The Environmental Protection Agency (EPA) has provided approval for Guyanese developers living overseas to construct a $900M luxurious apartment complex in Republic Gardens.
The structure, according to project documents, would be called Pope Properties Guyana Inc. It was inspired by an overseas-based Guyanese family, desirous of aligning itself with Guyana’s development trajectory, specifically the growing demand for housing.
Guyana Standard understands that it is the intention of Pope Properties Guyana Inc, to develop a high quality, luxurious apartment complex, designed with modern amenities and in keeping with international standards. While the primary goal is to provide medium to long-term, comfortable housing solutions demanded by the oil and gas and supporting sectors to accommodate expatriates, the apartment complex will also welcome all guests from all sectors who can afford it.
The apartment building is located in Peter’s Hall on the East Bank of Demerara within the gated community commonly known as Republic Gardens.
Project documents state that the 3-storey apartment has been designed to accommodate 14 units, comprising three, two and one-bedroom apartments, each outfitted with the most modern amenities inclusive of internet, telephone and cable services.
The construction of the apartment building commenced in 2019 and was initially estimated to require a capital investment of GY $600M. However, it has now been estimated that approximately GY $900M will be required to complete the apartment building. This cost is associated with preparation of plans, securing relevant permits, acquisition of construction and electrical materials, labour costs, purchasing and installation of modern furnishing and amenities, utilities, and alternative power sources (solar power and generator).
Pope Properties Apartment will also be housed on approximately 20,000 square feet of land, at a height of 14.6 M.
It is expected that the apartment’s construction will be completed by the end of June 2023, if favourable weather prevails.
