Sale of Saglemi: Private developer must take seriously legal concerns surrounding project - GREDA

The Executive Secretary of the Ghana Real Estate Developers Association (GREDA), Samuel Amegayibor, has hinted at the need for any private developer who wants to purchase the Saglemi Housing Project to perform due diligence concerning legal matters.

According to him, due to the various issues surrounding the projection it is a laudable step to hand over the project to a private entity.

“This [announcement] has clearly shown the intentions of the government to do something with that project, they have committed a lot of funds to it and they don’t want to incur any other cost again and want to dispose of it by selling it to a private investor, I think it is a good call, at least it would bring us to a point for us to transform it into a usable project,” he is quoted by citinewsroom.com.

He added the reason for the situation of the project in that geographical location ought to be known as well as legal matters.

“This calls for a whole assessment, apart from the project itself going to be sold, one has to find out the assessment that was made for the project to be cited at that place.

“The most important thing is the legal concern, you have to look at the contractual agreement that existed and how the project was supposed to be executed, who the parties involved are because the current government has taken some past ministers to court on this matter so you need to really consult on the legal position,” he said.

The Minister for Works and Housing Asenso Boakye revealed that the 1500-unit Saglemi Housing Project was going to be sold to private developers in order to derive the project’s intended benefits.
On this basis, “we’re allowing for a private sector developer to take up the initiative to build and sell the housing units,” he said on November 13, 2022.

However, the GREDA Executive Secretary has asked the government to consider the sale of single units of the projects to interested buyers as it may be impossible for a sole developer to acquire.

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