Board members of the Northern Marianas Housing Corp, did not approve a draft request for proposal for the Garapan Annex property.
Corporate director Jesse Palacios told Saipan Tribune that the board wanted more details on the outstanding obligations of NMHC as this will affect the “asking price” of the property.
Palacios said the subject will be on the agenda again during an ad-hoc meeting of the board in December.
Instead of basing the price through the appraised fair market value, the Garapan Annex would be leased based on the value of the outstanding obligations of NMHC, as stated in Public Law 6-34.
The amount, according to Palacios ,is higher than the appraised value of the 40,000 square-meter lot across the Commonwealth Health Center. The property, which currently has 45 abandoned units, must also be leased as a whole and cannot be divided. The property can be leased for up to 55 years.
Palacios earlier said there are at least five companies interested in the property.