MAJOR PROJECT: Derek Chin
Govt green light for
talks on Invaders Bay
Cabinet yesterday gave approval for negotiations to begin with businessmen Derek Chin and Jerry Joseph for the Invaders Bay Development project.
Planning Minister Dr Bhoe Tewarie, speaking at the post-Cabinet news conference at the Diplomatic Centre, St Ann's said that D Chin Commercial Development Ltd's proposal to lease a portion of the State land to construct a Streets of the World entertainment and shopping complex was accepted and negotiations will commence with market determined commercial lease rates.
Chin is the chairman of Multicinemas Ltd, owners of the MovieTowne cineplex at Invaders bay.
Tewarie said negotiations will also begin with Joseph of Marina Development Group to determine how the cruise ship complex can be included in the overall development of Invaders Bay.
He said ten proposals for the development of Invaders Bay were received and three were recommended to the Cabinet for consideration.
The matter was referred to a multi-ministerial committee which conducted a due diligence process through an independent firm.
"On the basis of the due diligence report they made recommendations that two of the investors warranted negotiation of terms and conditions of involvement in Invaders Bay and that is what Cabinet has now agreed," said Tewarie.