Friday, July 01, 2005

Government announces low cost housing project at North Gorge

Preferred bidder status awarded

OEM (International) Limited a leading UK property developer owned by Robert Noonan has been awarded “preferred bidder status” for the development of Buena Vista and the North Gorge sites, a Gibraltar Government spokesman announced yesterday.

The company's total assets are valued over £200 million, mainly in UK, Spain and Ireland. The project under negotiation consists of over 500 affordable homes for the local market, an Apart-Hotel, and other housing.

A Convent Place spokesman said:

“Following the invitation for tenders for the development of the Buena Vista and North Gorge site, the Government has awarded one of the bidders “preferred bidder” status.

This means that this tenderer has a 90 day exclusive negotiating rights period to reach a detailed and binding agreement with the Government. Those detailed negotiations will start next week.”

A spokesman at the Ministry for Trade, Industry and Communications said:

“The preferred bidder is a Company called OEM (International) Limited, a leading UK property developer with total assets valued over £200 million.

We are very hopeful of successfully concluding the negotiations. This project would, apart from creating a very significant number of affordable homes for Gibraltarians, contribute to economic growth. Many jobs will be created during the construction phase and there will be many new sustainable jobs once the project is complete.

This project confirms the high level of confidence that major international developers have for investment of this magnitude in Gibraltar.”

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