Foreign investors keen on investing in local housing market

TIMES INT'L
Minister of Housing and Water Irfaan Ali and Surinamese investors. Also in photo is Myrna Pitt, Chief Executive Officer of the Central Housing and Planning Authority

A two-man investor team on Wednesday met with Housing Minister Irfaan Ali for preliminary discussions about their potential investment in the local low-cost housing market. The meeting stemmed from initial interest expressed by the Suriname based China Dalian Investment Corporation Holding (CDICH) Ltd Company following the Building Expo held earlier this year, according the minister.
The investors are seeking to build low-cost, but stylish homes, particularly within the East bank Demerara area and Region 3.
Minister Ali said that the aim is to expand housing in the afore-mentioned areas with special focus in Region 3. The intention is link the Versailles area with Parfait Harmonie. This, he said, will reduce tremendously travelling time for residents of the proposed housing communities to the Demerara Harbour Bridge.
In brief remarks, CDICH Ltd official Golden Chen, accompanied by Geng Yu, said his company has been operating since 1999 in Suriname and recently signed a deal in the neighbouring country to build 1,000 low cost homes. Chen added that CDICH Ltd is seeking to build on the good relationship between China and Guyana through similar ventures.
Minister Ali noted that the initiative, once successful will undoubtedly boost the local economy through demand for skilled and unskilled labour, and goods and services. He added that due to Government’s efforts through the Building Expo, several local investors and businesses are taking the opportunity to enter the housing market via specialised goods and products designed for the low and middle-income housing sector.
He made special mention of a local business entity which is offering hardwood doors at around Gy$12,000 for low-income home owners, priced far less than regular offerings. Investors from Trinidad and Tobago, Barbados, China and the United Kingdom have also expressed their interest in the local housing market.
Through the Housing Ministry’s efforts, close to 100,000 persons have been afforded the opportunity to own their own homes since 1992.

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