If all goes according to plan, Guyana will see the development of a US$1.4 billion real estate project along the Mahaica River in anticipation of expatriate and remigrant demand based on the country’s soon-to-be-realised oil wealth.
In a press release yesterday, Construction and Invest-ment Management Group (CIMGRO), headed by two Guyanese businessmen, Ragindra Persaud (www.nandpersaud.com) and Sudama Ramalingum of New Trend Auto announced that construction would begin on the Maraiko Bay Golf & Country Club; the first of two Championship PGA-standard golf courses. This construction is being billed as Phase I of Maraiko Bay, a 1,000-plus-acre US$1.4B oceanfront megaproject.
The mega-project will be located along two miles of the Atlantic Ocean beachfront and bordered by the Mahaica River and will have features that include, luxury homes, 18-hole golf course, solar power, underground utilities, top security and amenities.
Access to the development would be via the newly-renovated East Coast highway or an on-site heliport.
The golf course is the creation of golf course designer David Hemstock (www.hemstockassociates.com), member of the European Institute of Golf Course Architects, and will offer vistas of waterways, canals, and the Atlantic Ocean.
According to CIMGRO’s Chairman Ragindra Persaud, “This is the realization of a dream that will put Guyana on the map as a top investment, tourist and second home destination. I am proud of our entire team that has been working for more than four years to create a masterpiece that will showcase our country’s natural beauty. This allows for creation of thousands of construction, tourism and sports related jobs that we desperately need as the country grows. We have put together a team that we feel has the ability to deliver a project of this magnitude.”
Persaud disclosed that an MOU had already been signed with the Petroleum Club, headed by John Moore (www.jmmoore.biz) Chairman of Agraria Inc for a 75-unit luxury housing complex including a clubhouse, restaurant and leisure facilities. In addition, Phase I will encompass 150 condominiums, 200 luxury homes and 50 executive homes, a commercial centre, and other amenities all set for completion within 14 months.
Additionally, sea defence and environmental protection, budgeted at more than G$430 million will be overseen by Earth and Marine Environmental Consultants (www.eame.co.uk), one of the world’s most reputable companies in modelling sea defence, ocean rise, and environmental impacts.
CIMGRO has also engaged Dallas Thomas of Praetorian Executive Protection Services Inc (www.praetorianex.com) a USA/Guyana based security firm to handle its security implementation.
The release said that President Irfaan Ali and Prime Minister Mark Phillips both wished the developers every success stating that this massive project will guarantee the rebirth of Guyana’s economic dominance in the region, since it addresses several key growth sectors and provides thousands of varied skill-set jobs.
CIMGRO plans to immediately engage several local and regional contractors to ensure that they can meet the tight delivery schedule for infrastructure and construction due to the demand for quality housing (starting under US$150,000) in a country it says “is struggling to keep up with the influx of expats and re-migrants.”
More information about the project, available properties and investment opportunities can be had by visiting their Facebook page: Maraiko Bay, contacting a Century 21, ERA, REMax, Sotheby’s International or Coldwell Banker realtor or enquiries@cimgro.com.
