Construction boom visibly underway in Guyana – Ashni Singh

…as $54.5B allocated for housing development

Of the $72.2 billion allocated for the housing and water sectors, $54.5 billion was set aside for housing development in new and existing areas across the country. This was announced by Finance Minister, Dr Ashni Singh during his 2023 Budget presentation on Monday.
The money will be used for development in new and existing areas, including the construction of roads, drains, and bridges and the installation of utilities to meet housing demands. Areas will include Mabaruma, Oronoque, Buxton/St Joseph, Stewartville, Wakenaam, Block A & B Hope, Success, Balthyock, and No 75 Village. The Government will also undertake infrastructural works in regularised areas, such as Charity, Tuschen, Chateau Margot, Block SS Sophia, Belvedere, and Amelia’s Ward.
Since taking office in 2020, the Government has allocated over 20,000 house lots in new and existing housing schemes across Guyana.
Additionally, more land will be acquired for new housing areas across the country.
The Government, he added, is committed to ensuring that every Guyanese family would realise their aspirations of becoming a homeowner.
In pursuit of this, the People’s Progressive Party/Civic (PPP/C) Administration has taken the approach to open up new lands, put the requisite infrastructure in place, accelerate the allocation process, support those who require prebuilt homes, and provide easy access to finance.
In 2022, $28.2 billion was expended on the continuation of infrastructural works in new housing areas across the country including Onderneeming, Charity, Leonora, Cummings Lodge, Great Diamond, Golden Grove, Nonpareil, Enterprise, Experiment, Williamsburg, Lethem and Linden, realising 10,430 serviced lots.
In recognition of the circumstances of deserving cases, the Government has created an innovative homeownership mechanism to facilitate access for all citizens.
“To this end, we launched a Home Construction Assistance Programme in collaboration with financial institutions that will provide loans to persons for the construction of their houses. To date, some 194 persons were prequalified and accessed loans. Further, a Cement and Steel Subsidy Programme was launched to provide steel and cement to homebuilders constructing homes. Additionally, 600 allottees in Region Nine will receive a grant of $1 million each to commence the construction of their homes and will be offered loans up to ($2) million at a rate of 3.5 per cent under the Lethem Housing Support initiative. To date, 258 persons have prequalified for loans,” the Minister remarked.
Meanwhile, Dr Singh announced that “A construction boom is very visibly underway in Guyana. This is seen through the massive ramp-up of the PSIP [Public Sector Investment Programme], with robust activity from the housing drive, and the building of several hospitals, schools, roads, and bridges; Private Sector investment infrastructure, including hotels and business complexes; and the spillover effects of removing VAT on critical construction materials.”