US$1.4B oceanfront real estate project announced

Construction and Investment Management Group (CIMGRO) – headed by businessmen, Ragindra Persaud of Nand Persaud Investment and Sudama Ramalingum of New Trend Auto – has announced a US$1.4 billion project for Mahaica, East Coast Demerara. Called “Maraiko Bay Golf & Country Club”, it will be built on a 1000-acre plot and will feature luxurious estate homes and golf courses.
In a press statement on Friday, it was announced that 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.
Located along two miles of beach on the Atlantic Ocean and bordered by the Mahaica River, the course will be undertaken by world-renowned golf course designer David Hemstock, a member of the European Institute of Golf Course Architects. The addition of ex-Ryder Cup Captain Mark James’ plans to establish his National Golf Academy there will only enhance the quality of the facility.

CIMGRO’s Chairman, Ragindra Persaud, stated that a Memorandum of Understanding (MoU) has already been 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.
“This is the realisation of a dream that will put Guyana on the map as a top investment, tourist and second home destination. 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 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,” Persaud said.
The project management team comprises persons who have been instrumental in large-scale projects in the Caribbean, Mexico, Costa Rica, Kuwait, Dubai, US and UK, the statement noted.
Meanwhile, COO of CIMGRO, Rudy Ramalingum stated that the project is one with many firsts in Guyana. Additionally, sea defence and environmental protection, budgeted at more than $430 million, will be overseen by Earth and Marine Environmental Consultants.
The statement added that CIMGRO plans to engage several local and regional contractors to ensure that they can meet the delivery schedule for infrastructure and construction due to the demand for quality housing, starting under US$150,000.