Readymix (West Indies) Ltd announced yesterday that it had entered into an agreement to sell a 46.7-acre (18.9 hectares) parcel of land in Guanapo to East Lake Development Company, a development company owned by Venezuelan contractor Luis Dini.
In a notice to shareholders, posted on the website of the T&T Stock Exchange yesterday, Readymix said it entered into an agreement with East Lake Development Company Ltd on August 18, 2017.
The 46.7 acres of land that was sold is part of a bigger 213-acre parcel that Readymix owns.
“The sale will facilitate the construction of a gated community of ten multi-storey buildings with a total of 180 residential condominiums and 95 single-family homes and complementary services,” according to the notice to shareholders. The development will include roads, water, sewerage and drainage systems and other facilities and amenities and is subject to the approval by the Town and Country Division and other competent planning authorities, the notice to shareholders said.
Readymix will become a ten per cent shareholder in East Lake Development Company, via a shareholders' agreement. And it is intended that the raw materials for the construction of the 275 units and other facilities will be provided by the TCL group.