By Deneita Fredericks
Day two of the 2023 International Building Expo saw the signing of a Memorandum of Understanding (MoU) between the Central Housing and Planning Authority (CPHA) and South Atlantic Logistics and General Services Inc for the construction of 200 3-bedroom houses at Leonora, West Coast Demerara.
The signing ceremony, held amidst the bustling energy of the Expo, saw key stakeholders from the public and private sectors, underscoring the need for collaboration to tackle housing challenges. The MoU is an example of a partnership initiative between Guyana and foreign investors, employing the use of new and modern technology to construct homes.
The MoU was inked between CHPA CEO, Sherwyn Greaves and New Century International CEO, Alex De La Cruz. New Century International is a US-based company that focusses on affordable housing and infrastructure. The agreement is part of government’s efforts to provide affordable and quality housing for a growing population, while setting a new precedent in the realm of housing development.
According to Minister of Housing, Collin Croal, the 3-bedroom houses cost $9 million each and measure 862 square feet, which is comparable to regular 3-bedroom, 800-square foot houses, providing additional space for home owners at the same cost in an effort to fast-track home-ownership.
Minister within the Ministry, Susan Rodrigues expressed her optimism about the transformative potential of this endeavour. “We made a commitment to fast-track home ownership and the way for us to assist in this is by employing the use of technology to be able to construct homes for persons so that people can be able to live healthy and productive lives.”
The houses are designed to cater to the needs of families and will feature modern architectural aesthetics, energy-efficient features, and sustainable construction practices. The project will also focus on creating vibrant communities as the initiative aims to contribute not only to housing solutions but also to fostering a sense of belonging and community among the residents.
The collaboration also paved the way for innovative partnerships with banks and loan agencies that can drive impactful change through reduced mortgage rates and easily accessible loans.
Financial institutions also hailed the expo as a model for sustainable development. “We are providing persons with the opportunity to access home building loans through the use of equity take out. Additionally, persons can also access a 3% cash back on new mortgages over $5 million. Through favourable financing and tailored solutions, we aim to empower individuals and families to achieve their dreams of owning a home.” remarked Amanda Yearwood, a relationship officer with Scotia Bank.
According to US Ambassador, Sarah-Ann Lynch, the signing of the MoU not only marks a critical milestone in addressing housing needs but also serves as an embodiment of the Building Expo’s overarching theme of innovation and collaboration.
The Expo is open until August 27, from 11 am to 11 pm.
