Representatives from Guyana missions overseas joined Minister of Housing and Water, Irfaan Ali, and a team from the Central Housing and Planning Authority (CHPA) last Saturday, on a tour of housing development projects along the East Bank Demerara corridor.
The delegation from Suriname, Venezuela, Brazil, Barbados, Kuwait, Washington D.C and the United Kingdom was also accompanied by Foreign Affairs Minister Carolyn Rodrigues –Birkett.
Minister Ali updated the team on the various economic benefits of the ongoing expansion projects.
Ali said that “the trickle-down effects,” of housing development projects include economic gains for hardware stores, commercial banks as well as the thousands employed in the local construction sector.
“One very important initiative that we were able to create from these projects was small contractors who have worked and positioned themselves to be able to bid now for large government contracts,” the Minister said while speaking of the projects located aback of Eccles and New Providence.
The community located behind Eccles, which consists of houses for young professionals, middle- income or turn-key houses, already has occupancy of approximately 80%.
The diplomats interacted with some of the residents and were even given the opportunity to view the interior of some of the houses at the Providence Moderate Housing Scheme and the Remigrants’ Housing Scheme.
The cottage houses for young professionals consist of two bedrooms, complete with wash-rooms, kitchen, common dining area and living area and patio, all at a cost of $13.7M. Two-storey concrete houses in the adjoining community are valued at approximately $19.5 million.
These are fully painted with finished floors, PVC ceilings, modern lighting fixtures, zinc roof and sash windows, three bedrooms, two washrooms, a modern kitchen and dining area as well as a living area and patio.
The community is complete with most of the infrastructural works, which includes fully asphalted road, bridges, water and lighting fixtures.
Housing Ministry officials noted that the communities will soon be serviced with a number of commercial factories and supermarkets. The development will also house educational and recreational facilities.
CHPA’s Chief Executive Officer, Myrna Pitt, noted that the financial sector has reinvented itself through the opportunities of the Housing Sector.
She explained that Guyanese are more able to become home owners since the interest rate for repayment on loans is only 4.25% per annum owing to a government amendment in the Income Tax and New Building Society Act, which has enabled the financial sector to better respond to the mortgage needs.
Director of Finance at CHPA, Taslim Baksh, said that $600M was invested by the private sector for the young professionals’ home project which started in 2012.
He noted that the project was completed some six months later with aid of approximately three hundred construction workers.
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