WITH Guyana on track to becoming a major investment magnet, local company Pritipaul Singh Investment Inc., is set to undertake the construction of a massive US$140 million condominium building at Houston, on the East Bank of Demerara (EBD).
According to the company’s Managing Director, Pritipaul Singh Jr., this multimillion-dollar investment, “Houston Towers,” which is set to transform the aesthetics of the East Bank corridor, will have over 300 rooms that are offered at rates affordable to both foreigners and locals.
He told the Guyana Chronicle that this project was conceptualised after the company recognised the growing demand for accommodation in Guyana.
The 340-room facility will be established just minutes away from the Guyana Shore Base Inc. and Schlumberger facilities, positioning it to be a perfect spot to facilitate the influx of oil and gas workers and other stakeholders who will need accommodation while in Guyana.
“The vision for this development is to cater to the demand of increased room capacity… at the moment, we are aware of the need for hotel rooms, but they are not many condominium style buildings that are available, so we decided to go in this direction. We thought it would be impactful to make a sizeable investment in the two acres of land that we have to provide a different level of amenities and a different level of lifestyle that comes with condominiums-style community living,” Singh said.
The government in April 2022 passed the Condominium Bill 2022 in the National Assembly, which paved the way for such developments within Guyana.
With six parts and 65 clauses, the Bill makes provisions for the horizontal and vertical subdivision of land and buildings into units for individual ownership, and for the use and management of condominiums.
Among other things, the Bill paved the way for commercial banks to accept titles for the properties, and insurance companies to issue policies to owners of condominiums. Clause 19 of the Bill states that units in a condominium constitute immovable property, while Clause 20 provides for the title of ownership of a condominium unit.
Clause 44 empowers unit owners to insure their respective units. The Bill also requires that proposed declarations and descriptions of units be approved by the subject minister before a condominium is constructed or before an existing building is converted into a condominium. It also empowers the minister to approve, reject or direct the amendment of a proposed declaration and description.
Singh told the Guyana Chronicle that the massive project is currently in the pre-construction phase and has a completion deadline of 2024. He noted that the investment is set to be a massive job creator and will provide employment for 50-80 persons once completed.
The company’s Managing Director said that the condo will feature first-class services, noting: “We will have a commercial space that will be available and other amenities such as an indoor pool and gym, because we want the residents to be comfortable and have access to services that would cater to their needs. Added to that, we have the concierge service that we want to introduce and several other amenities like the terrace that could be utilised by guests to overlook the ocean.”
In addition to giving occupants an amazing view of the Demerara River, the building’s intricate design is expected to be enough to capture the eyes of even passersby.
“The idea is to construct a facility that would complement the changing infrastructure and landscape of Guyana, something that is appealing. So, this design is not just the regular four-squared edges, it’s an innovative design that has fluid edges and creates an appealing result, a place that investors, foreign and local, would be proud to spend their time in while here. That design, with the access to the scenic views of the Demerara River, is set to allow this condo to stand out,” Singh said.