A new subdivision in the heart of Tamuning is nearly ready to be placed on the market once approval has been given by the Guam Land Use Commission.
Liz C. Duenas associate broker and realtor for RE/MAX Diamond Realty said her company will be handling the sale of 28 lots. “We are just waiting final approval from the land-use commission which is expected in the next 60 days.”
The project — called the Oka Plaza Subdivision because of its location in the middle of Oka — covers approximately 10 acres. It is an irregular shape partially surrounding the Guam Medical Plaza and extending up to the Guam Police Department’s Tamuning koban near the entrance to the Palace Hotel Guam property.
“We are excited about this proposed development because it will be upscale in that it lies right in the middle of some of Guam’s most exclusive areas bordering Jonestown and a stone’s throw from Perezville ” Duenas said. “I believe this is the first subdivision development in this area in nearly 30 years.”
The improved lots will range in size from 651 to 1 500 square meters. Price will vary from $125 per square meter to $150 a square meter for large lots. Duenas said that although active marketing efforts have not started her office has been receiving a steady stream of inquries.
“We are the exclusive realtor for this project as it involves many individuals who have property here and feel the time is right to sell ” Duenas said.
Once the Guam land-use commission approval is granted Duenas said the lots will be surveyed access roads constructed and infrastructure such as underground utilities will be put in place.
“These lots are for people that want to be in Tamuning because it is centrally located ” Duenas said. “RE/MAX will be the exclusive seller. Our role is only to facilitate the sale of the vacant lots and not housing construction.”
This means buyers would need to secure a land loan or come up with a cash payment.
Duenas said a number of interested construction contractors have approached her asking if multiple lots could be purchased.
We are looking at possibly entertaining the sale of multiple lots to construction contractors ” she said. “There are a few contractors that have approached us saying that they would buy build and then sell on this prime residential subdivision property.” MBJ