Best Sunshine eyes Garapan Annex property

Sunday 27th of March 2016

Imperial-Pacific owned Best Sunshine, which has been developing a $7.1 billion casino-resort in the Northern Marianas, has been eyeing the Northern Marianas Housing Corp.'s idle piece of property in the heart of the busy Garapan business district, a local source reports.

Best Sunshine representatives have inquired about the property in Garapan on at least two occasions. Local housing officials declined to comment.

Garapan Annex, owned by NMHC, is a five-hectare property located next to a public school and next to Best Sunshine’s first casino site on Saipan.

NMHC has reportedly long been considering to offload this property. Last year, it revived the plan to issue a ‘Request For Proposal’. To do so, the public housing agency sought the services of Guam-based Cornerstone Valuation Guam to provide advice as to the best use for the idle property.

Since its announcement of intent to issue RFP, the housing agency has received letters of interest from both local businesses and investors from the People's Republic of China.

Earlier estimates showed that the property could be worth at least $8 million.

Best Sunshine has been actively acquiring properties in the region. Lately, it acquired Flame Tree Terrace, an apartment complex across from the casino site, Vestcor apartment, M Apartment, and others.

Best Sunshine has been looking for more than 40 hectares of land in the north where it plans to construct phase two of the $7.1 billion casino-resort development.

Bricks & Mortar RFP Development