Will SSB sell SP property?

The Island Newspaper, Ambergris Caye, Belize            Vol. 17, No. 23            June 14, 2007

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Belize – unspoiled beauty, the perfect place to settle down, to build a house, nothing could beat waking up to the sun shining and the crystal clear waters at your doorstep. It is the same thinking of many and the proof comes at the high rates of property on Ambergris Caye. It also comes as no surprise that many investors flock to the island to build massive structures aimed at attracting even more tourists.

    Last week’s issue of The San Pedro Sun, Volume 17, number 22, revealed the information contained within a memorandum of understanding between the Government of Belize and American investor Allen O. Cage. Clause seven of said MOU states Subject to the agreement of the Social Security Board (SSB), the GOB will assist the Company to purchase from the SSB the additional 3,400 acres of land on North Ambergris Caye presently held by the SSB. And, it seems that Government might be keeping their part of the bargain as stipulated by the MOU.

    Reports surfacing this week reveal that foreign investor Richard Lavellee wrote to the Belize Social Security Board with an offer to purchase the 3,400 acres of land for US$10 million. The property, formerly known as Pinkerton Estate, was in Government’s hands in 1999. It was sold to Social Security in 2003 and 2004 – 1,000 acres at first and then 2,000 acres respectively at price tag of $3,400 an acre.

    Officials reviewing the offers seem wary about supporting either sale since very little information on the investors has been presented. Social Security feels the same way and has not agreed to the sale – yet.

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