bacassa-feature

Another LARGE Piece of Barbados for Sale

Compiled by Due Duligence

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There was a prominent advertisement by TerraCaribbean in the Globe and Mail Report on Business today featuring this property:-

There is no guide price as the property is being sold via a bid process. All interested parties are invited to submit their bid on or before December 12, 2016

Given the thirst by Barbados to earn forex it will be interesting to learn if any foreign investors make a bid for the property. I guess the success or failure will test the effect of Barbados’ non-investment grade status on foreign investors unease to invest in Barbados as discussed by Roger Cave in the following recent article.

Barbados’ worsening debt situation, which has been the primary cause of several recent downgrades, has local investors uneasy, says Fund Manager Roger Cave.Cave, who is the investment manager for Fortress, warned that the situation was not only unsustainable, but that it puts the entire country at risk.

“We are now the fourth highest most indebted country in the world behind Japan, Lebanon, and Greece,” he told a gathering of investors and other players in the island’s financial sector at Fortress’ annual forum at the Frank Collymore Hall last night.

http://www.barbadostoday.bb/2016/11/04/investors-uneasy-about-barbados-growing-debt/

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32 Comments on “Another LARGE Piece of Barbados for Sale”

  1. NDTewarie November 20, 2016 at 7:55 PM #

    Judas Iscariot was not a Judas

    If we believe in the Bible
    Then Jesus had to die on the Cross
    To save all mankind
    He had to get someone he can trust
    Jesus chose Judas to do the dirty work
    Judas agreed and he played his part
    All blamed Judas for the alleged betrayal
    It was all a process and it worked
    To date people believed it
    But without Judas’ role the Lord’s work
    Couldn’t have looked so genuine
    He sacrificed his well being
    To preserve Jesus’s fulfillment
    Judas was a faithful disciple
    And the world is a better place today
    However, some seemed to forget
    All God’s commandmental teachings
    And they’ll resort to their evil ways
    And apexed it with atrocious wars
    As in the World Wars 1 & II
    And Unchrist-like as in the Vietnam wars
    Where a people has been slaughtered
    Just to fulfill the Commanders’ quotas
    Or show sheer hatred because of color
    As in the US of A Civil Wars
    Or South African Apartheid fiasco
    And it goes on as death like serpents
    In other countries in different forms
    Against the poor, the homeless, women
    And even on wildlife and animals
    Then we go to church forgotten about karma
    And ask our respective God for forgiveness

    Like

  2. NorthernObserver November 20, 2016 at 8:47 PM #

    DD
    this one has been knocking around for a while?
    https://barbadosunderground.wordpress.com/2007/08/23/going-going-and-the-west-coast-of-barbados-is-gone/

    Like

  3. NorthernObserver November 20, 2016 at 8:50 PM #

    ps it must gave been in the printed edition, for I never saw it on the online version

    Like

  4. Hants November 20, 2016 at 9:49 PM #

    Duprey leads efforts to buy back CL companies from T&T Gov’t

    http://www.barbadostoday.bb/2016/11/20/duprey-leads-efforts-to-buy-back-cl-companies-from-tt-govt/

    Like

  5. Violet C Beckles November 20, 2016 at 11:03 PM #

    TerraCaribbean and Sir Cow and Sir Cheltenham is all the same name, We will see what suckers look to buy land without ” Clear Title, Once your money is gone do not look for lawyers in the fraud system called High court to use enforcement power to get your money as the Registrar love to play game with dates and time putting off till you are dead,

    Like

  6. Colonel Buggy November 20, 2016 at 11:07 PM #

    You can drive around Barbados and with surety point out land that will shortly be developed for housing. The very bushy ones,that are fast approaching the state of a tropical forest, in many cases are the subject of contested ownership in the high court.
    The lands ear marked for development are covered in grass,small bush or abandoned sugar canes.
    I wonder when these land are hibernating, awaiting the bulldozer and the concrete, if the BRA demand payment of land taxes plus penalties from the owners, as they do with the small farmer/occupier who becomes a bit tired , himself, and cut back on his work load in working his piece of land.

    Like

  7. Alvin Cummins November 20, 2016 at 11:45 PM #

    DD, and Old Buggy,
    If you drive on Lawrence East, slightly west of Beechgrove, there is a sign; ” Don’t wait to buy land, Buy land and wait.”
    That is why the bush is growing on the land. The owners are waiting. The land for sale in St. Peter, is 240 acres of agricultural land. The reason it is being sold in Bid lots is because Town Planning regulations mean that anyone who buys large parcels will have to cut it up and redevelop for housing construction.

    Like

  8. chad99999 November 21, 2016 at 12:13 AM #

    Like other West Indians, people in Barbados continue to have a schizophrenic attitude to foreigners and foreign investment.

    At the moment, the newly elected JLP government in Jamaica is changing its immigration policy to allow foreigners with “advanced skills and experience” and “financial resources” to obtain work permits to settle in Jamaica. But many Barbadians are complaining about foreigners coming here to buy land, even when it is obvious that the political class is relying on these foreigners to help maintain the island’s “brand” (I.e., its reputation as a tropical paradise for metropolitan elites.)

    Like

  9. Annonymouse - TheGazer November 21, 2016 at 2:14 AM #

    @Chadster
    The very small size of Barbados makes 240 acres a significant portion of land. With 640 acres per square mile, this is almost half of 1 square mile.

    All land purchases by foreigners need to take into consideration the size of the island. We cannot just follow what is done by other countries and must ensure that the majority of our citizens do not become landless.

    Like

  10. Well Well & Consequences November 21, 2016 at 5:58 AM #

    I am still waiting for Alvin to tell me about the land distribution” to landless bajans..FIRST, before government sells off the people’s birth rights to foreign crooks, which will never be returned or resold to born bajans.

    Does the fraudster, I mean the Chadster know that he is rapidly losing credibility as a sane blogger.

    Like

  11. Vincent Haynes November 21, 2016 at 8:55 AM #

    DD and Alvin

    Is this the same land?

    Does any one know the present state of this project?
    Not jolly
    A CANADIAN businessman who invested US$750 000 in the Pickering Court Project, which is still to get off the ground in St Lucy, is seeking to have a lien placed…
    nationnews.com|By Nation News author

    http://www.nationnews.com/nationnews/news/24961/jolly

    Like

  12. Hants November 21, 2016 at 9:50 AM #

    In this year 2016 NO LAND IN BARBADOS SHOULD BE CLASSIFIED AS RAB LAND.

    Barbados needs a new LAND FOR AGRICULTURE and FOOD SECURITY POLICY.

    Like

  13. Nostradamus November 21, 2016 at 11:33 AM #

    @Hants

    A “LAND FOR AGRICULTURE and FOOD SECURITY POLICY” would have been addressed by the White Paper on Agriculture prepared by Dr. Chelston Brathwaite. A document quoted in May 2012 by the Ministry of Agriculture as being “the first step in a process that will lead to the transformation and repositioning of the agricultural sector in Barbados.”
    http://www.agriculture.gov.bb/agri/index.php?option=com_content&id=645:background-document-on-a-white-paper-on-agriculture

    According to a story in the Nation Newspaper dated Wed, November 27, 2013 reporting on comments made by Minister Estwick the paper said:
    “The minister told the country today that a White Paper on Agriculture, which should be going before Cabinet soon,…….”

    That was November 2013. This is November 2016, a full 3 years later! Maybe Dr. Brathwaite, the Minister, the Ministry or someone would be kind enough to send a copy to BU or make it publicly available?

    Like

  14. Vincent Haynes November 21, 2016 at 12:00 PM #

    Nostradamus November 21, 2016 at 11:33 AM #

    Now why would you want govt to tell you what is in the white paper far less for the cabinet to pass it and have it gazetted????

    Just so people can see how far they have strayed,especially close to election time…..no siree,will not happen……why you think Doc Braff in China as opposed to leading the Ag. revival in Bim and the Caribbean?

    This govt knows exactly what they are doing.

    Like

  15. John November 21, 2016 at 12:14 PM #

    I have a theory about that area of land, having walked it several times and knowing what I know about the geology of Barbados.

    I suspect there are underlying caves which may make the land expensive to develop …. there is a 90 degree change in direction of the gully to the east then a further 90 degree turn as it becomes Kellman gully and passes under the bridge on Highway 2A.

    Where the gully runs North South one side, the east side, has a marked subsidence which I think is evidence of collapsed caves.

    I described other areas in St. Thomas, Russia Gully, Applewaithes and the top of Jack in the box gully where 90 degree changes in direction are present.

    Whoever is looking to purchase the land to develop it better get a ground penetrating radar study done!!

    The view is beautiful but in order to exploit it financially there is the possibility that the land will collapse, like Arch Cot.

    Better study the underlying geology real well!!

    Government may end up incurring serious liability if it gives permissions, people build and then there is a problem.

    David Commissiong is suing the GOB re Arch Cot and the only thing keeping him at bay appears to be a dysfunctional court and perhaps the fact that the family that was affected is poor and powerless.

    People who build at this location will not only have access to a lot of money but also … a lot of power.

    That’s my reading of the land in the area and although it is claimed that financial problems stopped development it may very well have been it was just too expensive to mitigate the problems and the return on investment fell through the floor.

    Better get it right … a lot of people will be affected if mistakes are made!!

    Like

  16. NorthernObserver November 21, 2016 at 2:32 PM #

    @VH
    different land.

    This land is Black Bess. A group called Bacassa, spokesperson being an Englishman named King, had ideas to build a development including a golf course, a luxury hotel to be operated by the Singapore luxury chain Banyan, and assorted residential. Like many Bajan projects it was inadequately financed, or budgeted, or both. Shortly after beginning the initial earthworks, the project ceased and never re-started. Bacassa ended up “in receivership” with PWC. I recall around the same time a US firm was seeking investment funds for this. A few legal actions ensued, related to design fees etc. Point being Bacassa likely owed money and the only asset was this land. A few years back CBRE was promoting this land.

    Not sure where Alvin got the idea the land was being offered in lots, the bid size is the whole 270+ acres.

    I don’t know who OWNS the land. Exactly where all the comments related to our government come from is unknown, I doubt they have anything to do with it. Whether Bacassa bought the land, from whom, or who holds mortgages, liens etc is unknown, but am sure can be discovered under a DND agreement.

    The St.Lucy land is another project with a similar story line to so many, big ideas and plans gone sour and all involved pointing their fingers at another. Persons who do not have a pot to piss in, suddenly become developers and need money. They somehow manage to blow through the initial funds before producing anything and shiite hits the fan. Mr Jolly is a black Canadian businessman, best known for beginning a radio station FLOW, and running Contrast newspaper. He is Jamaican by birth.

    Like

  17. Annonymouse - TheGazer November 22, 2016 at 3:07 AM #

    @Vincent Hayes
    @Northern observer
    In looking at the links to the St. Lucy story, I found it amazing that the monies being sued for are less than US $2M.

    One would think that with a project where hundreds of millions of US dollars are being talked about, that litigation would be for larger sums of monies.

    Given the stated sum of the suits and counter suits, Mr. Jolly should cut his loss and run. Chalk it was a cheap business lesson.

    Could it be that – One-smart died at two-smart door.

    Like

  18. Annonymouse - TheGazer November 22, 2016 at 3:08 AM #

    *chalk it up as

    Like

  19. NorthernObserver November 22, 2016 at 3:32 AM #

    Gazer…Bajans can’t count, but they can talk. And talk big when ready. The developers had little money but were obviously well connected politically. Nobody likes to be taken, so Mr Jolly is fighting for his money through the courts. How could this ever have been an US$800 million project? They were building the roofs out of gold? Or was this over 100 years when they had bought the nearby 400 acres?
    Wasn’t it the MoF who was berating locals for spreading doom and gloom to the point where local contractors didn’t want this project because they said the principals didn’t have the money? History has shown the contractors were smarter than he.

    Like

  20. Hal Austin November 22, 2016 at 4:22 AM #

    Every well-governed country protects its citizens, that is the project for nation-states. The protection includes institutions and commodities that are key to national identity.
    In Australia, Qantas, the airline, is protected by legislation from foreign take-overs.
    In the US, the US-China Economic and Security Review Commission and the Committee on Foreign Investment in the United States must approve any foreign take overs of state-owned property.
    All other leading nations, including Germany, France and the UK, have similar protection against foreign takeovers. Yet little Barbados, just 166 sq miles, just over 100000 acres of land, is selling property like there is no tomorrow.
    One former permanent secretary, thankfully now retired, once told me that when foreigners bought property they cannot take it with them. But look at the reality: all the prime land in the island is sold to commercial and individual foreigners. The local professional class had to turn invaluable agricultural land in to their new middle class ghettos. Even when it is in their best interest the local ruling class fails.
    The retired permanent secretary also told me that Barbados was well governed because black American visitors said so. It is not only the logic of group-think, but the illogic of the Barbadian ruling elite.
    The arrogance of the Barbados business and political elites is such that they do not even want to discuss these issues.
    So, any hedge fund manager can buy property in Barbados to launder his ill-gotten gains; gangster Russian oligarchs can launder money by becoming so-called economic citizens. The short-term need for money is crowding out common sense. Welcome to 21st century Barbados.

    Like

  21. Exclaimer November 22, 2016 at 3:54 PM #

    @ ALVIN,

    Take a look at the letter below in today’s NATION.

    http://www.nationnews.com/nationnews/letters_to_editor/90490/tarnished-gem-caribbean

    Like

  22. Exclaimer November 22, 2016 at 3:55 PM #

    I meant Hal AUSTIN!

    Like

  23. Due Diligence November 22, 2016 at 6:33 PM #

    Here is a 2010 story about this large piece of Barbados for sale.

    http://barbadoswestcoast.blogspot.ca/2010/09/black-bess-saga-revisited.html

    Goes to show the real estate only goes up in value.

    Like

  24. Due Diligence November 22, 2016 at 6:58 PM #

    OOPS

    Goes to show that real estate does NOT only go up in value.

    Like

  25. Anonymouse - TheGazer November 23, 2016 at 10:15 AM #

    Given the fact that we like to compare our country to the USA, note the following.

    Sale of this property and Black Bess (a total of 230+247= 477 acres) is the equivalent of selling over 17,000 square miles of US territory (more than the state of Maryland).

    State Rank Sq miles
    West Virginia 41 24,230.04
    Maryland 42 12,405.93
    Hawaii 43 10,931.72
    Massachusetts 44 10,554.39
    Vermont 45 9,616.36
    New Hampshire 46 9,349.16
    New Jersey 47 8,722.58
    Connecticut 48 5,543.41
    Delaware 49 2,488.72
    Rhode Island 50 1,544.89

    Like

  26. Anonymouse - TheGazer November 23, 2016 at 10:18 AM #

    West Virginia 24,230.04
    Maryland 12,405.93
    Hawaii 10,931.72
    Massachusetts 10,554.39
    Vermont 9,616.36
    New Hampshire 9,349.16
    New Jersey 8,722.58
    Connecticut 5,543.41
    Delaware 2,488.72
    Rhode Island 1,544.89

    Like

  27. Alvin Cummins November 23, 2016 at 11:23 PM #

    Exclaimer,
    A while ago I posted a copy of a letter from by ….who used to own the Coach House etc. in which he revealed the details of a loan obtained by the CIBC branch, from its Toronto Main office for about 1 billion, with a large payment due in 2017…a few months away. We have to wait and see what happens when a bank in B’dos has to make a large payment to its parent office. We will wait and see. By the way how much money did Riley -Fox owe, and what were the repayments, and how far were they in arrears, to precipitate this eviction. Interesting.?

    Like

  28. Alvin Cummins November 23, 2016 at 11:29 PM #

    Exclaimer,
    The letter was from Chris McHale.

    Like

  29. Due Diligence November 24, 2016 at 3:24 PM #

    What ever happened to the Pickering Project

    https://barbadosunderground.wordpress.com/2013/09/19/pickering-project-goes-boom/

    https://barbadosfreepress.wordpress.com/2013/07/28/barbados-dlp-executive-involved-in-political-influence-loan-scandal/#comments

    BTW – Reynols Austin is still President of DLP Barbados .- Canada

    Like

  30. Anonymouse - TheGazer November 24, 2016 at 7:38 PM #

    Small countries like the US and Germany are wary about foreign countries buying into local companies, but the mighty Barbados has no such concerns….

    “Concerns about a ‘sell-off of Germany’ are completely unfounded,” Liu told Germany’s Handelsblatt newspaper days after news that U.S. authorities had recommended blocking the sale of German chip equipment maker Aixtron [AIXGn.DE] by China’s Fujian Grand Chip Investment Fund (FGC).”

    https://finance.yahoo.com/news/chinese-official-defends-chinese-takeovers-203318806.html

    Like

  31. Anonymouse -TheGazer December 7, 2016 at 9:08 AM #

    There are at least 10 ranches in the US that are bigger than Barbados.

    We need a more sensible national policy on the sale of land to foreigners. This should consider (1) amount of land, (2) duration of sale (lease), and (3) location of land.

    We need to start thinking within our weight class.

    Like

  32. Anonymouse - TheGazer December 10, 2016 at 3:07 AM #

    Up late and looking at the cost of houses in Barbados.
    Prices are high in US $ (so I dare not multiply by 2)
    Some houses are on the market for more than 5 years.
    Seems as if some fellows lottery numbers are not being called.

    Like

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