Thursday, December 14, 2017

Golden Grove Estate fairly valued, professionals say*

Valuation experts and real estate professionals, with experience of valuing, listing and selling estates in Tobago have said value ascribed to the Golden Grove Estate in south-west Tobago by the Government is comparable with other large acreages on the island.
The property professionals, who spoke with Express Business only on background, were asked to comment on the raging debate over the valuation of the Golden Grove Estate, which has been earmarked for the Sandals and Beaches development by the current administration.
The value of the Golden Grove Estate has become controversial because of a report conducted by professional services firm PWC on a path to the CL Financial shareholders repaying the billions of dollars owed to the state for the 2009 bailout of the group.
The PWC report, called Project Rebirth, provides a figure of $867 million (US$127.5 million) as the value of the Golden Grove Estate.
Speaking at the post-Cabinet news conference last Thursday, Finance Minister Colm Imbert said 382 acres of the Golden Grove estate had been valued by GA Farrell & Associates at $170 million (US$25 million) in 2016. 

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