Work on the $700M state-of-the-art building to house the headquarters of the New Building Society (NBS) will commence shortly.
President Bharrat Jagdeo was on hand yesterday to symbolically turn the sod at the building site, which is located at the junction of North Road and the Avenue of the Republic.
The new headquarters will be a four-storey building and will be constructed by BK International Construction Company. The new facility will replace the old headquarters which is presently situated on the Avenue of the Republic. This new building is not only expected to offer customers greater space and comfort but will also add to the aesthetic appeal of the city with its glass windows.
The building will also be equipped with an elevator and a parking lot. Construction is slated to get underway soon and is expected to last for 60 weeks.
President Jagdeo delivered the feature address at a simple ceremony that preceded the symbolic turning of the sod. The Head of State commended the leadership and staff of NBS on this achievement. He said that such an initiative shows that the country is making advances in the financial sector in spite of the global economic crises. The President said that while the country has coped well so far, the country will be further affected by what is happing internationally. He, however, assured the audience that the government is preparing for this.
Chief Executive Officer of NBS Ahmad Khan said that NBS was established in the year 1940 and has come a long way since then. He said that over time the Society has made great strides in fulfilling its purpose of reducing poverty in the country while promoting economic development. He said that over the years NBS has been able to help many persons to acquire their homes.
Chairman of NBS Dr. Nanda K. Gopaul told the gathering that the Society has advanced over the years that it is now the third largest financial institution in the country. He said that at the end of last year, it had a total of $35.8B in assets. He also said that last year the company was able to provide $3.8B in advances to home owners. Gopaul promised that even more can be expected from the society in the future.
The plot of land was purchased by NBS in 2004 for $141M. Following the acquisition of the land, the project had gone up for tender and the bid was awarded to a Trinidadian company. However, this bid was re-examined and the bid then awarded to BK International Construction Company after that company had promised to construct the building at a cheaper cost.
