National Hosting Authority (NHA) Chairman denies $8 million valuation for Chengs hardware building
BY EDDIE OSIFELO
Dr. Jimmy Rodgers, Chairman of the National Hosting Authority (NHA), has firmly refuted claims of an $8 million valuation for Chengs Hardware and Construction Limited’s building and land in Ranadi, East Honiara.
Speaking to the media on Thursday, Dr. Rodgers clarified that NHA had paid the property owner well over $30 million based on their own private valuation.
“We were presented with a valuation of Chengs’ building, which was sitting at $38 million. Additionally, we acquired a piece of land valued at $10 million, bringing the total to $48 million,” Dr. Rodgers explained.
He continued, “We conducted our own valuation through our registered valuer, who provided a lower estimate. We’ve seen various valuations for the same building, including historical ones, and none of them assessed the cost to be below $30 million. So, we are unsure where this $8 million figure originates. We would appreciate an opportunity to review it, and perhaps negotiate with the owner, as it appears there may have been a misunderstanding.”
Dr. Rodgers emphasized that valuation figures can vary depending on the appraiser’s expertise and criteria.
“It all hinges on who conducts the valuation, so figures may differ,” he said. “From what I’ve observed regarding the facility, I doubt it could be as low as $8 million, but I’m not a valuer, so I can’t definitively say.”
NHA had acquired the building with support from the Kingdom of Saudi Arabia, with the intention of transforming it into a Sports Legacy House capable of accommodating 26 National Sports Federations, the National Olympic Committee of Solomon Islands (NOCSI), and the National Sports Council.
Presently, the Police are utilizing the building as their center for the Pacific Games.
Dr. Rodgers indicated that after the conclusion of the Pacific Games, final renovations would be carried out before the 26 federations, NOCSI, and the NSC move into the premises.
The valuation discrepancy underscores the complexities involved in assessing the worth of properties, leaving both parties to resolve their differences through negotiation or further evaluation by experts.
