$9.1B Saudi-funded housing project to deliver over 3800 house lots in Reg 3

Works will soon commence on a $9.1 billion housing project in Region Three (Essequibo Islands-West Demerara), which is expected to deliver over 3800 new residential house lots.
The project is being funded under a US$150M loan from the Saudi Fund for Development (SFD), which was signed in 2023.
On Tuesday, Chief Executive Officer of the Central Housing and Planning Authority (CH&PA), Dr Martin Pertab, met with contractors who will undertake infrastructural works under the project, which will be done at various locations.

According to a statement from the CH&PA, Pertab emphasised the importance of completing the works within the required timelines, noting that Region Three is a critical hub for the government’s housing programme due to the availability of land and increasing demand from prospective homeowners.
“He said approximately $9.1 billion is being invested in Region Three through the project, covering infrastructural development, land preparation and the installation of utilities. More than 3800 new residential lots are expected to be developed, which will assist CH&PA in addressing the region’s nearly 10,000 pending housing applications,” the statement outlined.
Pertab noted that while the project has a contractual completion period of ten months, the CH&PA is seeking to have the works completed within six to seven months to ensure the lots become available for housing construction as quickly as possible.
Meanwhile, Director of Projects Omar Narine said the project is part of the wider Region Three development plan, which seeks to improve connectivity and open additional lands for housing, the statement added. Narine further urged contractors to mobilise promptly, coordinate closely and maintain high standards throughout the works. He also reminded contractors that their performance will be considered when future contracts are awarded.
Also attending the meeting were HSE Manager Sunil Gopaul, Supervisory Engineer Albert Narine, Project Engineer Kenola Levans, and supervisory consultants PACE-SRKN.

Region Three
Meanwhile, in June this year, Vice President Dr Bharrat Jagdeo announced that some 11,000 house lots will be made available to Region Three by the end of next year.
He had noted that the administration remains committed to clearing the housing backlog across the country, except in Region Four, where the volume of applications is too high to be addressed within the same timeframe.

Saudi Fund
In June 2023, the Guyana Government signed the loan agreement with the SFD to finance a number of transformational infrastructural projects in the country, including the four-lane Wismar-McKenzie Bridge in Region Ten (Upper Demerara-Berbice).
At the time of the signing, it was reported that some US$100M was designated for infrastructure development and works for the housing sector.
It was also noted that the housing project aims to deliver major value by building main and secondary roads and the establishment of facilities such as water, sewage, and electricity systems, among other benefits. In addition to reducing the current housing shortage, this project will help stimulate the local economy through direct and indirect job opportunities in the housing sector and enhance community lives through social facilities, including parks and health hubs.
In a brief interview with this publication on Wednesday, Pertab explained that the balance from the US$100 million loan will be expended on housing developments in Regions Four (Demerara-Mahaica) and Six (East Berbice-Corentyne).