The Pegasus Suites and Corporate Centre is set for completion in September next year, according to its proprietor Robert Badal who also played up the benefits of the project to the economy.
December 2020 had previously been cited as the likely date of completion of the Kingston project.
The US$100M project comprises a 12-storey tower providing long term accommodation and a seven-storey complex providing First World Corporate Offices. In information released yesterday, Badal said that all Corporate offices would over time be converted to accommodation when it is viable to do so. The objective, he said, is to expand the services offered by Pegasus Hotel, a Tourism Company.
He cited among economic benefits:
Taxes from suppliers and bank interest during construction of US$2.8M per annum and close to US$4.0M per annum after full operation.
Employment of 300 persons during construction (50% Guyanese) and 80 persons thereafter.
First Grade A Green building in Guyana with Silver Leadership in Energy and Environmental Design Certified and 30,000 sq ft of solar panels.
First World building technologies transferred to Guyanese.
As he had argued before, Badal said that Investments should not be taxed until they start to generate profits and free cash flows. “Otherwise we would have no investments and no jobs creation”, he said yesterday.
He further contended that taxes are not lost by a waiver on capital investments as without those concessions the investment would not be feasible.
and therefore would not be made.
The contractor is Chinese firm, CHEC.
