The Ukudu Workforce Village property was recently put up for sale by its current owner Younex Enterprises Corp. According to Christopher Felix president and principal broker of Century 21 Realty Management Company Inc. the property encompasses over 252 acres and is priced at over $75 million.
The property which was originally purchased in 2009 as the site of a community to house workers for the then-imminent military buildup is zoned for industrial commercial and multi-family use. According to Journal files from April 27 2009 the facilities were meant to be built in phases and would house anywhere from 2 000 to 18 000 workers.
“I believe their intent was to build several thousand units and lease them out for the military buildup “” said Felix who is one of three brokers tasked with seeking out potential property buyers. “”But because of the slowdown and the current state of the economy both here and in Korea they’ve decided to sell the land as-is with the buildings currently on it.”” Felix added that Younex is selling the land at full market value based on a professional appraisal and that the property is also being listed by the Korean branch of Colliers International as well as another un-named Guam broker.
The 250-acre site has already been prepared for construction by Younex. According to Felix the property has been leveled and infrastructure has been installed including sewer lines paving and several buildings. “”There’s about 60 000 square feet of building work completed “” said Felix. “”That includes a cooking center a warehousing area and about 700 complete barracks units.””
Prior to putting the property up for sale Younex vice president David B. Tydingco had announced the village’s facilities were being downscaled and repurposed to provide a cost-effective alternative for military personnel who were on temporary duty on Guam as reported in the Dec. 31 2012 issue of the Journal.
Asked whether there were any foreseeable challenges impeding the sale of the property Felix said “”I don’t see any real challenges but we’re marketing the property as a long-term investment because buyers will have to wait a few years until the military starts to develop again.
“”Our marketing strategy isn’t to sell to buyers who want to build on it immediately because there just isn’t enough demand to merit that many housing units or warehouses. It’s an excellent property but I think it isn’t ideal for developing commercial or retail property at this time given its size and the scope of its development “” Felix said.
According to Felix the property has already generated interest from off-island investors. “”The property has been presented to 23 prospective buyers that have expressed interest and ten have come back for more information.””
Felix said two potential buyers from the Philippines have flown in to walk the site and are considering making an offer.
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