.
In notices published today, investors were invited to submit their offers.
“The property consists of partly constructed villas and includes Town and Country Planning permissions for the construction of residential and commercial structures including but not limited to a hotel,” the notice stated.
“The mortgagee in assessing the suitability of the proposals for purchase will take into account the capacity of the proposed purchaser to initiate construction of the approved project no more than 12 months from the date of purchase.
“Offerers will be required to enter into a collateral developmental agreement in relation to the property and their proposals in relation to construction of the approved project should be clearly set out in their offers,” it added.
Interested purchasers have to submit their offers to the Corporate Secretary, Clearwater Bay Limited, in care of Inn Chambers, Lucas Street, Bridgetown by September 30.
In his most recent comment on the issue this week, Persaud told Barbados TODAY: “My understanding is that the Government Review Committee is making progress and an end is in sight, but it is still considering offers made to purchase the Four Seasons Barbados project and carrying out due diligence on the different parties.
“There were a number of offers but they were each very different and hard to compare. Moreover, each required a different set of settlements with stakeholders to be negotiated and this, along with the vacation period in Europe, has slowed down the process,” he said.
This was after Sinckler said: “There have been a number of proposals put forward which are very exciting. If those people can show definite proof of funds, I’m keeping my fingers crossed that we should have some word for Barbadians very soon that would be positive for the country.” (SC)
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