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The government’s land acquisition in Belmopan still worries many, who believe the $6.9 million price tag is too high. Tonight, we look at whether the price of the 15 acres is fair, after consulting three real estate experts. While they declined to be interviewed, they did say that the sale and purchase depend on many factors, including land appreciation, surrounding development and existing infrastructure. We report this story with Vejea Alvarez.
Vejea Alvarez, Love News: The Belize government recently made headlines when it purchased 15 acres of land on the George Price Highway for $6.9 million. While $6.9 million for 15 acres may seem a bit high at first glance considering the cost of land in this area, it is actually a good deal considering the subdivision potential and strategic location of the land. The seller plans to divide the land into several smaller plots, each of which will sell for around $100,000, for a total of around $6.5 million. In the business world, when you need a commodity, especially one that is not sold on the open market, there is an immediate supply and demand problem, which greatly increases costs. While the price tag is eye-popping, there is also a downside to this deal in terms of its prime location and the convenience it will bring to the beneficiaries. As of news time tonight, the government has not considered building homes on the UB land. Therefore, if they pass on purchasing this land, then they will have to find another piece of land or violate the loan timeline for the hospital construction. Although the purchase price has been heavily scrutinized, experts and officials agree that the key location, easy access to transportation, and development potential make this investment worthwhile. Furthermore, the Ministry of Health and Wellness stated that the value of the land lies not only in its size, but also in its strategic advantages to Belize’s healthcare.
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