Monday, October 18, 2021 - 09:40

The Government has signed Heads of Terms for an agreement for the development of the Eastside Reclamation, it was announced today.

The development rights over the plot have been awarded to The TNG Global Foundation.
The TNG Global Foundation is the HIGHEST BIDDER of all the proposals put to the Government.
The award to the TNG Global Foundation arises from their submission by far exceeding all other expressions of interests for the whole or part of the Eastside Reclamation plot.
The premium payable by the TNG Global Foundation will be the payment in cash of £90,000,000.00 (ninety million pounds sterling), upon (i) the grant of the Environmental Impact Assessment certificates for the construction of the proposed coastal protection project, and of the Eastside Project, and (ii) receipt of outline planning permission for the Eastside Project.
In addition to the cash Premium, TNG will provide the following additional consideration:
(a) TNG Global Foundation shall immediately take over and undertake and complete the revetment works required for the protection of the Hassans Centenary Terraces (HCT) development (Revetment Works). The value of this to the Government is estimated to be in the region of £18,000,000.00 (eighteen million pounds sterling) which is a cost that the Government will not now have to pay.