President Surangel Whipps Jr. is seeking authorization of 10 million dollars from congress toward the purchase of properties in different countries where Palau has diplomatic missions to house Palau’s offices and staff.
“Instead of paying rent for no return on investment, owning the Permanent Mission space will be significant equity to the Republic. This model can be replicated for our other diplomatic missions and will save Palau money in the long run as our buildings accrue equity and gain value over time,” expressed Whipps in his letter to Congress this month.
President Whipps in his letter said that they have identified a property in New York listed at $3.9 million-plus $550,000 estimated renovation costs that can be purchased to house Palau’s Permanent Mission to the United Nations.
The building identified is located about 2 blocks from the United Nations headquarters and can be used to house office as well as Palau staff at the mission.
The letter asked OEK to authorize the President to “pursue negotiation and purchase of the New York real estate and other properties for housing diplomatic missions”
“Up until now, the Republic has been content to be a renter and allow all equity and market increases to flow to landlords instead of the Republic, but with the Olbiil Era Kelulau’s authorization I will pursue similar property acquisitions for our diplomatic missions in Guam, Washington, D.C., and Japan,” stated President Whipps. (By: L.N. Reklai)