US$12M ‘Condo’ to help satisfy Guyana’s housing demand


To address the growing demand for housing in the country, Innovations Investments Incorporated will be constructing a US$12M Mazaruni Estates condominium at Mandela Avenue, Georgetown.

The condominium will be located on 2.7 acres of land next door to the 150-room Four Points by Sheraton-Marriott Hotel on the new four-lane Mandela-Eccles road.

Lorenzo Alphonso

Construction is scheduled to commence in April and the first phase of the project will see two five-storey towers being built.

The amenities will include an Olympic-sized swimming pool, a basketball court, a tennis court, a jogging trail, a country club, a restaurant, a bar, a retail centre, and shops.  There will also be 24-hour security and a car park that will be able to hold up to 130 vehicles.

Each condo will come equipped with one reserved parking and one visitor parking spot as well. Pricing for the condominiums will be approximately US$255,000 each.

During an interview with the News Room, investor Lorenzo Alphonso said the project has been a work in progress for some time now.

“This project was in the making for about several months now in terms of drawings, layouts and the whole concept,” he said.

According to Alphonso, land clearing exercise has already begun and the project is expected to be completed in 16 months.

Already constructing several hotels across the country, Alphonso said as the economy flourishes, there is a continued high demand for housing.

“The need for more housing. The need for more living space for re-migrant Guyanese…It’s just that it is going to be a good concept. It is going to be a good layout,” he told the News Room.

He also hinted that phase two of the project can be expected as soon as phase one is completed.

This condo is being built almost a year after the Condominium Bill was passed in the National Assembly.

An artist impression of the Mazaruni Estate

Described as a ‘modern’ piece of legislation, the Condominium Bill 2022, was passed on May 17, paving the way for the construction of condominiums and the conversion of existing buildings into units for individual ownership.

More importantly, it allows persons who have purchased duplexes or condominiums from the State to access their ownership documents for their lands.

“It is a modern piece of legislation that is on par with other territories… it is timely and relevant to emerging trends in home buildings. “It has limitations but we will continue to examine and put forward solutions,” the Housing Minister, Collin Croal had told the Parliament in May 2022.

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