Real estate developer, Pritipaul Singh Jr, is gearing up for the construction of Guyana’s latest condominium-style housing in a bid to satisfy the current demand for upscale accommodation.
The property ‘Houston Towers’, which was showcased at the recently concluded International Building Expo, will attract an investment of US$140 million, which includes the cost of construction and furnishings. The four-building condominium complex will offer five-star living and is to be constructed on two acres of prime property at Houston, East Bank Demerara.
“The idea of Houston Towers came about with the fact of the large developments with real estate in Guyana. There’s a huge demand currently, as you already know, with multiple hotels being put up to accommodate for the influx of ex-pats and Guyanese returning to Guyana,” Singh said, before explaining, “We thought it would be important for us to take the advantage since we own two acres of real estate in the Houston estate area. We want to take advantage of that opportunity to give Guyanese and non-Guyanese the opportunity to a different form of living and that’s a condominium-style community.”
The property is being constructed under Singh’s company, Guyana Port, which has been incorporated since 2019 and provides dry-docking facilities to execute ship repair services and maintenance.
Construction of the first tower is expected to commence in the second quarter of 2023 with the building being completed in 2024. The first tower which will be 11 storeys high, will have approximately 24 units, with an estimated three to four penthouses.
The entire complex is expected to be completed by 2030 and will feature luxurious, and sustainable finishes. The highest tower will stand at 17 storeys high.
According to Singh, the property will also feature a hybrid power system utilising solar panels and Guyana Power and Light.
When completed the entire property will have 340 rooms with units offering single and double-bedroom options.
“The smallest unit will be approximately 900 square feet and the largest unit will be 2,000 square feet of indoor space. Each unit comes with its balcony and you will have views of the Demerara River as well as all of the development going on along the east bank in Houston and on the back road,” Singh explained.
He went on to state that the design incorporates off-white tones with dark edges, wood finishes, and stone accents. Each unit will include balconies overhang to create a shadow effect as a passive solution for direct sunlight interaction.
Each tower will also feature terrace space with scenic aerial views of the area and be available for family gatherings and barbeques. The property will have two floors dedicated to parking.
The units will be available for rent or sale depending on the requirements of the prospective owner(s).
Additionally, the real estate developer explained that the building will also feature a commercial space outfitted with eateries, coffee shops and other amenities such as an indoor pool and fitness centre, concierge, mail and parcel room, a party and business function room, outdoor lounge, and conference room among others.
“We want the residents to be comfortable and have access to services that would cater to their needs… With the type of facilities these units have we believe we draw the attention of those interested in living and wanting a more uplifted lifestyle…”
“We’re still looking at different amenities, for example, an automated lighting system so you can control it with your phone and automated blinds and so on… it will be a smart home,” he responded when asked about the possible cost of the units.
Further, it was stated that financing for the project will be undertaken through several financial institutions.
Singh said they will be aiming to utilise skills from the local construction pool.
“We want to ensure that Guyanese contractors are fully involved seeing that this is a project by a Guyanese-owned company and a Guyanese developer. We want to allow Guyanese people or contractors to be involved,” he noted.
