TCIG purchases building from Keri Holdings Ltd for Aged Care Facility in North Caicos  

Providenciales, Turks and Caicos Islands – Thursday, 27 June 2024: The Deputy Premier and Minister of Physical Planning and Infrastructure Development, Hon. Jamell Robinson, wishes to address the public, on the recent purchase by the Turks and Caicos Islands Government, of a building from Keri Holdings Ltd, (the former Miss B’s Building) located on block and parcel 51000/11, on the island of North Caicos.

The building had initially been identified by the Ministry of Health and Human Services, with the intention to rent the same, for use to open an aged care facility for the elderly population of North and Middle Caicos. This decision was critical in nature, considering an increasing ageing population on the Islands who are left, at times, without proper care and reduced quality of life as their family members relocated to Providenciales and other islands and countries for employment opportunities.

Following high-level discussions among the Government and other relevant stakeholders, it was determined that the most viable option to achieve the highest quality, 24-hour continuous medical and other care and to demonstrate value for money, was to purchase the building outright, as opposed to renting as initially planned. Additionally, the facility is intended to provide short-term respite housing for the elderly and adults for short periods (of up to two weeks), allowing relatives to travel outside of the Islands, with the assurance that their loved ones will be well taken care of.

Provisions will be made to facilitate a male ward, critical room, nursing station, an isolation room, staff room, beauty salon, courtyard, kitchen, dining and storage, recreation, offices, reception area, an examination room and training room, laundry room, sterilisation and clothing closet.

It is important for the public to note, that prior to the purchase of this and all other buildings by the Government, a due diligence exercise is conducted by the technocrats from the Public Works Department, the Estates Management Department, the Valuations Department, and the Attorney General’s Chambers, to obtain the following information to inform the Government’s decision to move forward:

1. The conduct of a conditions survey to determine the state of the building.
2. The conduct of an independent valuation executed by the Department of Valuation, Turks and Caicos Islands Government (TCIG), which is responsible for the conduct of all valuations for both leasehold and freehold titles of properties across not only the Turks and Caicos Island Government but within Turks and Caicos as a whole.

The basis of these valuations is Market Value, which is defined in the Royal Institution of Chartered Surveyors (RICS) Valuation Global Standards as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”

In the valuation exercises market approach principal is utilised, which is defined by the RICS Valuation Global Standards, as “an approach that provides an indication of value by comparing the subject asset with identical or similar assets for which price information is available.”

1. The conduct of a structural assessment by an independent consultant, to determine structural soundness of the building.

In the case of Keri Holdings, the above was executed, and it is important to note, that the building was purchased within the valuation amount, stated in the valuation report $1.3mil, and not $1.6mil, as is being alleged.

Retrofitting works need to be carried out to design the building for its intended purpose, and money is available in the Ministry of Health and Human Services budget to cover this cost.

We understand the negative press surrounding this purchase; however, we hope that the facts provided have clarified the purchasing process and demonstrated transparency for this transaction.