Business News of Monday, 14 March 2022
Source: www.ghanaweb.live
2022-03-14Trade Fair signs US$1 billion redevelopment agreement with Singapore-based developer
The Trade Fair redevelopment project will take place in phases
Trade Fair redevelopment to take 3 to 5 years
Ghana participates at Dubai EXPO 2020
GTFCL to put out timeline of scheduled works, activities for site re-development
The Ghana Trade Fair Company Limited through the Ministry of Trade of Industry has signed a Memorandum of Understanding with Singapore-based developer Stellar Holding Pte. Limited.
According to Asaaseradio.com,
Read full articleStellar Holding Pte. Limited will see to the injection of US$1 billion sourced by the firm for the redevelopment of the Trade Fair site in Accra.
Chairman of the GTFCL, Dr. Daniel McKorley delivering brief remarks after the signing ceremony said Stellar Holding Pte Limited will establish a joint venture company for the development of a 65 acres of the 140-acre large Trade Fair site.
“This is great news for Ghana, the people of La, and the African continent as a whole. The COVID-19 pandemic dealt a big blow to our plans as investors cooled off. So, we are happy to get back fully on track and with such serious group of credible investors as well,” Dr. Daniel McKorley said.
Meanwhile, the Ghana Trade Fair Company Limited and Stellar Pte. Holding signed the agreement on March 10, 2022 at the Dubai EXPO 2020 where Ghana participated at the event.
Chief Finance Officer of Stellar Holding, Sunder Kithani signed the agreement of behalf of Stellar Pte. Holding Limited while, Dr. Agnes Adu who is the Chief Executive Officer of Ghana Trade Fair Company Limited and Board Chair, Dr. Daniel McKorley signed on behalf of Ghana.
Present at the signing ceremony were President Nana Addo Dankwa Akufo-Addo, Minister of Trade Industry, Alan Kyerematen, Minister of Lands and Natural Resources, Samuel Abu Jinapor and Chairman of the Lands Commission, Alex Quaynor.
Meanwhile, management of the Ghana Trade Fair Company Limited (GTFCL) has said it will soon put out a timeline of scheduled works and activities for the redevelopment of the Trade Fair Site which will take place in phases.
For the first phase of the project, under the agreement, it will focus on developing the Convention Centre and Exhibition Halls to hold the World Economic Forum, Africa.
In addition, Phase 2 of the redevelopment project, will look at facilities including luxury hotels, high-end malls and other residential and commercial development.
Under the agreement, Stellar Holding Pte. Limited has been mandated by the Government of Ghana to redevelop the Trade Fair site into a multi-purpose and modern facility.
Back in 2019, the two parties contracted a third-party company to undertake horizontal development of the entire Trade Fair site.
The scope of works included servicing of land and construction of infrastructure including roads, drainage, relocation and extension of utilities as well as partitioning of the site into varying lots.
Additionally, the agreement will allow for the establishment of a Joint Venture Company to accelerate the development and financing of world-class luxury hotels, high-end malls and other residential and commercial developments as agreed in Phase 2 of the MoU on land spanning some 65 acreages.
