Government’s $6.9M Land Purchase in Belmopan Under Scrutiny

The land acquisition in Belmopan by the government continues to be a concern for many with the thought that the six point nine million dollars is too high a price to pay.  Tonight, after consulting with three real estate experts, we take a look at just how fair a price this was for the 15 acres.  While they declined being interviewed on record, they did say that the sale and purchase are dependent on many factors including the appreciation of land, surrounding developments and available infrastructure.  We join Vejea Alvarez for this story.

Vejea Alvarez, Love News: The Government of Belize had made headlines with its recent purchase of 15 acres of land on the George Price Highway for $6.9 million dollars. When you look at the cost of land in this area $6.9 million for 15 acres might initially seem high, however considering the potential for subdivision and the land’s strategic location it’s actually a good deal. The seller had plans to divide the property into smaller lots which could have individually fetched around $100,000 each totally approximately $6.5 million dollars. Well in the business world when you’re demanding a commodity, especially one that is not on the open market it brings about an immediate supply and demand issue which had very well increased the cost. While the price tag has raised eyebrows there is a flip side to this transaction in terms of it’s prime location as well as it’s accessibility for beneficiaries. Up to news time tonight building on the UB land is not an option that the government is exploring. So if they peddle back from buying this land then they will have to go hunting for another portion of land or go against the loan timeline for the hospital’s construction. Despite the scrutiny over the purchase price experts and officials agree that the key location, ease of access and development potential make this investment worthwhile. Additionally the Ministry of Health and Wellness says the land’s value is not just in its size but in its strategic advantages for healthcare in Belize.