John Fernandes Limited (JFL) has pulled out of an agreement of sale for 143.10 acres of land for $35m with the BV/Triumph Neighbourhood Democratic Council, following public objection and protests from owners of the land who not only criticised the deal but called the price a “vulgar undervalue.”
“When people objected and started saying we should not be buying the land and it belonged to other people. We said if there are people who made claims and there might be legitimacy to the claims, we don’t want to go against that. So it was safer for us to say, let us take a step back and we can always look elsewhere because it wasn’t an immediate need for us. We don’t absolutely need it,” John Fernandes Chief Executive Officer, Phillip Fernandes, told Stabroek News yesterday when contacted.
