The US$1.4 billion real estate project planned for Mahaica will be situated just opposite Clonbrook and it will be sited on 1,000 acres of transported, private lands.
Work is anticipated to commence before the end of the year, according to the two Guyanese businessmen behind the project, Ragindra Persaud of Nand Persaud Group of Companies and Sudama Ramalingum of New Trend Auto.
No details on financing have yet been provided.
The two businessmen have partnered up and formed the company, Construction and Invest-ment Management Group (CIMGRO), which recent-ly announced that con-struction 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$1.4 billion oceanfront mega project.
When questioned about the choice of name for the project, the businessmen stated that it was derived from Moraikabai, an indigenous village in Region Five, in an attempt to keep the name as Guyanese as possible.
In its recent announcement to the press, CIMGRO stated that 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, an 18-hole golf course, solar power, underground utilities, top security and amenities.
Persaud, when contacted yesterday, disclosed that the 1,000 acres of land was purchased last year and is located just opposite Clonbrook along the Mahaica Creek.
Persaud added that the idea initially came from his partner, Ramalingum, and after he was made aware of it, he decided to get on board since he saw it as a massive business opportunity.
According to Persaud, they have already cleared 400 acres of the land, which is ready for infra-structure.
In addition, he noted that they have already secured a number of the necessary permits includ-ing a construction permit but acknowledged that a few are still outstanding.
The Environmental Protection Agency is still to grant permission for the project but Persaud said they were told by the agency that it is expected to be completed soon.
Meanwhile, Ramalingum when con-tacted yesterday, mention-ed that they are presently engaged in final consul-tations with their engineers and architects before construction begins. “We know that we are going to build and the ability is there but we want to ensure everything is in order so not when we are building then we are going to realise that the street is in the wrong location.”
Ramalingum also told the Sunday Stabroek that both he and Persaud travel a lot and they have always noticed the need for upgraded infrastructure in Guyana to improve the standard of living.
The project, he said, has been in discussion for close to four years now with intense consultations with persons representing all sectors.
According to Ramalingum, they were initially looking for 500 acres of land in proximity to Georgetown.
However, during their search, this location was discovered. However they still continued their search but realised that they were encountering problems whenever they found a possible location which led to them to return to the Mahaica location.
The land, he informed, was purchased from a private individual and as such it is “private transported land.”
However, after the decision was made to acquire the 1,000 acres, the two partners returned to the drawing board and increased the size of the project and realised that it was much better with the increased acreage.
Persaud yesterday said that the majority of the financing will come from foreign investors, while Ramalingum noted that “the financing is there” while stating that he is not at liberty to discuss it any further.
Ramalingum, who is originally from Enmore, said it has always been a dream of his to build something extraordinary to improve the lives of persons residing in the country.
He stated, “Both of us travel and see the kind of setting out there and the infrastructure is not in place here and with that in mind we started this conversation.” He added, “Everybody asking people to come and live in Guyana or come back to Guyana,” but opined that persons will not relocate unless they have noticed an improvement in the standard of living and necessary infrastructure to accommodate them.
He also posited that there is a major need to improve infrastructure for persons coming to Guyana to work especially in light of the burgeoning oil sector.
Employment
Meanwhile, the project is expected to create massive employment for citizens. Yesterday the businessmen said that it is expected that approximately 3000 to 6000 persons will benefit from direct and indirect employment during the construction phase.
Ramalingum pointed out that after construction they are anticipating that a large number of persons will be needed to maintain the location.
Additionally, he emphasised that neighbouring communities will also benefit tremendously especially vendors and other businesspersons who will likely supply the persons occupying the location with goods and services. “It will be an economic boost for the entire community.”
Ramalingum remarked that after news broke of the project, concerns were raised about the issue of sea defence. However, he assured that the sea defence at the location will be one of the best, while security will also be top tier. “We are investing billions of dollars [so] it is guaranteed that we will protect our investment. Those are two of the key things we are looking at,” he said.
Persaud expressed the hope that Guyanese will be supportive, since “it’s a project to make Guyana proud.”
He noted that the project will set the bar high for how things could be done in Guyana and will show that good things can come with oil wealth, as well as being a further indication of what is yet to come.
