– rescinds vesting order, requests properties be re-issued in more transparent manner
NAVIGANT Builders Inc, the developers of Windsor Estates, on Thursday, announced that it was postponing plans to continue its Ogle Development Project and cancelled all payments to National Industrial and Commercial Investments Limited (NICIL).
Navigant Builders, in February last, had planned to construct a premier luxury, commercial and residential community at Ogle, East Coast Demerara.
The intention was to develop 30 acres of land which were once used for sugarcane cultivation. The investment was pegged at US$84 million.
“In June 2020, unknown to Navigant, NICIL vested the property to us which was subject to our agreement of sale; though we had indicated, in writing to NICIL, that we cannot move ahead with the said project until such time as the elections crisis was resolved,” President and CEO, Danny Sawh, a US-based Guyanese Entrepreneur said.
In light of the cloud of uncertainty that surrounds the transfer of title, Sawh, in a press release stated “we hereby announce that we would like to rescind the Vesting Order and revert such title back to NICIL, thus to enable the Government of Guyana to reclaim all lands and re-issue such properties in a more transparent manner.”
The US-based Guyanese entrepreneur said his company intends to embark on a signature urban mixed-use development on the East Coast of Demerara, featuring luxury residential properties and Class A office space in the near future and looks forward to working with NICIL and the Government of Guyana in this endeavor.