The Four Seasons project is now officially up for sale.
And potential investors will not only have to outline their plans for construction on the stalled project but show that they can “initiate construction” within a year after purchase.
A notice in yesterday’s newspapers invited the offers to purchase and develop the near 32-acre property at Paradise Beach that consists of partly constructed villas.
“The mortgagee, in assessing the suitability of the proposals for purchase, will take into account the capacity of the proposed purchaser to initiate construction of the approved project no more than 12 months from the date of purchase,” the notice stated, noting that the project already had Town and Country Planning permission for the construction of a hotel and private residences.
“Offerors will be required to enter into a collateral developmental agreement in relation to the property and their proposals in relation to construction of the approved project should be clearly set out in their offers.”
Potential investors now have until 4 p.m. on September 30 to submit their offers. (DP)
