Chang Says There Will Be No Hard Feelings If He Can’t Close Deal
Lee Mark Chang
Chang shared with News Five a copy of the appraisal documents from Mahung and Partners confirming that the restaurant building is in good condition and justifiably priced for sale. He said he made the approach because he knew of Government’s need and that coincided with his own plans for the building and the business. But he insisted that there would be no hard feelings if he and Government could not conclude a sale.
Lee Mark Chang, Manager, Chon Saan Palace
“I did approach Government, because I know that they are looking for a place to house their Immigration Department building, because of the donation that we are supposed to get. If the Immigration Department doesn’t act quickly, they might lose out in terms of the getting the donation for the passport machine, and then we might have to go back to the old system. So that’s where that came up. I brought out an appraisal for the building, which came in at two million dollars, forced sale at one point eight million dollars. I thought that one point six five million dollars would be a fair price to ask for a building that is almost sixteen thousand square feet in size.”
Reporter
“How long has the building been up and what kind of condition is it in?”
Lee Mark Chang
“If you want you can go to the restaurant; that building is solid like a rock. Solid like a rock; the building has been up there for probably six or seven years and its solid. No leaks, if that’s what you were going to ask.”
Reporter
“And if you sell, you’ll be moving to different premises, presumably?”
Lee Mark Chang
“Yes, different premises; the restaurant is a little too big for the usage in Belmopan, so I would want to make a smaller restaurant.”
Reporter
“But if it doesn’t work out, as you said, there are no hard feelings between yourself and the Government?”
Lee Mark Chang
“There is never any hard feelings when it comes to business, never. It’s not personal, mi bally; business is not personal, politics is not personal; you just have to do what you have to do, and you have to move on.”
Chang noted that his asking price is a shade over the cost of a new building of the same size at one hundred dollars per square foot – that is, sixteen thousand square feet multiplied by one hundred for one point six million. The valuation price under duress, of one point eight million, is about the same as putting money into a similarly sized building at one hundred and twenty-five dollars per square foot. The going rate for such construction is one hundred and fifty dollars per square foot.
