Latest update November 17th, 2024 1:00 AM
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- Guyana received US$5.4B in royalty, profits from 500M barrels pumped to date
- Final audit report of Exxon’s US$7.3B expenses sent to company, to be made public next week – Minister Bharrat
- Israeli air raid on Gaza City school turned shelter kills 10 people
- Baby dies, toddler severely burnt in Sophia fire
- Venezuelan- orchestrated cyber operations targeting Guyana – National Defence Institute
Championship Golf Community Coming to Guyana
Kaieteur News – CIMGRO, Developer of the estimated US$1.4B Mega real estate project Maraiko Bay (www.maraikobayresort.com) in Mahaica that features the country’s first 18-hole championship Golf course and Marina, has announced that two of the seven subdivisions just opened for commencement of construction in the Development were already snapped up by local builders within hours of its release.
Construction Giant CIMGRO racing to deliver gated Communities here.
Maraiko Bay is the crown jewel in the massive changes being seen in Guyana since the discovery of oil by ExxonMobil, CGX, Hess, Total, Resolution, and other oil majors in the past few years bringing many firsts to the developing country such as a Marina, 18-hole PGA standard golf course, luxury resort hotels, state of art hospital, international school, shopping and dining along a magnificent beach on the Atlantic Ocean.
Described as ‘Little Dubai’ by the locals, the 1,029 acre project is racing ahead in an effort to fulfill the housing and recreation needs of the more than 160,000 expat workers (according to the recent International Organization Migration report funded by US State Department) that are expected in the country with the next ten years.
Speaking on behalf of the Board of Directors, Ragindra Persaud and Devesh Persaud, Sudama Ramalingum, said that construction on the front nine holes of the golf course was proceeding rapidly as was the initial infrastructure development of roads and drainage, with construction of homes set to commence shortly, “We expect that a significant number of homes will be completed before the end of 2022 and competition golf by October.”
Phase I which encompasses the hospital, school, shopping and approximately 500 homes is set for completion before end of 2025 and will create thousands of construction and permanent jobs for area residents.
Ramalingum said, “With all the required permits in place, we expect the new bridge linking the community to the public road as well as all our internal roads, drainage and utility connections will be completed in record time”, noting that GPL had already extended services to the project he went on to thank the various governmental agencies for their strong support in ensuring that there were no delays in processing the applications.
CIMGRO has already received expressions of interest from local and international companies such as Gafoors, Kallco, M&B Construction, etc. to supply materials, services and expertise to ensure that Maraiko Bay is completed on schedule and the company is being guided through the development process by American Caribe, the regional arm of construction giant Bouygues Batiment.
Devesh Persaud explained that the company was following a unique model that would provide contractors of all sizes and capabilities the opportunity of partaking in this historic venture, “We have created several (25-60 homes) exclusive gated and secure subdivisions that allows builders to quickly finish building out so we can deliver homes to the waiting clients.”
Ragindra Persaud emphasized that the tremendous response by purchasers and local builders confirms the level of interest in real estate in the fastest growing economy in world and urged others to get registered before the opportunity was gone. “We have a variety of financing options and keen interest from local banking institutions to make funding available for everyone, and we also offer in-house financing, deferred payments and joint ventures, so there is really no reason for any client or builder to not get involved today.”
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