Wednesday, 19 December 2018 | News today: 16

Sugareski says Government decision to sell prime piece of real-estate is completely legal

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Transportation Minister Goran Sugareski defended the deal with which the Government sold one of the most sought after lots of land in the capital Skopje to the MG Fashion Group and the Macedonian Orthodox Church.
Over 9.000 square meters located east of the GTC shopping mall were used as a parking lot, and in the past were associated with different potential foreign investors, with plans to build extreme high-rises, up to 60 floors high, which would dwarf any other high-rise in Skopje. Little is known about the future development plans for the site, and Sugareski only confirmed that the Government expects to take in a little under three million EUR for the piece of prime real-estate.

– The procedure is completely legal, in accordance with the Law on construction, given that the investors already held more than 30 percent of the lot. The price was determined using the appropriate regulation, said Sugareski.
Overall, the site amounts to 13.653 square meters, 4.605 of which were already privately held. MG Fashion was involved in the construction of the Skopje City Mall in the western area of Karpos, which is the largest mall in the country, built in cooperation with an Albanian investor. This new site sits close to the Vardar river, near the popular GTC quay restaurants and hotels.

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Criticized about its involvement in the deal, the Macedonian Orthodox Church said that it merely owned a piece of the real-estate, and decided to give it up for commercial development. The Church expects to gain commercial and residential property in the buildings that MG Fashion will build at the site.