The government has invested some $7.5 billion in the housing and infrastructure development along the Linden–Soesdyke Highway, as it shifts focus to the corridor amid limited available lands on the East Coast and East Bank of Demerara.
“On the highway alone… if I am to quantify the level of investment that we have, it’s a minimum of $7.5 billion,” Minister of Housing, Collin Croal said.
He made the disclosure on Thursday during the launch of the Hyde Park Homestead Project.
According to Croal, a major component of the investment is Silica City, which is being developed as Guyana’s first smart and sustainable city.
Under Phase One, some $1.2 billion is being spent on infrastructure works, while another $1.2 billion is financing the construction of 110 Young Professional Houses. Phase Two has already seen contracts awarded for an additional $2.9 billion in infrastructure development.
Further south, the Hyde Park Homestead Project has also seen significant spending.
Croal said $400 million was invested to prepare the area and provide access, while close to $500 million went toward constructing the first 112 houses. An additional $17 million was spent to drill and activate a well to provide water for residents. In total, $903 million has been invested in the Hyde Park development so far.
While at Hauraruni, the government has already invested $1.3 billion in the construction of various housing models. Preparations are also underway for the development of more than 400 Young Professional Houses in the area.
Croal noted that beyond housing construction, the government is also working to regularise roadside vending along the highway by establishing designated facilities and a consolidated commercial hub for vendors.
He added that the government continues to subsidise housing costs to make home ownership more affordable for citizens.
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