There is a growing demand for housing solutions in Guyana and a new, local company Trican Developments Inc is hoping to provide luxury accommodation solutions with a more than US$20 million investment in condominiums and office spaces at Cummings Lodge, Georgetown.
The sod-turning ceremony for the company’s first condominium and office space will be done at the end of 2022, company representative Sebastian Otway told the News Room.
It is expected that construction will commence by the first quarter of 2023 and the facility should be completed by 2025.
Otway explained that the company is seeking to combine state-of-the-art architecture and design with local content, in creating these new buildings. In doing so, the accommodation and office complex will feature shared spa and fitness spaces and other amenities.
And luxury, Otway said, is the major focus.
“The first thing that people look for when they’re looking to invest in is luxury,” the representative said.
He also explained that as business in Guyana becomes more sophisticated, more people are seeking different accommodation options.
Meanwhile, Consultant Abigail Welch told the News Room that the construction of this facility is expected to cost in excess of US$20 million. Already, the company is eyeing similar developments in other communities.
This investment comes just months after the National Assembly passed a modern Condominium Bill which, Minister of Housing and Water Collin Croal said, is expected to facilitate many more ‘condo’ developments.
The minister told the News Room that his ministry received dozens of expressions of interest for new housing development across Guyana. Though the ministry is yet to review all of those documents, he was certain that more companies would be interested in condominiums in Guyana.
“That’s the way we expect Guyana to evolve,” Minister Croal said.
