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May we release the following facts regarding your article's incorrect "landbanking" comments. We have better things to do than landbanking in The Bahamas.
Following acceptance of all conditions set by the vendor's lawyer, Dr. Kovats delivered the signed purchase agreement to the vendor's lawyer in 2014, the vendor CCWPP never countersigned and returned.
A $2,0 bn. development has been predesigned and submitted to the then Prime Minister Perry Christie and Town Planning, including hotel development. No answers, no comments, no decisions.
The renewed project has been submitted in December, 2021
Dr.Kovats financed the first building to the previous owner who did not complete the building. In 2014-2015 Dr. Kovats foreclosed the property, acquired adjacent parcels, and received all approvals by September, 2021 only.
The building plans will be executed by first half of 2022, and, again, depending on approvals time schedule, construction of the residential project is slated to begin in 2022 immediately after having received building approvals.
Dr. Kovats signed the sales and purchase agreement with the vendors beginning of 2021, in the midst of the COVID Pandemic. Following the complex due diligence, which is close to being completed now, closing is expected by beginning of 2022.
BIA asked for a development plan last week, which has been submitted within 2 working days, including significant investment. It took 8 unanswered emails to BIA starting August, 2021, to receive this request.
Following meeting with the DPM Chester Cooper confirming "removal of red tape and the most investor friendly government" we are confident of the "New Day" improvments.
I have written support and information letters about Treasure Cay to authorities interested in supporting The Bahamas in these challenging times, moreover expecting a very challenging 2022 ahead due to the recent Omikron spike.
All hands on deck are needed to support investment in The Bahamas, there is no time for "White Crab, Black Crab" games!
Dr. Wolfgang Groeger
Kovats Family Office
Last login: Tuesday, January 4, 2022
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