Chinese Real Estate Company to spend US $2B on housing projects
While a number of international booths are being featured at this year’s Building Expo, the Suihua Runhui Real Estate Development Company from China, plans to execute three housing projects in Guyana at a cost of US$2B.
According to a representative from the company, they already have the approval from the Chinese Government to go ahead with plans. However; they are awaiting the approval from the Guyana Government.
He stated that the first project in mind is for the establishment of a modern wood processing plant.
With such an introduction in Guyana this would also provide a number of job opportunities for the locals.
Kaieteur News was further told that the second project is an economic trade co-operation park which will be modern and a “top class community.” This will be established in Providence, East Bank Demerara.
The third project which is termed a “new life community” entails a focus on a “green environment” or an “eco environment”.
This project is solely focused on using the solar energy so that there will be no pollution or harm to citizens nearby.
“We are also planning to apply for land of a total area of five square kilometers to build a modern industrial park in a modern community. We already got permission and approval from government of China. The total construction will be five years and US$2B dollars and employment opportunity will be 20,000 Guyanese,” said the representative.
Minister of Housing, Irfaan Ali, told Kaieteur News that this year, Building Expo Three, is the largest thus far with over 100 booths and 100 exhibitors.
He explained that one good feature of the exposition is the introduction of alternatives in the world of construction since, for a long period many countries including Guyana have been struggling with prices for the traditional building materials.
Ali said that throughout the Caribbean there has been a 25 per cent increase in the prices of cement and while Guyana has been able to stable its prices it is inevitable that the country be impacted.
The building exposition allows consumers and the general public to be aware of alternatives and technologically advanced materials which they can utilize at cheaper costs and still be able to benefit from good buildings, Ali said.
The Housing Minister added that the international building and construction exposition for Guyana will portray the future of the country since it allows the public to see exhibitions and speak with persons on the new airport, Marriott and hydroelectric projects which the country will soon benefit from.