A group of famous business executives in the Mariana Islands have completed permitting on a recently purchased beachside property in Tamuning.
The land is destined mostly for their private residences but offers an investment or development opportunity for one section to the right buyer.
Mark W. Chamberlin president of Guamcell Communications and Saipancell Communications; and Mieke D.G. Chamberlin director of finance at BigFish Creative Inc. and Mark’s wife; Philip J. Flores president and chairman of BankPacific; Brian Y. Suhr president and chief executive officer of South Pacific Petroleum Cor. and Sunny S. Suhr pharmacist and Brian’s wife; and Sang Kyo Lee resident in Saipan and understood to be Suhr’s cousin; purchased the property adjacent to Shirley’s Restaurant and close to the Onward Beach Resort in February.
The property was purchased from I&F Corp Guam [which sold Airport Hotel Mai’ana and Tumon Horizon Condominiums to Hin and Hee Cho owners of the Holiday Resort] for $2.6 million which equates to $152 per square meter for the 17 078 square meters.
Flores told the Journal “There are four beachfront residential lots expected to be used by the owners.” He said the total property of four-and-1/2 acres would be divided into four lots of about three quarters of an acre each retaining beach access. Flores said with permitting just completed the owners intend to offer an area of one acre fronting Gov. Carlos Camacho Road for sale for $900 000 through Toni Johnson at Century 21 Realty Management Co.
Chamberlin Flores and Suhr had been part of a group that bid on the Tokyu property on Tumon Bay purchased by CBA Development in 2004 (See “Tokyu says sayonara with beachfront bargain ” in the May 31 2004 issue of the Journal). “We lost that ” Flores said. “We just kept looking. We’re happy we bought the property; there aren’t that many oceanfront properties available.” MBJ
