Trinidad and Tobago<\/p>\n
Construction of a new flagship building for the Urban Development Corporation of Trinidad and Tobago (UDeCOTT) is expected to commence in the third quarter of this year but at least one expert is warning it\u2019s a waste of money and another grandiose project.<\/p>\n
The new location of its headquarters is earmarked for Queen\u2019s Park East between Cadiz Road and Belmont Circular Road, adjacent to the National Insurance Board (NIB) Headquarters.<\/p>\n
In a public notice in the daily newspapers and on its website, UDeCOTT invited suitably qualified and experienced entities to submit proposals for the construction of the phase one\u2014base building.<\/p>\n
The company said that Request for Proposals (RFP) purchase package was opened on December 12, 2022, and a non-refundable deposit of $8,750 Value Added Tax (VAT) Inclusive, and the deadline date for submissions was February 6, 2023.<\/p>\n
The scope of works for the project includes the construction of nine storeys of the superstructure and three levels of basement parking, the construction of the building shell, and cladding, base building interior finishes, walls, floors and ceiling finishes to the core and generic spaces.<\/p>\n
The Express Business asked UDeCOTT about the estimated cost of the project but the State enterprise noted that the project is currently in the tendering phase, so to reveal the estimated cost at this juncture, flouts the process and is not in keeping with Procurement Best Practices.<\/p>\n
As to the need for the expenditure, UDeCOTT responded by saying the company\u2019s staff is currently housed across several locations, which is not the ideal circumstance for seamless work continuity, in addition to the fact that the company pays rental fees at these locations.<\/p>\n
UDeCOTT revealed that its intention is to generate additional revenue by renting out space at its new head office.<\/p>\n
\u201cPart of the new headquarters will house commercial tenants and revenue generated from these tenants will assist with maintenance of the headquarters,\u201d the company outlined.<\/p>\n
With respect to the eligibility requirements for the Procurement Process, UDeCOTT outlined requirements for the provision of works:<\/p>\n
-Submission of Annual Return\u20142021 (2022 if applicable) (for companies incorporated\/registered in Trinidad and Tobago); -Incorporation or otherwise registered to do business in Trinidad and Tobago as evidenced by the Certificate of Incorporation or Registration (as applicable); -Submission of valid Statutory Clearance\/Compliance Certificates, viz. VAT Clearance Certificate; BIR Clearance Certificate; NIS Certificate of Compliance.<\/p>\n
The company also noted that the RFP for this project was advertised in all three daily newspapers, UDeCOTT\u2019s website, and social media platforms. The project is currently at the Tender Stage.<\/p>\n
As it pertains to UDeCOTT\u2019s audits, it indicated that the 2016 Audited Financial Statement was completed and placed on the company\u2019s official website, and audited financials for 2017, 2018 and 2019 are being finalised to be laid in Parliament. While financial statements for 2020, 2021 and 2022 are scheduled to be completed this calendar year.<\/p>\n
Express Business reached out to Afra Raymond, managing director of Raymond & Pierre Limited and past president of the Joint Consultative Council for the Construction Industry (JCC), who questioned the need for a brand-new building at this time.<\/p>\n
Raymond said many businesses after the onslaught of Covid-19 cut down their office space, as the work-from-home model seemed to have worked.<\/p>\n
\u201cAgain, we see the inexcusable decision to provide civil servants with first-class offices\u2026 Never-see-come-see! It seems that UDeCOTT is planning to offer space to rent to defray the cost, apart from the rental gap, the first-class office market is so saturated with a gross over-supply and it is doubtful as to how many tenants one can attract,\u201d he highlighted.<\/p>\n
Raymond drew a comparison with T&T\u2019s private sector leaders of commerce and industry such as Massy Group, ANSA McAL, TATIL, Guardian Life and Associated Brands\/Holiday Foods. He noted that Blue Waters, Francis Fashions and CLICO are all into their super-profits and have not built new headquarters in prime location\u2014as the previous numbers show, those are simply infeasible.<\/p>\n
He also questioned if a feasibility test was done, as he said the break-even rent for that project is the amount the building must rent for to repay the bankers, and in this case, it is certainly over $30 per square foot and the market in Port of Spain has no space which rents for over $20 per square foot<\/p>\n