US$1.4 billion Mahaica oceanfront project announced
Nand Persaud Investment and New Trend Auto on Friday announced a US$1.4 billion Mahaica, East Coast Demerara oceanfront project that will feature upscale housing and golf courses.
The businessmen behind the project, Ragindra Persaud and Sudama Ramalingum said the project is called Maraiko Bay and will be built on a 1,000-acre plot. Construction is set to begin soon.
“The luxurious estate homes of Maraiko Bay Golf & Country Club will be set amidst the backdrop of a spectacular David Hemstock Signature golf course and is designed to be an upscale community of tree-lined streets, fine homes and modern amenities,” the businessmen said in a press release.
Persaud stated that a Memorandum of Understanding (MoU) is already signed with the Petroleum Club, headed by John Moore, Chairman of Agraria Inc. for a 75-unit luxury housing complex including a clubhouse, restaurant and leisure facilities.
In addition, Phase One will encompass 150 condos, 200 luxury homes and 50 executive homes, commercial centre and other amenities all set for completion within 14 months.
Ramalingum stated: “The project is one with many firsts in the developing country- first 18-hole golf course, first marina, first all-inclusive secure community and first mega real estate development project that is almost 30% of the size of the capital city Georgetown!
“The championship golf course will be a part of a US$1.4B development that will eventually provide top-notch medical facilities, internationally rated schools, fine hotels, world-class shopping and fine dining. Maraiko Bay definitely will be the gold standard of living for the thousands of expats and re-migrants who are set to call Guyana home for the next 50+ years.”
The project falls under a company called Construction and Investment Management Group (CIMGRO).
The company said ex-Ryder Cup Captain Mark James is scheduled to establish his National Golf Academy on the property.
“This is the realization of a dream that will put Guyana on the map as a top investment, tourist and second home destination,” said Persaud.
“I am proud of our entire team that has been working for more than four years to create a masterpiece that will showcase our country’s natural beauty.
“This allows for the creation of thousands of construction, tourism and sports-related jobs that we desperately need as the country grows. We have put together a team that we feel has the ability to deliver a project of this magnitude.”
The project management team comprises Michael Dodds RIBA, CEO of the IEA Group, which has been at the forefront of the development of large scale projects in the Caribbean, Mexico, Costa Rica, Kuwait, Dubai, US and UK, and Dr Ollie Hemstock, Strategic Design Consultant who has years of architectural experience with HCD Architects, whose clients include retail giants such as Westfield, IKEA, Murcia Sports Park, Brentwood Hospital, David Lloyd Sports, etc.
They will head CIMGRO’s Executive Design and Construction Team who are in charge of the implementation of the project including the following: Inter Caribbean Design Studio, comprising of FERACON Planning & Design Consultants NV and Jill Jaeger Architects; SUNECON VOF – Civil Technical Engineers; Johnson Construction Ltd. – Retaining wall construction;
Additionally, sea defence and environmental protection, (budgeted at more than G$430M) will be overseen by Earth and Marine Environmental Consultants, one of the world’s most reputable companies in modelling sea defence, ocean rise and environmental impacts.
CIMGRO has engaged Mr Dallas Thomas of Praetorian Executive Protection Services Inc., a USA-Guyana based security firm to handle its security implementation. Mr Thomas is a highly trained ex-US military personnel and is dedicated to ensuring that the highest standards are provided to the project.
CIMGRO said it plans to immediately engage several local and regional contractors to ensure that they can meet the tight delivery schedule for infrastructure and construction due to the demand for quality housing (starting under US$150,000) in a country that is struggling to keep up with the influx of expats and re-migrants.